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Quick Cash, But What About the Down Side?

By: Andrew John Jones

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The surge of institutions providing cash advances has risen greatly recently. Now they are a popular way for customers to gain access to money for any situation with one fast application, even if they have a poor credit history. Payday advances can be sent to a applicants bank account on the same day they apply, making them a useful option when money is needed for tricky situations.

Although payday advances are often extremely useful, they can have a downside. The interest rates are high with payments of $15 to $30 per $100 borrowed being standard. When translated into APR this seems very high. The high rates of repayment can make it difficult for applicants who are experiencing financial difficulty to pay back the debt. Because of this, cash advances are often criticized for preying on applicants who are in financial crisis.

If a cash advances is not paid back on the due date, the borrower may need to pay a fine and the interest rate could go up, making it all the more tricky to pay off. This means that customers can easily find themselves in a debt trap. It is therefore vital that applicants are aware of this and have the cash reserved to pay back the debt.

There are clearly negatives to applying for a cash advances but if they are that bad then why do people get them? They can actually be extremely possitive for applicants who need small amounts of money in difficult situations. The rates of a cash advances are actually cheaper than falling into credit card overdraft fees. They can also be obtained very quickly and even applicants with a bad credit history can get one.

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The writer manages a number of finance related sites. For more information and advice on no fax payday loans or faxless payday loans as they are often called, visit the above links.

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Quick Cash, But What About the Down Side?

Quick Cash, But What About the Down Side?

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