How to Count Your Benefits from Fast Cash Advance Loans
Cash advance loans have received some negative publicity because of their high APRs. If you have doubts about the utility of fast cash advance loans online, it’s time to see what you’d have to pay if short-term loans would not exist. You’ll be surprised to find out how much money you save.
Not repaying your bills on time has negative consequences:
- The utility can be cut off (examples: electricity, phone services, internet, water supplies etc.).
- Penalties are added to your bill as a result of late payments.
- Your credit score is damaged because the way you pay your bills goes on record.
- Not paying your rent leads to:
- Conflicts with the landlord;
- Risk of being evicted if this happens multiple times;
- Late fees;
- Some landlords reserve the right to report missed payment to credit bureaus as a way to force tenants to pay rent on time. If your landlord does this, your score is damaged once again.
- Card overdrafts and bounced checks come with extra fees that you could easily avoid by keeping your balance above 0 and by paying more attention to your transactions.
Taking fast cash advance loans online is the solution to all of the above problems, and here are the reasons that support this statement:
Reason 1. Fast cash advance loans online are the most readily available type of short-term loan.
- No credit check. This is good news for the people who:
- Have a very low credit score;
- Don’t have any credit at all;
- Instant approval. Once you submit an application, it takes less than a minute to receive approval. This process might be slowed down by:
- Banks that don’t process transactions 24/7;
- Lenders that don’t process applications 24/7.
- No collateral. For example, car title loans can be taken by people without a job but owning a car. The risk is very high because you might lose your car for a few hundred dollars that you can’t pay back.
- No cosigners. There is no need to ask your friends and relatives for a co-signature thus keeping your relationship in good terms.
- The application is straightforward. After you access the website you fill out the form, upload a few documents if necessary and click ‘submit’. Everything is done in under 5 minutes.
Reason 2. The costs of fast cash advance loans online do not exceed the costs that come with all the problems stated above. Let’s count the fees for every situation. Note that the numbers below are examples, not absolute values of the fees.
- Car overdrafts: 20$ per overdraft and/or $5 per day. If you have 3 overdrafts per month and you are late 3 days on each overdraft you have to pay:
- 3 x $20 = $60, or
- 3x $5 x3 = $45, or
- $60 + $45 = $105 (worst case scenario).
- Late rent payment fee of 5% of an average rent of $800 equals $40.
- Penalties for not paying utilities by the due date: 2% of a late $100 electricity bill equals $2. Let’s say you are late 3 times a year, that’s an extra $6. Not much of a big deal if you don’t take into account the above expenses.
In total, you would pay $105 + $40 + $6 = $151. If you were to take 2 x $300 fast cash advance loans online per year with the total interest of $90, you still pay less and save your credit score balanced.
Reason 3. Your credit stays untouched. Very few lenders report the results of fast cash advance loan deals to the credit bureaus.
Fast cash advance loans online allow you to improve your credit score by avoiding all the late payments that damage it. Count it yourself!