The biggest fear for most people is when a financial emergency strikes suddenly but we have no way of dealing with it. Perhaps medical charges crop up after an unexpected illness or accident, or your credit card company demands a large payment. Whatever the reason, the pressure to find cash fast becomes huge. Would a $1,000 cash advance loan do the trick?
It is not difficult to get a small unsecured personal loan to handle these sudden expenses. In fact, with instant loan approval provided by many online lenders today, the task is made extremely easy. But there are still some basic criteria that need to be met before approval can be given.
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The advantages of taking on a cash advance loan are pretty clear, but there are some compromises to make for the convenience of getting fast access to cash. This is where some careful budgeting needs to be made, and the particulars of the loan deal carefully considered.
Is Instant Really Instant?
It is understandable that people may have doubts over any instant approval. However, there is a mechanism in place to ensure the approval is as close to instant as possible. When applying for a $1,000 cash advance loan, lenders typically offer no credit check services which means no time is spent checking the credit history of the applicant.
This is the major delay in any loan approval system, and depending on the lender, it can usually take around 24 hours to get the green light. But, with all of the relevant information entered into a simple online application form, and submitted by the click of a button, the application is received in a matter of seconds. And since the information given is matched to criteria electronically, instant loan approval is possible.
Within a few minutes of clicking submit, confirmation of a cash advance loan approval is received. And, within a few hours, the funds can be transferred into the deposit account of the borrower.
Must-Know Compromises
But, what are the compromises associated with a $1,000 cash advance loan? Well, to start with, the loan is only granted against the income of the borrower, and is usually fully repaid in one go through the next paycheck. That is why this loan is also referred to as a payday loan.
Secondly, the interest rate charged on this kind of loan is extremely high. Rates as high as 30% are common, though some lenders will charge as low as 15% as part of a promotion, and others as high as 55%. So, while instant loan approval is a highly attractive feature, it does cost quite a bit.
Thirdly, the loan sum is never going to be much higher than $1,000 - in fact, the normal limit is $1,500. But with such high interest rates, this is arguably a blessing. A $1,000 cash advance loan could require $1,300 to clear, with the money taken from one paycheck, which is something of a drain anyway.
Where to Get One
The Internet is the best place to find a lender willing to grant a $1,000 cash advance loan. As already mentioned, the terms can vary quite a bit, so it is worth taking your time searching before finally deciding on a loan offer.
The good news is that the development of highly efficient comparison sites has made the chore much faster and easier than it once was. This is extremely useful when identifying which lenders offer the lowest interest rates, instant loan approval, or more flexible repayment schedules.
But as with all loans secured over the Internet, it is important to find lenders that can be trusted. So, check any prospective lenders on the Better Business Bureau website before signing up to a cash advance loan.
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