A cash advance with savings account is a loan that can be transferred to your account within hours of applying for it. A cash advance with savings account can range from $500 to $1000 and is given for a short period. This is very helpful in tiding over emergency situations.
Most people who apply for a cash advance do so because the banks refuse to lend to them due to their bad credit scores or they simply do not wait for several days just to get the loan approved. Many cash advance lenders provide online facility to allow customers submit their loan application easily through the Internet. This online facility has made the process so easy and fast, it is better than visiting the local pawn shop or borrowing from your friends when you are in need of emergency cash.
About The Procedure
When you apply for a cash advance the money is deposited directly into your savings account. This adds to the convenience of getting the loan as you will then simply withdraw the money through any ATM or transfer the funds to pay off your bills.
These loans usually charge a one time fee and the borrower needs to repay the amount on his next payday. The biggest advantage of cash advance is that it is very easy to qualify for them. You just need to have a proof of employment and a savings account.
Help during Financial Crisis
The flip side of cash advance is that borrowers tend to abuse the facility, which can get them into major financial crisis. These short-term loans can be really helpful in an emergency situation but it is very easy to get into a debt trap. If you keep on extending the repayment period, paying only the interest amount, you will end up paying much more than what you have borrowed.
Thus the rule of the game is to borrow cash only when absolutely necessary and that too only the amount required. And the loan must be paid back on the due date itself without prolonging the period. You must always keep in mind that these kinds of loans are pretty expensive. So they need to be paid off as soon as possible. Also you must shop around for the best possible rates if you want to save money.