An online money advances are the fastest solution to your money and debt-related problems. Suppose that all your salary has already been spent on other things and yet you still have one or two bills that need to be paid, then worry no more because with an online cash advance, you will still be able to chase the deadline. However, there’s a catch. Online lending companies will surely charge you with sky high interest rates so you must be careful when you are playing their game. You might fall into the trap and face debts that are beyond your wildest dreams.
If you find yourself in a desperate need to acquire money within the shortest possible time, then online cash advances will be your redemption. But as mentione dearlier, tread carefully because online lending companies always mean business. If you fail to pay then expect your credit history to get ruined. So how are you going to survive this money lending business?
Below are some tips and tricks that you can use when you are applying for an online cash advances. Similar to other aspects of life like love, school, work, if you don’t want to be defrauded on your online cash advance, you better do your assignment well. Know everything that you need to know before submitting your online cash advance application.
1. Interest rates and fees – Ignore online cash advance websites that do not post their interest rates and late penalty fees. Also, avoid websites that are noticeably hiding this necessary information. The law states that all lending companies, whether they’re online or not, are obligated to make information fees readily accessible by the public.
2. Expensive zero interest loans – This is actually a great offering. There are online lending companies that do not charge interest rates for new borrowers, however, if the said borrower put a step out of line (like paying the full loan amount late), they’re going to be charged with a high amount of interest rates.
3. Short term and Long Term Loans – Usually an online cash advance is designed for short-term basis only—around one to two weeks. However, online lenders will really appreciate it if you extend your payment plan because this only means one thing: higher interest rates, more profits.
4. Ensure that your online cash advance lender is legit – You don’t want to be swindled so there’s only one way to check whether your target lender is legit, visit the Better Business Bureau and check whether the lender is included in their database.
5. Make the most out of no-interest online cash advance plans for brand new clients – Only do this when you are absolutely sure that you can pay the lender on time. Otherwise, be ready to face the consequences which can range from a ruined credit history to paying enormous amount of interest rates.
6. Before withdrawing your online cash advance, make a quick financial plan on how you are going to earn the money to pay the loan on the deadline. Also, take note of your salary date so you can adjust accordingly.
7. Make a systemic alarm system that would remind you of the due date of your loan. Meaning, mark your calendar with the loan payment deadline. You can also write the deadline on your work and home computer. In addition, don’t forget to update your mobile phone calendar to include the loan payment due date. So basically, all you have to do is establish a system that will constantly remind you of your debt.