Facing financial needs is very obvious matter these days. Anyone can get struck into financial emergency in this busy world. To arrange enough cash to meet those urgent needs is also easy with flexible economic opportunities in nation like USA. Personal Loans, Bank Loans, Payday Loans, Credit Union are some of best cash arranging services. But among all Payday loan is considered as quickest and easiest way to arrange cash immediately. These loans are based on online processing. They do not include any paper of fax work. That is why they are also known as hassle free money solutions. Increasing employment rate as well as increasing daily expenditure has lead to increased borrowing of loans.
Cash Advance loan is one of the type of payday loans. It is provided by credit card issuers. It allows borrower to withdraw cash immediately whenever he needs it. Withdraw can be done from ATM as well as from bank. It incurs some fees from the borrower end. If this service through credit card, it generally implements high interest rates than regular transaction. Even purchases or shopping done with credit cards falls under cash advance service. Thus, this facility assists borrower in every emergency need whether it is pay any utility bill or any other outstanding expenses. It repayment amount always consist of amount spend by consumer before next salary day. It is known as short term loan because its helps in meeting all short term expenses within time period of 14-20 days. Cash amount accessed by borrower generally lies between $100 and $1000 which is due to be paid back including interest rate before next salary day. If borrower does not pay back on time, repayment will be automatically deducted from bank account he has mentioned in application form.
There are three possible ways to access cash advance service which are as follows:-
1. Through ATM- It is easiest way to withdraw instant cash. As ATM’s are available everywhere in USA. Any one owning a credit card can take out required amount form Automated Teller Machine by just entering Personal Identification Number.
His transaction will be delivered to him on the spot by machine itself as well they are stored at back in order to save back up.
2. At Bank- Another way is to take your card to any nearby bank and receive required withdraws. A borrower can access this service in any other nation too with same credit card other than USA.
3. With Check– Along with credit cards, check book is issued to customers. So they can apply for required cash immediately by filling out simple check and submitting it to bank.
The eligibility requirement stays same for cash advance loans as of conventional payday loan service. To revise, they are mentioned as follows:-
• An applicant should be in majority age that he should be above 18 years old.
• He must be bearing permanent residence of nation in which he is going to apply for this facility.
• His employment proof must witness his regular employment under same employer since last three months.
• Monthly income of applicant must be $1000 in order to ensure repayment to his lender or lending institution.
• He must mention his current salary account in application form through which all loan transaction carried out from starting till end.
Borrowing is healthy in case you are facing any urgent financial need but do not make it habit. Because once addicted, it can trap very badly into never ending debt cycle. To make your economic basis sound to handle any situation, learn the art of saving.
“Your current saving plan will determine your financial strength.”