Fast Cash Loans At a Glance

Pay check advance, cash advance or fast cash loans give a quick and easy means of obtaining cash loans to tide over emergencies. These hassle free loans are available within hours of application and with minimum documentation. Marketed through the Internet, paid ads, retail counters as well as referrals, all you need to do is walk into a payday loan store or send a fax to get your loan amount credited to your checking account within 24 hours. Also available on the Internet, you can search for companies providing online cash advances, fill up their online forms in a matter of minutes, and within hours, the payday advance is deposited into the account.

Typically, a small cash loan ranging from $100 to $500 depending on your income and is available for 15-30 days, or till your next monthly paycheck is due. The maximum amount that is lent depends on your pay check and the company providing the loan. The interest charged ranges between 350 and 700% APR.

When to Opt For Payday Loans

You may need emergency cash loans urgently for unexpected financial emergencies such as outstanding bills with heavy penalties, medical emergencies or car repairs. If you have a bad credit record or outstanding checks, lending institutions do not approve a loan. In such situations, fast cash loans help you to tide over the immediate emergency. Cash advance companies are not interested in your credit status. If you have a steady source of income, which may also include social security, you get the loan. Of course, all lending companies need to ensure that you return the money. Payment is due in full at the next paycheck date. You should return to the lender on the due date to refund the money. Otherwise, the lender institution deposits a check of your loan plus fees or electronically withdraws money from your account.

If the rules of the state permit, some companies allow extension of the loan for a fee. Or else, if you really have to, repay the cash advance and take another one immediately. However, you may end up paying up to 60% of your loan amount as fees/charges if you adopt such practices.

Alternative Options To Quick Cash Loans

Before finalizing on a payday advance, check for other cheaper options available. Overdraft on checking account, credit union loans, employer cash advances, credit card cash advances and emergency community assistance plans provide cheaper and at times quick alternatives to fast cash loan.