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Personal Loan vs. Payday Advance: Which is Better?
So youve found yourself in a bit of a financial bind, and need a little help to get through it. Dont be embarrassed; its happened to just about everyone at some point or another. What you need to do now is figure out how to deal with it in the best way.
And if your credit cards are maxed out, and your family members or friends cant help, there are only a couple of real options: 1) a personal unsecured loan, or 2) a payday advance.
Both Personal Loans and Payday Advances may help get you out of a short term financial jam. So now comes the very valid question: Which is better? Well, that can depend a lot on your personal situation, and what you hope to get out of the situation (besides the obvious cash). So lets take a quick look at both.
PAYDAY ADVANCE (LOAN): Its a cash advance, not a loan!
Many people refer to this option as a payday loan. However, the more accurate description is “payday advance.” It is not a loan. It is a cash advance with a large fee. You write a check to the Payday Advance company. They typically give you 80% of the check amount in cash, and then they hold the check until your “payday” which is typically when the money to cover the full amount of the check will be in your checking account. The Payday Advance company then deposits the check and keeps the 20% as their fee for the cash advance.
Odds are youve seen the brightly lit signs of a Payday Advance shop next to some liquor store or in a strip mall, or you have seen them advertised on TV, in e-mails or in banner ads online. The amount of money Payday Advance companies can provide is limited by state law and is typically a maximum of about $500. In California, the maximum advance is $300.
So, the advance may be enough to get you through small cash emergencies when youre between paychecks. If you need a quick couple of hundred bucks for groceries, if your cars alternator goes out, you chip a tooth, etc a Payday Advance might be a viable, but very expensive, option.
However, very often a Payday Advance is only enough to delay the cash emergency for a few weeks, and not enough to get you totally out of it. As a result many people find themselves getting multiple Payday Advances, which can be extremely expensive when each advance costs you a 20% fee. Ten payday advances over the course of year would equal an effective interest rate of over 200%! A very expensive way to go.
And, since a payday advance is not an actual loan, it can do nothing to help your credit status.
PERSONAL LOANS: Get much more money at a much lower cost.
A personal loan is actually a loan that you repay over time via affordable monthly payments. You can get much more cash than you get from those payday advance places – and you dont pay a 20% fee over two weeks!
Of course, if your credit isnt perfect, your bank will turn you down very quickly. However, CashCall makes personal unsecured loans, up to $5,000, to people in a cash jam, who have less than perfect credit! This is the kind of money that can really help if youre facing major car repairs, medical issues, looming bills, etc. The loan money is placed directly into your checking account in about a day, and there are no limitations on how you can use your cash. Its up to you.
A personal unsecured loan from a company like CashCall doesnt require any collateral or security. You dont need to be a homeowner, you dont need to turn over the title to your car you dont need to do anything except apply, and provide some simple paperwork. The cash can be in your checking account the next day.
You use the money to get out of the jam youre in. And then, you can either make the affordable monthly payments or repay the loan when you can. There are never any fees or penalties for repaying the loan early, and you will minimize the interest you pay by repaying the loan sooner rather than later.
Another benefit of a personal loan from CashCall is that you can actually improve your credit score by making your monthly payments on time. Thats right, you can rebuild your credit because CashCall provides all three credit agencies (Experian, Transunion, and Equifax) with your payment information because it is an actual loan, not a cash advance! And in the long term, thats the kind of thing that can truly get you back on your feet.
CashCall Personal Loans offers high-interest-bearing, unsecured term loans to qualified borrowers who typically use the loans for one-time purchases and debt consolidation. These loans of up to $5,000 are processed entirely over the Internet, phone and fax, and funds are wired into the borrowers checking account typically within 24 hours. CashCall Personal Loans are a good alternative to Payday Loans for borrowers. While interest rates are high, they are typically much lower than those of payday lenders, and CashCall Personal Loans have the potential to help customers rebuild their credit score by making payments on time.
Cash Advance
Cash Advance:
A cash advance at Payday Loans US provides you with emergency cash when you need it most. Simply fill our online application and your cash will be directly deposited into your current/savings account.
Many unexpected situations can come leaving us in dire need of money, which can be very stressful. Situations like money to pay for an unexpected medical bill or car repair that must be done immediately. These situations leave us with no option but to take quick action and there is simply no time to waste. Most of you would not be borrowing money unless it is important and there are times when you find, you need more cash than what you have. In this case it is best to look for a cash advance.
Im giving below some reasons and advantages of getting cash advance:
Fast processing work: These kinds of work are very fast to process. Unlike regular loans where you have to stand in a queue and meet the manager, cash advance can be done online. The applications are easy to fill out and your loan will be approved in matter of minutes. To be eligible for a cash advance loan you need to be 18 years old, have proper employment and a bank account. It cant be simpler than that.
You can pay any kind of bill: This loan can be useful in paying off any kind of bill. Regular loans are specific for certain things only like home loan or car loan. Home loan is only for house and car loan for cars, but with cash advance you can easily pay any kind of bill you want.
It is safe: It is a safe transaction with no damage done to your account or reputation. The information in your application is stored in an encrypted system which is completely secure. You dont have to worry about your personal information being stolen or seen by others.
Tension free: There are absolutely no long term commitments here and it is tension free. Cash advance is usually given for two weeks and by that time you are bound to get your next paycheck. Unlike a regular loan where you will have to pay for years, this is more simple and a short term solution.
There are many websites that offer cash advances and it can be difficult to find one that can fund your loan immediately. You need to keep in mind about the amount you want. Dont change your mind like that. Individuals who dont have a checking account cannot receive their loans and have to make other arrangements. It is also important to read all the terms and conditions before agreeing to the loan.
Of course you also have the option of going to the lender or company offering the money and walk out with the cash. Those who have applied online will have their money deposited directly into their account within an hour in many cases.
So in future dont let financial troubles bother you. All you need to do is apply online for a loan and get the money fast. The best part is these loans are unsecured loans so you dont have to worry about you’re credit.
For further details please contact:
http://paydayloans-us.com