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2013
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situation several urgent more money was needed? But it is as well immediate to
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A specialized loan kind from
money tree inc routing number - so known
as "payday loan" or "cash advance" is intended for people in this circumstances.
It is a immediate loan to be paid by their next payday. Often the amount of many
of these a loan is concerning $100 and $1500 using the length of the tem about 2
to 4 weeks. Extra fees/Interest rates range from merchant to lender. I must
worry that fees/interest rates are extremely high studied to home loan.
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No faxing loans, payday loans and instant cash advances are all products
offered by various lenders to put some money back into your account when you
need it. They have also been banned in many states and the Government has
intervened to regulate interest rates and set borrowing limits, to protect both
the lender and the borrower. There has also been a lot of negative publicity and
criticism directed towards these short term loan solutions, and this is
something that needs further investigation. What Kind of Criticism Exists in
Relation to Instant Cash Advances? The most obvious criticism was first directed
towards the interest rates applied to instant cash advances, and the fact that
lenders were seen to be taking advantage of people in a financial crisis,
through applying crippling and unnecessarily high interest rates. This, coupled
with the fact that some lenders were also unscrupulous in their approach, has
led many individuals and families right into the depths of despair with
spiralling credit issues that far outweighed their initial need for the instant
cash advances in the first place. Once in the spiral, it was very hard to
escape, and many who found themselves in this situation continued to borrow in
order to pay off the previous debts that were overdue for full payment. Another
criticism revolves around the fact that the system was not controlled in its
initial stages, and therefore people were able to borrow through instant cash
advances, an amount that was way beyond their means to repay. When facing a
financial emergency, people jumped in to borrow as much as they could, without
actually weighing up their options, restructuring their budget, or factoring in
the repayment amount and their ability to repay it in full, within the time
frame specified. Considering the number of lenders that now offer instant cash
advances online, and the fact that people with a poor credit history also have a
high chance of approval, it is no wonder that there has been a flurry of
criticism against these loans. Now that regulations are in place and the
Government has put regulations and restrictions in place, are these criticisms
still warranted? What Benefits Can Be Gained From Instant Cash Advances? With
all the criticism, perhaps you would think that there are no benefits to
obtaining instant cash advances, however there most certainly are. Although not
an exhaustive list, here are some of the benefits in a nutshell: · Easy
application and approval process · Able to get emergency funds when you need
them desperately · Provides poor credit history customers a chance to improve
their rating · Maximum borrowing amount is approximately $1500 across all
lenders · Interest rates are based on an annual percentage, so in reality you
are looking at paying $15 to $25 in interest for each $100 that is borrowed ·
Amounts are able to be repaid on your next pay cycle · Funds are directly
deposited into, and repayments are withdrawn from, your nominated savings
account automatically Is the Criticism of Instant Cash Advances Warranted? Now
that we have identified the main criticisms and the main benefits, you need to
decide if this criticism is warranted, or if perhaps, the instant cash advances
being offered can actually help people out in certain situations. I would say
the criticism is warranted if there were no capped borrowing limits and if the
interest rate applied was not calculated annually, but per loan applied for and
received. I would most definitely say that the criticism is warranted if people
obtain these loans purely because they want some money to splurge over the
weekend or to go on a shopping spree. The minimum requirements include being
over the age of 18, in stable employment with a regular wage, being a legal
citizen, and having an active bank account that has been open for at least 3
months. With these minimum requirements, plus the fact that you can borrow no
more than approximately $1500 at any one time, and that the repayments will be
made when your pay hits your account, many people who are struggling financially
before their next payday, can safely take advantage of instant cash advances
without getting into a spiralling debt cycle. The key to making instant cash
advances work for you is to only apply for them when you desperately need them,
only apply for them if you know you will have the funds available to pay back
the loan in full, and only apply for the exact amount you need immediately.
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