You might find the interest rates high, but what is the real story behind cash advance loans? The Washington State Department of Financial Institutions (DFI) has received a complaint against the U. S. entity Cash Advance USA, which is operating an advance payment scam. This means that consumers should not provide personal or financial information to unlicensed businesses, as they may be conducting a scam or otherwise violating Washington State law.
Reports have been made of people claiming to represent Cash Advance America, and the DFI has issued a warning about this scam. When you are approved for a cash advance or short-term loan, you will receive the funds as soon as the next business day. Cash Advance USA offers an online lending network that allows consumers to request and receive cash advances and payday loans. Before you apply for a cash advance loan or any other type of short-term loan, there are some important things to consider.
The interest rate on these loans is usually very high, with an average APR of 9.34% for a standard personal loan with a two-year term. Payday loans are small, short-term loans that can give you a few hundred dollars to cover expenses before your next payday. However, with high fees and lump sum repayments, these cash advance loans can be a questionable resource for those with no other options. For any borrower who is short on funds, an online cash loan can help you quickly get out of a financial hurry.
Depending on the size of the loan you need, a personal installment loan can be a significantly better alternative to a short-term cash advance loan. Bad credit cards tend to have high APRs compared to other credit cards on the market, but those interest rates of 25% to 35% are usually much lower than the fees charged by cash advances. The common theme among positive evaluators seems to be gratitude for the ability to secure rapid funding, despite the inherently high rates charged for short-term cash advance loans. Before resorting to this type of loan, it is important to consider all other options.