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   Cash Advance Loan, Credit Card, Or Bank Loan

Just about everyone is faced with the need to borrow money at some point or another. The biggest problem is trying to decide how to get that much needed extra cash. Should you get a cash advance loan you've been hearing so much about? Get a credit card? Or, should you just talk to the bank about getting another loan? All have benefits and all have downfalls - and being well informed can help you to avoid a costly mistake.

Cash Advance Loan

A cash advance loan is a fast, easy, and convenient way to get cash. For a small fee, the financing company will lend you the money you need to get you through to until payday. To get one of these advances, you only need a valid checking account, a direct deposit from an employer (most have a minimum deposit amount), and a current bank statement. There's no large amounts of paperwork and no long waits.

In most instances, it only takes an hour to be approved and you can spend the money the next day. When your payday comes and it's time to pay it back, the money automatically comes out of your account. You don't have to hassle with mailing checks or running to a specific location to make a payment.

The loan period of a payday cash advance is generally 2 weeks or less. Once you pay off the loan, you're done, unlike credit cards where you may feel compelled to only pay the minimum balance each month and as a result, pay hundreds or even thousands of dollars in interest over time. However, if you need more than a couple of weeks to repay your cash advance loan, you can easily secure another without having to go through the paperwork process again and again.

Credit Cards

In order to get a credit card, you have to fill out a set of forms, provide all of the proof they require, undergo a credit check, and then, wait for approval from the bank. In many instances, it can take up to six weeks to hear if you're approved and receive the card. Once you get it, you can use it repeatedly.

However, you need be very cautious. They are often difficult to get, particularly with the economy in its current state. If your credit is less than ideal, you need to be extra cautious and read the fine print carefully. Unfortunately, there are many credit card companies that prey upon those who are in desperate financial situations and will charge high annual fees and interest rates for an extremely low amount of credit. You could pay $75-$300 just to get a $250 line of credit.

Bank Loans

When you need a large sum of money, many people often choose a bank loan. They can make a number of smaller payments instead of one large one. The payments generally come straight out of your bank account on a regular basis and it helps build credit.

Unfortunately, this can be a grueling process with the extensive amount of paperwork. In some cases, you might have to wait until the management at the bank meets and decides whether you get approved. With the economy in a crunch, banks are more hesitant than ever to issue loans. Of the three options, a cash advance loan is by far the easiest and quickest way to get cash. There's no added stress of paperwork and it is easy to keep control of. When you need quick cash, payday loans can definitely be the smartest way to go.
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