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A cash loan is a cash advance or payday loan designed for you to pay larger-than-anticipated bills or unexpected expenses when they suddenly come up and aren't covered by your next check. While it varies from payday loan lender to payday loan lender, most are expected to be paid back by your next payday. These loans are used to cover medical expenses, car repairs, groceries, and other unplanned expenses. If you don't pay them back, that's where a cash loan comes into play.
However, many people who take out cash advances find that they have trouble repaying their short-term loans. This is because they take them out to spend the money, but run into financial problems somewhere along the line. They may end up short of cash when they need it most or may not be able to afford the payments due each month. Whatever the case, if you're having trouble paying back the cash loan, there are options. Read on to find out how to consolidate your short-term cash loan obligations into one affordable monthly payment...
Applying For a Cash Loan Online There are two ways to apply for a payday loan online: through an application process or through a check cashing service. You can go through an application process with a local cash advance lender by going in person to their office or through a web-based application process. Each application process is different, and it's important that you read the terms of each lender's agreement before you begin. Both of these options are fast and convenient ways to apply for cash, but the application process may be simpler for some people than others.
Check Cashing Services vs. Installment Loans Many people choose to use cash advance lenders for one simple reason: installment loans are known to be more convenient in the long run. If you've ever used a "payday loan" before (also known as "incidental" or "instant" loans), you'll know that the monthly payments and due dates can be a burden. The additional cost for an installment loan often makes it unappealing to borrowers who are already strapped for cash. However, many cash advance companies provide installment loans along with payday loans, allowing borrowers to pay off payday loans in a single monthly payment. These installment loans usually have a much lower due date and more flexible terms.
The Big Question: Is a Monthly Cash Advance Better Than a Fixed-rate Loan? Both payday loans and fixed-rate loans come with variable interest rates. Because the amount of money borrowed is negotiable, both borrowers and lenders can adjust the terms of the loan to suit the needs of each individual borrower. Borrowers with good credit can get a better interest rate than those with less-than-perfect credit, and lenders offer varying rates of interest for short-term and long-term periods.
As with any loan, borrowers should shop around to find the best loan terms from the most reputable lenders. Payday cash loans, though they may be offered through your local payday loan store, can be found online at a variety of lenders. Regardless of where you decide to obtain your short-term cash loan, be sure to read all agreement carefully and ask the lender any questions you might have before signing.