The Terms of a Same Day Cash Advance

Same day cash advances are becoming increasingly popular in today's market. More and more people are finding themselves short of cash before payday comes around. Therefore, they are using these short-term loans to get by until they can come across some more money. A same day cash advance is available for almost anyone and you can get them at many different cash advance businesses across the world. If you are considering getting a same day cash advance, here are a few things that you will want to know before you get involved. 

Application Process

In order to get a same day cash advance, you will have to go through the application process. This is actually a very simple process to go through and can usually be completed within less than 20 minutes. Most of the time, it will be a short, one-page application that has all of the usual information on it. You will have to give them your name, address, phone number, social security number, and bank account information. You may have to put an alternate way to get a hold of you like information about your closest relative. 

After they verify that all of the information is correct, they will usually approve you on the spot. They will not check your credit score or payment history in order to give you the money you need. They might check to make sure that you are actually employed before giving you the money. They want to know that you have some way to pay back the money. 

Disbursement of Funds

Once you are approved for the loan, they will disburse the funds to you. Usually this process happens very quickly. Since it is called a same day cash advance, it will definitely happen within 24 hours. However, many times this process only takes a few minutes. They will transfer the money directly into your bank account based upon the information that you gave them. You will be able to access your money very quickly.

Loan Terms

While it is nice to be able to avoid financial problems and get the money that you need, the terms of a same day cash advance are not always that great. In fact, the terms will definitely not be in your favor. The interest rate that they will charge you is typically very high. They might tell you that it is 20% interest. While this does not seem that bad, this is usually only a two week loan. Therefore, when you multiply that over the course of a year, you would be well over 200% APR. Any time you borrow money for that rate, you are paying handsomely for the money. 

In addition to that, you will have to pay back the money within the short term that they give you. If you can not pay it back, you will be charged late fees or extension fees to give you the time you need. Be careful that you do not let the cash advances get too far out of hand. 

 

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