Guaranteed Cash Til Payday Loan
What is a Cash Til Payday Loan?
A cash til payday loan is also called a guaranteed payday loan or a cash advance guaranteed payday loan. As its title claims, this kind of loan can give you cash that you need to hold you over until you receive your next paycheck. The term of the loan is very short, usually 2 to 4 weeks or until your next paycheck comes in. When you apply for this kind of short term loan, you write the company a check dated in the future for the amount of the loan plus a charge of $15-30 for each $100 that you borrow from them. When that date comes, they will cash the check and you will have paid back your loan.
How hard is it to get this kind of loan?
It is very easy to get guaranteed payday loans. It is not necessary to have collateral or even a good credit rating. You must be 18 years or older and have steady employment. Applying can take less than an hour and the money will most likely be in your bank account on the very next business day.
Are there any other charges?
If you are unable to pay the loan in the specified amount of time, there will be another charge, probably very close to the initial charge of taking out the short term loan. Some guaranteed payday loans allow you to extend your term if you cannot pay it. This is called Rollover and there is a charge for that as well.
Why not use a credit card?
Although a credit card would charge a lower interest rate, people with very low incomes may not be able to get a credit card or even a personal loan. This leaves guaranteed payday loans as one of their only options when they get into a difficult spot financially.
When is it a good idea to a cash advance?
Cash advances should be used responsibly because it does not take much for the fees to add up and for you to find yourself with a significant amount of debt. If you are regularly having trouble covering all of your expenses, guaranteed advance loans will only make your problem worse by giving you fees to pay in addition to all of your bills. Somehow you must trim your budget in order to make ends meet.
However, if you had a large bill this month that is not typical, such as a medical emergency or a necessary home repair, a cash advance can cover your expenses until you get your next paycheck. But no matter how high the bill or how important the repair, it is imperative that you be able to pay the money back with the very next paycheck. Otherwise you will find yourself slipping into debt. Look over your budget and make sure that you can afford to pay back the loan before you take it out. Perhaps cutting all unnecessary expenses will be enough.
How can you cut your budget down enough to afford this cash til payday loan?
Here are some tips to make sure that you can afford your guaranteed payday loan. Eliminate all eating out for the next month, including lunches at work. Only buy groceries that are on sale. You can start buying your favorite foods again next month. Do not turn on the air conditioning or the heat quite as often. Carpool with coworkers or set up a carpool for your kids’ activities. Eliminate any family outings that cost money, such as going to see a movie. Instead, take the kids to a park and have a picnic or go for a bike ride around the neighborhood as a family.
Even trimming little things in each area of your budget can add up. If you scrape $15 off your utilities bill, save $30 on groceries, eliminate a $40 movie night, and save $15 in gas, you have found $100 that can help to cover your payday advance.
Please fill out our contact form at the top of the page if you are interested in getting a cash til payday loan.