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The concept of instant cash advance refers to any type of a small loan that is fast and requires a small number of papers to be filled in before signing the contract. In the past years, this was generally associated to walk-in establishments (hence the name), but now you have the opportunity to access such personal loans online. The procedure is very simple and 100% intuitive. This article brings answers to four different questions that are usually posed for this financial product:
In certain areas, there are laws which limit the amount of money one can take out with instant cash advance. The most common limitations are between $800 and $1200 or between 20% and 25% of borrower’s gross monthly income. These figures are subject to change at any time.
Again, the amount accessible may depend on borrower’s monthly income, but this rule does not apply to all contexts in the same way.
Lender policies may limit the maximum amount (and they often do), but these limits are often quite flexible. As a general rule, lenders tend to offer larger sums of money to returning customers whom they find more trustworthy.
Laws and other legal regulations restrict financial businesses in terms of legal limits for all fees.
Competition among lenders impacts both the number of fees and their extent (with fees being lower for instant cash advance loans).
In order to get more profit, cash advance lenders limit the number of fees, thus attracting more customers for future contracts.
Loan approval fees;
Advance repayment fees;
Refusal fees (if the application has been approved, but the borrower decides to decline it).
The steps you need to follow are similar to those typical of all personal loans:
Contact the lender and inform them about the situation.
Follow lender’s advice: usually, this refers to either paying additional fees or asking for a loan extension.
Repay the amount as soon as possible to keep additional costs to the minimum.
Each of the perspectives described above is proof of the various benefits of personal loans. Borrowers shouldn’t worry anymore about the place where they want to access the money from, nor do they have to find different types of financial products with better rates and lower fees. Cash advances are extremely efficient, especially because the amount of the loan is not high and because it is accessible to such a large percentage of the population.
What really matters here is your ability to access the money in a convenient way. We advise our clients to choose online financial products because that gives them access to a larger number of offers At the same time, it eliminates the usual drawbacks associated to local financial companies of any kind.
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