Perhaps you have taken out more than one cash advance and have no way of paying them off. If that is the case you may be wondering, where can I get real debt relief help with payday loans. The answer is debt consolidation loans. These types of funding are for many different types of financial obligations and more recently this includes payday loan debts.
When you think about it, there are many times when you need quick cash for emergencies and you do not have any other sources of funding such as a savings account or relatives or friends to rely on. This is when this type of funding comes in handy. You are basically borrowing against your next paycheck and the funds borrowed are for a short term, they usually have to be paid in two weeks or sometimes a month.
To apply for this type of funding is fairly easy, you can find many cash advance lenders online, and if you have savings or checking account you are in business. The application process is simple to complete and as long as you meet the requirements you can get a cash advance. Usually you must be at least 18 years old, have a valid checking or savings account, valid identification such as a driver's license or state ID and have a monthly income of $ 1,000 or more.
The way the process works is that you apply and within minutes your application is approved for the funds. These funds can run anywhere from $ 100 all the way up to $ 1500 depending on your needs and income. Once you are approved and sign the agreement, you funds can be delivered into your bank account the same business day or at the latest the next business day. You can then withdraw the funds and use them as you like.
There are some advantages and disadvantages of taking out these types of loans compared to traditional funding. One factor is the interest rates on the loan which tend to be rather high. The other factor is that it must be repaid with your next pay date. If you fail to comply with the terms, the lender will tack on higher interest rates making it more difficult to pay off.
This is where you will need to be responsible when taking out cash advances. The most sensible thing to do is do not get more money than you actually need, only get the bare minimum to avoid the higher interest rates on a larger advance. Also do not take out more than one at a time. Since they are easy to obtain many have fallen into the trap of taking out more than one and end up not being able to repay the debts because of the intense interest rates.
When the loan comes due, make sure that you have the funds in your bank account to repay it. Usually if you have direct deposit which most lenders will require, it makes it easier and more convenient for them to get their money. Cash advances should only be used for emergencies only. This way if you handle the obligation responsibly you will be able to use this funding source any time unexpected events arise.
If you do happen to get into trouble by borrowing against your paycheck there is relief through debt consolidation loans. You should speak to a professional about your situation and work out a repayment plan with them that fits your budget.