Top Tips

For many people, money is a taboo topic. They don’t like disclosing how much they make, how much their net worth is and what their financial issues are. Sometimes, they believe that it is better to approach third-party lenders than borrowing from a friend or family. A lot of relationships have been severed and strained because of issues on money.

On the other hand, borrowing from third-party lenders makes a lot of sense. A salaried individual sometimes do encounter financial stress every now and then and the best way to get out of the rut is to get an advance from your paycheck. Even if you have a job and a kind boss, your professionalism and work ethics would dictate you not to approach your boss directly about getting the advance. However, you can use cash advance loans lenders to get the cash you need.

If this is your first time to get a cash loan advance, it is very important to observe these important reminders to ensure that you’re getting the best deal there is.

Do not settle with the first lender. Even if you are already desperate to get the money right away, do not settle for the first cash loan lender you find. There are a lot of lenders out there offering cash advance loans so you actually have a lot of options. Research on at least 5 lenders and compare their rates and terms. If you want to go the easier route, ask referrals from your friends and colleagues about a lender that they had the most pleasant experience with.

Get your documents ready and in order. Fortunately, you only need to prepare a few things when applying for a cash loan. The most basic requirements are proof of income and employment, a valid phone number and an active bank account.

Ask questions. This is highly encouraged if you are getting a cash loan for the very first time. It is easy to get overwhelmed with all the numbers and terms but don’t hesitate to ask questions. Remember, you are the customer here and you want to make sure that you know exactly what you’re getting into. If the lender seems to be vague about his explanations or you sense that something is not right, don’t sign anything. Look for a better lender.

Ask how the fees and rates are computed. You have the right to know how much you are actually going to pay for the entire life span of the loan. When you fail to pay on the initial agreed date, the lender will roll over the interest and you will have a new deadline. For as long as you don’t settle your payment on the agreed date, this cycle can go on and on and the interest rate continues to increase. Knowing how to calculate the payment of your loan will give you a clear picture of how much you actually owe.

Refuse the cash loan at the very first sign of a red flag. A cash advance loan could be an opportunity for you to raise the required amount and cover the unexpected expenses, but it is an opportunity for fraudulent lenders as well to take advantage of unsuspecting borrowers. Check with local business bureau if the lender is registered and licensed to run the company. Also check if there had been complaints and unresolved cases against the lender. If the lender asks for an upfront fee or there just seem to be so many fees associated with the cash loan, walk away. You can find a better and legal lender.

Always remember to have your guards up where money is concerned. A cash loan can be a savior but if you are misguided, it can also lead to host of financial complications.