Understanding Cash Advance Payday Loans

Several lenders can offer you a loan without the need for you to go through a credit check. A cash advance loan is one of these loans. Before taking this kind of loan, you have to understand how it really works.

Cash advance loan is a type of short term loan that can give you quick access to cash. It is best for people who are not financially ready when emergency situations occur and for those who cannot take out a loan from traditional lenders because of poor credit.

Despite of its accessibility and ease in application, this type of loan come with high interest charges. Aside from the interest, it also charges high fees. On the average, cash advance loans charge $15 in fees for every $100 borrowed. As such, you have to find other

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means to obtain money if you think that you will not be able to afford repaying the loan.
Cash advance payday lenders are numerous. You can find it almost anywhere. If you want your application to be convenient, then you can go online and look for a lender there. As a recommendation, opt for an online network.

An online network of payday loans connects with 50 lenders competing in the business. When you apply through them, you can get the best rates because the lenders will try to make sure that you choose them by offering you the best deal. You only need to send your application online and then you will easily get the approval that you need.

To qualify for a cash advance loan, you must be at least 18 years of age. You must also be working during the time of your application. Oftentimes, the lender will only approve you if you earn at least $800 a month. Moreover, you need to have a bank account where the money can be deposited.

Once you get approved of your application, you can get a loan amounting from $300 to $1500 no matter what your credit rating is. The best part is, you can obtain this as quickly as 24 hours after submission of your application.

Bank Day on November 5

Bank of America seems not to realize the impact of the $5 monthly debit fee it plans to charge. Although other banks already announced that they will charge fees, the amount was smaller and limited to selected markets. This move annoyed plenty of consumers and one of them, Kristen Christian, thought of doing something about it.

Christian started the Bank Transfer Movement that will happen on Nov. 5. On that day, thousands of her followers will join her in closing their bank accounts in big banks and move their deposits to credit unions.

As expected, Bank Transfer Day is given its own Facebook page with details about the event and what can be expected from it. At present, the page has generated more than 31,000 likes, a good number for a movement that began only a few weeks ago.

So what made Christian do more than closing her bank account?

On Facebook, she shared that she felt tired of the increases in fees and the difficulty of not being able to get her money when she needed it. She also said that she is already tired of how the banks use her little amount of money to oppress others. Because of this, she decided to do something about her situation and was surprised that many people joined her. She is touched by the RSVPs she received from every person. She knows that closing her own account will not make a difference to the banks. But, her combined efforts with the others who joined her will drown the banks with the noise that they will be making.

Christian said that her switch from the big bank to a credit union was caused by her dissatisfaction with the poor customer service she received from the former. It made her feel tired of being dealt with like an account number. She fully supports those who will participate in the Bank Transfer Day.

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