A Financial emergency can happen at any time, and sometimes people are completely unprepared for it. These emergencies can range from a serious illness which puts someone out of work for a long period of time, or the sudden break-down of a much-needed washing machine. From car breakdowns to plumbing repairs, you can find yourself needing extra money overnight, with nowhere to turn. This can mean that you are caught without the essential funds that you need to keep your head above water. In financial emergencies, you might not be able to get the sums that you need from your bank or from the credit card, and this can also mean that you are stuck without any source of income that can help you to cover your emergency and still pay off all of your bills.
How Cash Advances Can Help
Many people are afraid of taking out cash advances, because they fear that they will not be able to cover the charges and costs. They have heard negative stories about the cost of advances, and so they are reluctant to turn to this form of funding. However, payday advances have been around for many centuries, and it was not uncommon for a medieval or Tudor worker to take out loans against the full amount of their monthly wage. In some ways, this was the beginning of banking, and now that banks have repeatedly failed the workers, it makes sense that cash advances would start to make an impact on the market again.
Cash advances can be a solution to your problems, and there are some benefits which you can get from cash advances which would not happen with bank or business loans. For example:
- Cash loans can be agreed almost instantly – if you are eligible for the loan, then you can get your loan direct to your bank in only a few hours.
- No forms – most cash advances are paid out on the basis of an internet form, so you won’t have to wait to receive a large wodge of paper, then fill it in and see if it will be approved. Instead, your approval can be done without you ever having to sign any papers at all.
- Fast resolution of problems – what this all means is that you can get a super-fast resolution to your financial problems without having to step outside your front door.
Understanding Payday Loans
Taking out a cash advance is one option which can ensure that you get fast resolution for your financial problems, but if you are still unsure about how cash advance works, then you should consider learning more about the process. This is a very simple process which is easy to follow, and most cash advance companies will stick to these steps, or very similar variations.
The steps are:
- You go online to claim the cash advance, and fill in an online form. This is sent immediately to the processing department of the company.
- You receive a phone call asking you for further details of your claim, and to provide bank and employment details. You may be asked to fax over evidence of your wages, but most claims are completed over the phone.
- You receive the cash advance into your bank, or it is delivered via courier.
- You pay back the sum owed, plus interest, from your next pay packet.
As with most financial arrangements, there are some restrictions on who can and cannot have a cash advance. Most of these are the obvious type of limitations, such as being over the age of 18, and a citizen of the country where the loans company are. You will often be required to have a bank account, although some companies will send the cash via a delivery service if you do not. The most important requirement is that you have a regular job, which pays you enough each month so that you can afford to repay the loan. Remember that you will need to pay back the interest too, so don’t ask for the entire month’s wages.
You may be asked to establish that you have a job by providing pay slips, or a record of your employment, and this can be done by faxing them across to the company. Cash advances require that you have a steady job such as working in a supermarket, or in a garage, rather than employment which is temporary or sporadic, such as temping or being self-employed.