- Get up to $1,500. If you are looking for a small loan and need fast cash, then a cash advance or a Nevada payday loan is one of the best options. It’s a short term loan that gives you the option to pay it back in near equal installments up to 90 days. You can get approved for up to $1,500 depending on which lender you choose.
- No Credit Check. Generally, cash advance lenders check your credit history before approving your loan. CASH 1 Payday Loans does not require good credit. In fact, you don't need to have any credit at all.
- Remember to borrow responsibly. You should only use a cash advance in a financial emergency situation. Don't get a cash advance for a shopping spree or for the newest smartphone. Do get a cash advance for a speeding ticket or car repairs if you need the money immediately.
- Pay back your loan fast. Even though you can make payments on your loan for up to 90 days, you should pay it back as soon as you can. There is no penalty fee for paying your loan off early.
The idea behind a cash advance is always to have money on hand for emergencies: those surprises that crop up when you least expect them such as medical emergencies, car accidents, and other things. Of course, the idea is to handle such emergencies with emergency funds, but unfortunately, you don’t always have that kind of extra cash available. In those situations, a cash advance can often be the best option.
While a cash advance is a loan, its meaning varies. It's sometimes called a payday loan, a cash loan against your credit card or an unsecured loan. A payday loan is a short-term loan that uses your income to determine your loan amount. The lender provides a loan before you get paid, and after you get paid, you pay off the loan. Local lenders and online lenders usually provide these services.
On the other hand, a cash advance against your credit card works in a somewhat similar fashion to receiving a credit card charge. Each lender has their rules when it comes to this method: some may allow you to withdraw cash straight from an ATM, while others may send you blank checks to achieve the same result.
While cash advances and payday loans can be useful in certain situations, they do have disadvantages including higher interest rates. They can be pretty hefty, which is why they should be used sparingly. In fact, making a habit of cash advances and payday loans is a pretty bad idea. But even so, they do have benefits. As previously stated, these loans are designed primarily for finance emergencies. If you stick to using them in this manner, they’re more likely to help you than hinder you.
Designed for short-term emergencies, cash advance loans usually provide money very quickly. Decisions on loans are made instantaneously, and if they are approved, you can get cash on the same day. This makes them ideal for quickly taking care of emergencies, like unexpected car repairs or medical issues. That said, they are short-term solutions only. As stated above, you should not learn to rely on cash advances or payday loans to solve all of your financial problems. If you aren’t capable of paying back the loan and the interest by the next payday, it probably isn’t a good idea for you to look into that option.
Of course, even though cash advance loans have the potential to be detrimental if they're handled incorrectly, they have several advantages. The speed with which money can be procured is the most beneficial of its qualities. The most important aspect of determining whether or not it should be used is knowing that, when it comes down to it, a cash advance or payday loan functions as a Band-Aid. It can solve your immediate problem, but it is not a cure-all, solve all solution. It provides quick relief. One should not rely on it to take care of all your financial problems and it should only be utilized in emergency cases. Knowing these things can help you determine whether or not these types of loans are the right choice for your financial situation or your emergency.
If you aren’t necessarily a responsible individual, payday and cash advance loans have the potential to be harmful to your overall financial status. So long as these types of loans are paid back on time, they have far more benefits than disadvantages. Knowing what these advantages are can certainly help make the decision a lot easier. There are in fact many benefits to cash advance and payday loans.
First and foremost, payday and cash advance loans are easy to apply and qualify for. The only limitations for qualifying for the payday loans is to have sufficient income and to have never defaulted on a payday or cash advance loans before your application. Because it is so easy to acquire these loans, they are ideal for emergencies, because capital can be obtained quickly and without hassle.
These types of advance loans keep your personal information completely secure. The loans are provided by particular institutions that are bound by law. They cannot give your information away to anyone, so there’s nothing to worry about when applying for loans. If security is one of your primary concerns, you can rest assured.
Not only are these loans extremely easy to qualify for, but they are also extremely quick. The application itself can be filled out in 15 minutes or less and several lenders even offer one-hour guarantees to have your cash in hand. Even in the case of lenders that don’t provide such guarantees, the majority of lenders still offer cash within twenty-four hours of an approved application.
Payday and advance cash loans are also extremely flexible. Not only are they easy and quick to acquire, but since they are short-term loans, paying them back is equally simple. By the time you reach your next payday, you’ll be able to pay back most loans of this nature.
And while debt is a potential problem if you don’t manage these loans appropriately, they are designed to curb major debt problems. Your income dictates the amount of money you are allowed to borrow with payday or cash advance loans. Because that is the case, it's not possible to borrow massive sums of money beyond your ability to repay quickly. While this system isn’t entirely flawless, it does help prevent the easy pitfalls that many other types of loans are privy to. You’re less likely to end up in debt with these loans unless you fail to manage them properly.
Furthermore, even though nearly all loans have relatively high-interest rates, many state laws prevent loans of this nature from exceeding certain interest rates. Depending on where you live, you could take advantage of loans like this without suffering from significant interest rates. You should look into these loans and find the best interest rate for you.
You'll also have a great freedom of choice when it comes to these loans. There are very few restrictions on what payday and cash advance loans can be used for. So even though they are primarily used for emergency situations and other types of unforeseen expenses, you could technically use them for whatever purpose you wish. That mobility of usage makes them very convenient for handling your expenses.
Further along the lines of convenience, most lending institutions operate outside of regular banking hours so that you can acquire a loan at any time of day. Most of them have a significant online presence so that you can apply for loans quickly and easily online as well.
Payday and cash advance loans are extremely useful for emergency situations, mainly for the reasons listed above. If unexpected expenses hit you, and you don’t have the cash to cover them immediately, these loans can provide you with the cash necessary to save the day within twenty-four hours, often less. Not only that, but they only provide funds based on your income, meaning that you can’t take out more money than you have the capacity to pay back. And because of stringent laws in every state, interest rates cap out at reasonable ranges.
These loans are the most ideal for those emergency situations that you can’t account for, or for saving yourself from bounced checks or other bills. As long as you are responsible and know you can pay back the loan by the next payday, you can avoid the potential pitfalls of payday and cash advance loans and simply enjoy the benefits above all else.
While cash advance and payday loans do have a lot of advantages, they also have some potential pitfalls. If you’d rather avoid those potential problems entirely, several alternatives can get you emergency cash. We’ll go over a lot of the other options here, just in case you’d rather try one of them instead.
- Create a payment plan with your creditor.
One of the first alternative options is a payment plan with creditors. It is also one of the best options. A payment plan seeks a deal with your debt directly, so if that’s the reason you are looking into these quick-fix loans, this option is your best bet. The best part of these payment plans is that many creditors are willing to negotiate the terms of payment. With proper negotiation, you can set up a much longer time frame to pay your debts, and reduce immediate stress on your bank account.
- You can also try to get an advance from your employers.
While this is no surefire way to guarantee that you’ll have money in an emergency, the fact that these are actual payday advances means that there is no interest. That makes it significantly cheaper than a payday loan, while still granting you money. Of course, it is highly dependent on whether or not your employer issues such things.
- Consumer credit counseling is another great option.
These agencies exist for the sole purpose of helping you determine the best course of action for dealing with debt, and with formulating a budget that will best accomplish that goal. Many of these services are available at an extremely low cost, and in some cases, they are even free. If you want a long term solution, this is an excellent choice.
After all, payday and cash advance loans are truly only short-term fixes, like Band-Aids for cuts. While they are ideal for immediately alleviating the problem, they don’t solve it, and resolving the root problem is far more important than simply relieving some of the pressure. Make plans for the future, and you will be able to weather far more emergencies and unexpected expenses.
- Government assistance programs are available for many as well.
Many families are missing out on money they could have because they don’t cash in on these government assistance programs. Tax Refund Programs and many other public programs offer a lot of money for family situations you may not even be aware of. These programs exist to help families whose incomes need to be supplemented to pay their necessary bills. If that’s you or your situation, there’s no reason to miss out on free money. Search around on the internet for sites that detail these programs and you can ensure that you’re getting all the income you could be.
- Make use of overdraft protection.
Most people make use of payday and cash advance loans to deal with bounced checks, but rather than do that, why not just avoid that entirely? Many banks offer overdraft protection for accounts, usually for a small fee of five dollars. With this method, you can go ahead and avoid bounced checks. And while that isn’t the only thing plaguing people when they go for payday and cash advance loans, this is just one way to avoid at least one of the prominent problems.
- Rely on credit union loans.
If you’re part of a credit union, they usually offer small, short-term loans. While the APR is still pretty high, it is many times cheaper than payday and cash advance loan interest. You should look into your credit union membership if you have one.
No matter how you choose to handle an unexpected expense or an emergency situation, you have plenty of alternatives to payday and cash advance loans, so look into all of your options before making a decision.
Cash advances and payday loans have numerous facets and qualities that can make them both beneficial or not beneficial depending on how you handle them. You probably think that they are seemingly unregulated by anyone or anything. Thankfully this is far from the truth, as there are laws that dictate different factors for these two types of loans. But not all laws exist to protect the consumer, so it’s best to keep something like that in mind.
Most laws do exist for such reasons, including the Truth in Lending Act. This law requires lenders to be completely honest with you about the cost of the loan, whether that’s the upfront fee or the annual interest rate. This means that you know exactly what you are getting into before you sign off on loan, which is some small consolation if you have no other choice in the first place.
Unfortunately for the average payday and cash advance user, many of its protections extend primarily to military users. For example, the APR for these loans cannot exceed thirty-six percent. Creditors also can’t require the use of a check or access to a bank account for the loan, mandatory arbitration, and unreasonable legal notices. Military users also get disclosures regarding certain aspects of the loan. Unfortunately, these protections are all specific to military consumers, so we can’t all benefit from them.
On the other hand, there are a variety of statutes regarding cash advance and payday loans that are unique to each state. Most of these laws dictate the maximum amount of the loan, as well as how long the loan term is. They also control finance charges. Of course, as we said, these laws are specific to each state, meaning that research on your state laws will be necessary. For example, the maximum loan amount in Alabama is five hundred dollars, but in California, it is only three hundred. In some states, like Arizona and Arkansas, these types of loans are prohibited entirely. In Alaska, the maximum loan term is only fourteen days, but in Colorado, it is six months. In Idaho, there is no restriction on interest rates, but in South Carolina, it is maxed out at fifteen percent.
Since specific stipulations are depending on which state you’re in, it’s up to you to find out what the rules and regulations for your state are. Fifteen states, plus DC, outlaw them entirely. Twenty-six have no rules on these loans whatsoever, and the rest have them available, but with heavy restrictions. Your responsibility is the key to ensuring that these types of loans don’t get out of control.
In the end, you need to be responsible when making use of these kinds of loans. Keep in mind that using these loans means you didn’t have enough money for something in the first place, so incurring debt is not a good idea if you know you won’t be acquiring more funds shortly.
By now you’ve probably already answered all of your questions regarding how cash advance and payday loans work. If that’s true, then you also probably know that they have pros and cons, mostly dependent on how you make use of them and how responsible you are. That said, they are best used in emergency situations when unexpected expenses find their way into your life (and you don’t have the savings to handle it without the loan). However, there are a lot of people out there that don’t use cash advance and payday loans as sparingly as they should.
For example, a lot of individuals use these loans to pay back their car loan. We’re sure we don’t need to tell you how paying off a loan with another loan is a terrible idea, but here it is: it’s an awful idea. If you’re in danger of missing a car payment, there are better options than applying for one of these loans. For instance, you could ask your employer for an advance that will come out of your next paycheck, and you could avoid any interest on that loan.
A lot of people use cash advance and payday loans to pay for large luxury expenses as well. For example, traveling. Now, if you have a family emergency or something and you don’t have the funds to get there, these loans may be necessary. But if you’re considering a vacation or a trip of some sort that is a matter of luxury or entertainment rather than emergency, you should avoid cash advance and payday loans. Incurring substantial debt is not the way to pay for such things.
As stated before, using a loan to pay off a loan is one of the worst financial moves that you can make. It’s like borrowing thirty bucks from a friend to pay back another friend that you owe twenty from, but the second friend wants forty when you pay him back. Sure, you paid your dues to the first friend, but in the end, you lost even more money because you’re now paying back two people. For this reason, you shouldn’t use a cash advance or payday loan to handle overdraft or credit card debt, but even so, a lot of people do. And sure, you can stay on top of your credit card debt, but cash advance and payday loans have large interest rates (almost certainly higher than your credit card APR). If you weren’t able to pay off your credit card debt in the first place, chances are you won’t be able to pay off these loans either.
The point is many of the people that use cash advance and payday loans use them for convenience or to handle small problems that could be paid for in other ways. The only logical use of these two loans is in the case of real emergencies, such as medical or family situations, and even then, only if you can’t pay for them in any other way. Keep this in mind when applying for a payday loan or cash advance.