Everybody who is in need of small amounts of money in the quickest time possible knows about the online instant cash advance. It is a short term fast money option available to anyone who is above 18 years of age, has a steady job and a valid personal checking account. The loan is available online and is quite hassle free as you do not have to fax any documents most of the time. They do not check for credit card scores or don't shy away from people with a bad credit record. The loans are processed within 24 hours or even lesser, if you are a regular customer.
The Only Sore Point
The only sore point of online instant cash advance is its interest rate. It is higher than bank loans and so makes everybody think twice before going in for the paperless cash advance. Generally, for every $100 you take, you are supposed to pay back something between $115- $130. But this amount will be applicable only if you repay on the first due date. If you miss that and roll it over for another two weeks (the maximum time for online payday cash advance), it will cost you $130. After seven weeks, you will see that you have amassed an interest bigger than the online instant cash advance that you took!
Beating The High Rates
Don't be scared by the high interest rates. If you are little prudent and cautious, you can use this fast cash advance to your full benefit. First and foremost, examine the reason behind availing the loan. Is it absolutely necessary? Can it be postponed till you get paid? If you find that the answer to the first question is 'yes' and to the second a 'no', then only go for a online payday cash loan. Don't go for high amounts; remember that you have to repay the borrowed sum through your next paycheck (and leave enough for the next month's expenditure). So never bite more than what you can chew.
Secondly, always stick to your pay back date. The more you miss, higher you pay as interest as the rate of interest is tied to the number of weeks you take to return the amount. Another thing that you should do is always compare the rates that different online cash advance companies are offering before settling on one. When you choose your lender, sit with them and clarify each and every point so that you do not get any nasty surprises later. Always insist that they deduct the whole online instant cash advance from your bank account on the day that you are paid. The company may paint a rosy picture of how paying partially is good for you but never fall for these sweet lies. Always pay back your online instant cash advance in full at the first available chance.