With the financial markets in a seeming meltdown, everyone's feeling the pinch. Gas and food prices are hitting the roof, and most people's paychecks simply don't go as far as they used to. If you're wise, you've cut out luxuries completely, are studiously clipping coupons, and are carpooling to work. If you're lucky, you'll make it through until the economy picks back up. But what if you aren't so lucky? What if your daughter sprains her wrist and has to go to the doctor for x-rays? What if your tire blows out and you need to replace it? What if you can't quite make your rent payment? Life happens, and sometimes you need a helping hand. That's where cash advance loans can save the day.
Cash advance loans (also called payday loans) are fairly straightforward. They're short-term loans that are meant to be stopgap measures until your next paycheck. They're a way to get quick cash when you're in a crunch, but aren't designed to replace other types of loans and lines of credits.
If you're in need of a cash advance company, where do you turn? Online, there are dozens, if not hundreds, of companies that provide payday loans - but how do you tell the best from the rest? Here are five things to look for in order to find the right company that fits your needs.
1. They offer cash overnight. If you're stuck between a rock and a hard place, you most likely need cash now - not in three, or five, or ten days. Find a company that can provide you with cash overnight, so that if you are approved one day, they will deposit the money into your checking account the next.
2. No credit check. Many of the people who need payday loans the most have spotty or poor credit. A reputable company will specialize in helping folks who have credit challenges.
3. Forget the faxes. Many cash advance companies require that you fax in a considerable amount of paperwork. That's a hassle you probably don't need. Instead, look for a company that can approve your loan without making you fax in documentation.
4. Look for real money. The chances are good that you need more than $100 or $200 to carry you over to your next paycheck. If so, find a company that will lend up to $1000 (depending upon your ability to pay back the loan).
5. Flexibility is key. Some payday loan companies are very stringent about payment plans, while others are more flexible. Work with the latter and you'll be glad you did. For example, if your payday is less than four days away, the company should set your due date to the following payday. Likewise, if you want to pay back your loan early, they should be amenable to that. Similarly, if you don't think you'll have the funds in your account to repay your loan, you should be able to call them and work out an arrangement.
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Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies.
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