Payday Loans

Is It Possible To Get Cash Advance In An Hour?

Yes, with the rapidly growing payday loan industry, it is now very much possible to get a cash advance in an hour, but not all payday loan companies offer this feature. Besides that, just because a loan can be obtained within an hour, it does not mean that it makes financial sense to you. You are advised to consider all necessary factors before you go ahead and sign up for it. Following is a brief rundown on some of the pros and cons associated with this type of payday lending.

Things That Make This Type Of Cash Advance A Tempting Solution

The majority of people have limited monthly income and they live with a set budget, but sometimes, they are hit with an unexpected financial emergency, where they have to pay for an expense that they never planned in their budget, such as a car repair or a medical bill. Even those who always maintain an emergency fund sometimes need extra cash on an urgent basis to meet their financial requirements. In such cases, it is obvious for you to feel tempted to obtain a cash advance in an hour. But, do you know that these loans charge extremely high rate of interest. And, that’s not all; there are several other risk factors as well that can seriously damage your financial life especially if you fail to make the repayment in a timely manner.

Things That Make These Loan Programs Risky

To start with, the interest rate is so high that a $100 of loan can cost you over $150 even if you have borrowed the money for as small a period as two weeks. Failure to make the repayment within the set due date will result in hefty penalty charges. In most cases, the lenders will renew your loan, which means the due date will get extended to one more month, which seems to be good news, but in reality, it turns out to be very horrible. You have to pay additional interest for this extra one month. Now, imagine, if you have to pay over $50 of interest on a $100 of loan for fourteen days, how much will be the amount of additional interest on a $500 of loan for a full one month? Add to this hefty penalty charges. In general, a one month delay will result in your debt growing to just double or triple of the actual principal amount that you had borrowed initially.

Overall, no matter how attractive and tempting it sounds to obtain a cash advance in an hour, you are advised to avoid it and look out for better alternatives if you need extra cash.

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Posted in Risk Factors | 1 Comment »

One Response to “Is It Possible To Get Cash Advance In An Hour?”

  1. robin says:

    Instant money ! It sounds really good for a person who is in urgent need of money; you can get cash in your hand with in one hour. It seems really exciting but actually the whole scenario is totally different, such loans comes with a very high rate of interest , you may have to pay more than the double of the actual amount of money you have borrowed. These types of loans are generally advertised in a manner that any body who wants money attract towards it. Some times we face any emergency which we can not handle and need some extra money, when we come to know regarding these loans we just ignore the demerits of such loans. There may be a lot of other options available that will be proven much better than these loans like you may take help from your relatives, friends or even from your employer. Cash advance in an hour is very risky because if we fail to pay a single payment , the whole loan process will be renewed which means we have to pay the interest on the new amount (that is the principal amount + the interest of first term).

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