Is an Instant (Payday or cash advance loans) Cash Advance Really "Instant"?
Instant cash advances aren’t really “instant,” but they are quick. Within a matter of minutes you can have a response to your application with cash in your account hours later. These types of companies also automatically deduct your payment, so you don’t have to worry about writing checks.
Fast Application Process
With “instant” cash advance companies, you application is processed online. By verifying your information with databases, they can respond within minutes to your request for cash. You don’t need to fax in documents or other paperwork. But if there is a glitch in your information, like a misspelled street name, then a person will need to review your documents, which can cause a delay.
However, most of the time this process is much faster than driving to a cash store, showing your documents, and waiting for them to make copies and verify the information.
Quick Cash
“Instant” cash advances are deposited directly into your checking account, usually overnight. There are no checks to cash or lines to wait in. And you don’t have to wait for a check to clear before withdrawing money. It could be easier.
Easy Payments
You also have easy payment systems with these companies. When you apply for your payday loan, your lender will set up a payment plan. You can choose to have all or part of the loan paid on your payday. Ideally, you want to pay the entire amount for the least amount of finance fees.
When the payment is due, your lender will deduct the amount from your checking account. You don’t have to worry about sending in a check. But if you do want to change the payment amount after your application, you can contact the company to arrange terms. You have both flexibility and convenience.
Near Instant Shopping
While “instant” cash companies can offer you fast service, you can also quickly compare fees and terms online. Many companies can offer you fast service, so don’t go with the first offer. According to the federal law, all financial lenders have to disclose their APR before you submit an application. Most of the time you will find the rates listed under “fees” or “FAQ.” Otherwise, request rate information before applying.
See our recommended sources for payday loan companies online, by visiting: Recommended Cash Advance Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
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