Cash Advance

Cash Advance Action

We are not an elite force of law-insuring hooligans, we are financial professionals with a keen eye for the rules and a keen nose that can detect when something is wrong. Something is wrong with the cash advance, especially when millions of hard working Americans are falling deeper into debt than ever before.

The common thread of cash advance debt

Taking a look at the employed population currently in debt and looking for a fast cash advance and you will see a few striking characteristics:

• most are financially comfortable, not living in slums and not failing to keep up on their day to day lives
• most are responsible and simply take out a little more than they are able to give back.
• most have their debts in one of two forms - credit cards or debts from cash advance loans

Credit card debt is a major problem, but it is nothing when compared to the very real dangers of a cash advance against your upcoming paycheck:

• most credit card debt charges an APR between 30-40%. Thats a lot of money when you realize just how many thousands of dollars these people have out.
• while a cash advance has less of an overall amount - standard loans are $500 and rarely exceed $1500 - the rates attached to these debts are simply astounding - 30% rates for a two week repayment, fail to repay and you're change is effectively doubled. When their fees are considered as interest rates cash advances carry upwards of 1000% APR!

Its not that the debt you initially see is very great - a few hundred dollars through an instant cash advance is nothing compared to the tens of thousands people have with credit cards. But when that $300 cash advance becomes a $1000 debt in less than a year, you know thats dangerous.

What to do with all the cash advance danger

if there is any way you can avoid taking out a cash advance loan and still maintain your financial stability, do it. Use a credit card, ask your employer about potential advances, contact your bank about any unsecured loan opportunities. The online cash advance is never your only option, it is just the easiest and usually the only one people bother to consider. If you are in such a rush that you can't find a fax machine and are looking for no faxing cash advance options, that is a warning sign that you might be in trouble.

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