Often people finding themselves in financial difficulty will apply for a cash advance or payday loan with no credit check and no thought of any potential difficulties associated with the loan. It is at this time when some consumers might ask if a cash advance or payday loan is really worth it in the long term. As much as we'd like to give you a yes or no answer, it's impossible for us to express the opinions of each potential reader of this article. All we can do is give you some answers to frequently asked questions which will provide you with some facts you should know when applying for a cash advance or payday loan.
When you apply for a payday loan or cash advance, you have the right to check your loan balance during any business hours for the lender you borrowed from. This is a right you have based on the fair lenders act. You can get your balance, previous payment history, amount of your next payment and any other facts about your account when you want them.
Can I pay my loan off early?
Absolutely you can pay your loan off early. In fact, many lenders suggest this option as it will help you save money in the long run and get you back on financial track sooner than later. When you apply for a payday loan or cash advance, you will have to pay some sort of interest, but the purpose of this type of loan is to help you for a short term problem, and allow yourself to build yourself back up if you need to. Financial lenders have no problems with paying loans early, but to be certain, make sure you ask each lender if there are any hidden penalties if you do choose to pay the term early.
When I've paid my loan off, can I apply for another one if I need it?
You bet you can. When you've paid off your loan, you have established yourself as a positive customer and applying for a new loan is rather quick and simple. If you need another cash advance or payday loan then simply contact your lender and let them know. The process to apply online or at any branch is simplified once they have all the documents they need. This is also a good idea if you are trying to get your credit ranking built back up as many lenders will report paid off loans to credit agencies on your behalf.
Is it possible to increase the amount of my loan?
It depends on the amount you borrowed initially, and your income, but after you've proven you can pay your initial loan, it is rather simple to increase your amount up to $1500 at many lenders. You need to ask your specific lender for exactly how much you are approved for and how much you can afford to pay back each month.
When you apply for a cash advance or payday loan, you are usually in a financial pinch, but the process is simple, very easy and the ability to repay these loans.