What You Should Know Before Your First Cash Advance
There is a process that all borrowers much go through when they are getting their first cash advance. Regardless of the name of the business, the process is the same and the requirements are generally all the same. You must take care to make sure you get the best deal for your money.
The application requires you to show proof of your income by means of check stubs. These must be your most recent stubs and must be consistent with your pay periods. Bringing stubs that are a month apart when you are paid bi-weekly is not acceptable and your application will be denied. They must show your rate of pay and how many hours you worked for that pay period.
The application is primarily the same for all of these businesses requiring proof of employment in the form of your most recent check stubs, recent statements from your bank and personal references. You are awarded points for each document you present to them. Before the application is approved, you must accumulate so many points.
Although it is one of the most convenient and easiest ways to borrow money, there are things you should watch for. Call around to various locations to find the lowest fees available. These can be quite high on low amounts but relatively low on higher ones. This is a ploy to get you to borrow more.
Most all cash advance businesses post the fact that they cannot prosecute for writing a post dated check. They can however prosecute for other reasons and will do so within a short period of time after your due date has passed without hearing from you.
Do not let your due date pass. This can leave you vulnerable to charges for theft by unlawful taking. This is a criminal offense and punishable according to your states laws. When you have the money, make sure you pay off the loan and receive your check. Try not to borrow again against your pay once you have paid off the original loan.
Borrowing money in this manner is easy and generally takes less time than borrowing from a bank. The fees are much greater and in some instances cause more hardship after receiving your first cash advance than before you borrowed it. You should only borrow what is necessary for you to make it until your next pay and no more.
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