Many Americans treat the faxless payday advance as a norm. But, not so long ago faxing your bank or finance company was the only form of applying and receiving some ’emergency money’. All you need now is a valid credit card to access the funds. And you don’t even have to go to your bank or financial institution. Your cash advance can be obtained through one of many ATM terminals, or using the online banking. Of course, be prepare for the adequate banking fees
It’s very prudent to treat the faxless payday advances for what it really should be: a short term injection of cash. Because of penalty rates attached to it, ranging from 2-5% one has to think carefully before activating it.
If you read your ‘Terms and Conditions of Use’ of your faxless payday advance approval document, you’ll realize that the interest is calculated right from the day one. In other words, there’s no interest free days, as with a regular credit card. On top of that, a manipulation fee is added, usually $5 per withdrawal. Why? To offset the higher risk that the lender is exposed to, according to the latest default statistics.
As the economy grows, more and more Americans claim to be financially successful. Yet at the same time, cues at the window of payday financiers are growing daily. Why? Because a large part of the society is living on very limited means. If they’re in the active workforce, they’re struggling to manage from one payday to the next. If they’re the lucky ones, the faxless payday advances provides the bridging funds. If not, paycheck advance or a high-interest credit are the only sources open to them, to get them through to the next payday. Not surprisingly, most of those people are already burdened by a low credit score.
Top cash advance businesses in the US include: Advance America, Check Into Cash and Check N’ Go, among others. Not surprisingly, their rate of growth is huge, as demonstrated by the fact that about 10 million Americans took a cask advance money just before Christmas 2005. All these transactions were made offline. Yes, there’s a climate for expansion for cash advance services; faxless and all the others.
Normally, banks don’t participate directly in advancing cash unless, it’s already on your account. Of course, credit card cash advances are one of the exceptions. This leaves the main cash advance business opened to the criticism of profiting form others’ financial hardships. On the balance, if there were no customers hungry for cash, this relatively new cash advance industry would grow as fast as it does.
There is one form of the faxless payday cash advance that is specifically designed for personnel of the US Military and their families. This is the military cash advance loan, which only requires that the applicant be on active military duty. The fast cash advance facility may be applied for as online cash advance and approval and funds release may take as little as 24 hours from the time the application is sent. Fees are typically lower than a typical overnight cash advance.
Quite unusual form of a cash advance is a lending facility that enables anybody who is a plaintiff in any type of lawsuit, to ask for the Pre-Lawsuit Settlement. The sum that can be obtained this way differs, depending on the amount of possible settlement. In some large compensation cases, it can amount to hundreds of thousands of dollars. Still, the money may be needed straight away, to pay for the basic expenses, including legal help.
There are companies that specialize in faxless cash advances, sometimes as fast as 72 hours depending on the merits of the case, and the financial company absolves the borrower from liability in case the lawsuit does not prosper. This means the borrower does not have to pay the loan back if no money is forthcoming as a result of the litigation. However, if the litigation is successful, the loan is payable with a cash advance fee of 15%. A penalty that can be avoided, by reading the fine print of the contractual terms.