An online cash advance loan is a loan that you can obtain from a computer, you simply complete an online application and get your answer with in a matter of minutes in most cases. These loans are fast and convenient. The loan proceeds are deposited directly into your bank account usually with in 24 hours.
Pros
These loans are done from the convenience of your own home, just get on your computer and apply.
Many choices, you simply put cash advance loan in the search engine and many companies will appear in the results, you chose from the list as to which ones you want to apply for. Another good option is to complete an application for the services that offer to do the search for you. By putting in your information and giving your permission, these secure web sites will do the searching for you, offer a variety of loans with different features. You choose the appropriate loan product and complete the information that the company requests.
These loans are approved very quickly, there is no waiting period, you will know in a matter of minutes if you are approved or not.
Minimal paperwork, although most of these loans are what they call “faxless”, they simply run the information that you give them and approve you according to that information. If you do have to fax some paperwork, it will just be a bank statement and a pay stub to confirm the information that you have given.
Quick access to your funds, most of these loans will deposited into your account with in 24 hours.
You have access to these companies 24 hours a day, 7 days a week online.
They have convenient customer service lines available to you to answer your questions either by phone or live chat.
Some have referral programs that offer you incentives for referring friends and family, these incentives can range from loan discounts to free gifts.
After you pay off your first loan, you have easy access to money just about any time you need it. After so many loans some offer a preferred member program that will give you discounts on loans as you pay off each one that you have had.
These loans are available to customers with all types of credit back ground, your interest rate will vary depending on your credit report.
Cons
The interest rates of these loans are usually higher than a conventional loan that is processed through a bank.
These loans are convenient and can be abused very easily.
These companies do not report your loan activity to the credit reporting agencies, so you get no credit for making the payments on time.
These companies are very aggressive in their collection activity, they will phone you at home and at work to attempt to get their money back.
Taking out a cash advance loan is a personal decision, you should make sure that you do your research, read the fine print and make sure that you are able to repay the loan with in the loan guidelines.