Financial aspect of life can sometimes be compared to the sport boxing. Unexpectedly, you might receive punches coming from nowhere, which can possibly knock you down. You know what I mean right? In order to avoid those unexpected punches you need a counter attack. The concept is the same as in financial life. In order to avoid horrible debts, you need to have a trusted partner so that your debt will not exceed beyond your means. That's what payday advances like cash loan are designed for.
By definition, cash advances and payday loans are made to help people in sustaining their needs. Not just in meeting both ends but also in times of emergencies and unexpected urgency's such as tuition fees, bills, medication fees etc. These funds are also planned to jolt unemployed individuals out of fiscal worries. Yes, what you've heard is right, even people without jobs can apply for such loan. Only they, they should have a stable income of no less than $1000 to get qualified.
People who can avail cash advances
Aside from employed and unemployed individuals, these financial funds are also available to students, tenants and even people with bad credit histories in the past. Unlike banks, cash options like cash loan do not allowed credit checks on their customers. As long as you have the required documents, there will be no problem at all. And besides, you don't need to worry with the process of approval. It's because it will only take about an hour for the lender to approve your request and for you to claim the money.
How about the interest rate?
The difference between banks and lending companies is the interest rate. When borrowing money from lending companies, you should understand that the rate is higher. This is due to the fact that most lending companies ask several charges including processing charge, deposit charge and application charge.
On the other hand, banks have lower interest rate because they don't ask such payments. Only then, the process of approval may take time. And if you're in hurry, this sounds not good. Some banks might also reject your application form most especially if you have ignominious issues like CCJs, arrears, IVA, defaults and bankruptcy.
As a borrower, the amount that can be availed varies from $100 - $1500 with an interest charge of 10-25%. There is also the so called APR or Annual Premium Rate, which varies from 360 - 480 percent.
Cash options like cash loan are good options to eliminate your financial dilemmas. However, you should keep in mind that these funds are not meant for long-term use. Also, you need to search for the right lending company in order to avoid too much or hidden charges.