4712352364_37b4977c46If you are suffering with poor credit or have a bankruptcy on your credit report and you have an emergency situation arise, how will you get the funds?  If it is for a short term you can look into cash advances payday loans.  While these loans can be high interest if you pay it back with your next paycheck you won’t be hit too hard.  There are many places to find a cash advance loan.  They can be in your neighborhood store or you can find hundreds online.  Before you commit to any type of loan you should make sure you are dealing with a reputable company as there are scams in every sector.

Once you have found several cash advance lenders it is time to do some comparison shopping.  You may have poor credit, but that doesn’t mean that you can’t have choices.  The ability to pay back the short term loan is all most of the lenders will be looking at.  Your credit report will never be seen and you don’t have to fax any paper work in most cases.

There are some qualifications that will need to be met before a lender will give you the money, however.  The typical ones are that you have a job that you have worked in for ninety days to six months, an active checking account that you have had for at least ninety days that allows direct deposit and that you earn at least $1000 a month.  Some of the lenders state that they can give you an answer in less than five minutes if you meet these requirements.  Others will tell you it takes up to twenty four hours and then you get the money deposited into your checking account immediately.  There are also some companies especially the ones that have a physical location that issue a debit card with a PIN number or a prepaid credit type card.  The money is placed on these right away and you can pick it up at the nearest office.

The biggest selling point to cash advances is that it is convenient and fast.  It can even be affordable as long as you pay it back with your next pay check as stated in your loan agreement.  If you can’t pay the money back quickly you could find that you are in worse shape than before you took out the loan.  Interest rates when looked at on an annual basis can reach epic proportions.  More than three hundred percent is not unheard of and is really on the low end of the scale.  If you have to drag the payment out you could reach over a thousand percent on an annual basis.  This is the major reason that a cash advance loan should only be used on a short term basis.  If you are already in trouble don’t make matters worse.   Some of these loan sites will offer articles on how to manage your debt or even have counseling classes.

When you are looking for a payday loan there should be a fee schedule that you can look at.  Although the lender will go over it with you, seeing the fees before you even get started will help you eliminate some of the payday loan companies.  One of the sites that we found lists the amount of money you will have to pay back depending on how much you borrow.  This type of site can really put it into perspective.  For example, if you borrow one hundred dollars for seven days you need to repay $130.00. If the amount is $1000.00 you would owe $1300.00 for the same seven day period.  That works out to be an annual APR of 1303.57%.  This fee schedule also explains your options if you can’t repay you loan right away.  Most loan companies allow four extensions or roll over’s.  If you haven’t contacted the loan company to request an allowance the money will automatically be withdrawn from your account on the due date.  Should you not be able to repay the debt on time it is suggested that you pay as much as possible so that you reduce the principal, otherwise you will just be paying the interest and getting in deeper.

If you absolutely have no other alternative for emergency cash you can get help with a cash advance payday loan. Just be sure that you can pay it off with your next paycheck.

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