holidayphoneloan.com

It is an emergency when you are out of groceries and it is five days to payday. If you have a credit card, no problem. If you have bad or no credit, it can be a serious problem for you and your family. The cash advance loan does not always require good credit.

The most attractive features of this type of borrowing situations are that it gets the money to you rapidly, sometimes within an hour. If your credit is deficient or you have not established any rating at all, you know the interest rate is going to be higher than a bank would charge. However, a bank will take forever to process and after the processing you probably would not get it anyways.

Now the online payday cash advance may cost between up to $17.50 and $300 for every hundred dollars you borrow. You can shop around online and find the lowest. May we stress this is a one time emergency situation. You must pay it back on your next payday.

It does not sound too prohibitive although you only keep the money for a short time. For example, if you are paid every two weeks, you will pay it back in less than two weeks because your payday will occur that soon. The lender holds a post-dated check and deposits it on your next payday, the date will be agreed upon at the time you get the loan.

When you do your research online, one interest rate may sound lower than the others. However, you will need to verify that there are no hidden fees in addition to the interest you pay. A reputable company will have all the interest and fee information clearly stated on the website.

Another way to check to make sure you receive the lowest possible interest rate is to get referrals. These can be from relatives or acquaintances who have used the company with success. If you cannot do that, look for reviews online. Another possibility is to contact the Better Business Bureau to check their overall reputation. The company should give you a straightforward answer to any question you have, possibly through a customer service department by phone or email.

When you hear $17.50 it does not sound threatening. However, it can equal 911 percent if you keep the money for a week. The helpful nature of the cash advance loan can be a lifesaver in an emergency. It is something you should only do once in a lifetime, however. Make certain you find out the penalties for not paying the money back on time. Some companies are gracious about that fee and others are not.