There are many consumers that do not how to get a personal cash advance or its benefits. These consumers will end up struggling until their next pay period in order to pay their bills. If these individuals were aware of just how easy it is to get a personal cash advance, they could then avoid costly late fees and hassles that they may be experiencing on their past due bills.
The Application Process
The process of acquiring a personal cash advance requires the borrower to locate a lender and then apply for it. The application process will vary for each lender, but the process is generally the same. The lender will gather pertinent personal information, such as the borrowerâ€™s social security number, date of birth and current place of employment. This information will allow the lender to provide the borrower with the funds that they require.
Repayment of the Loan
In order to get the money, the borrower will provide a post-dated check or authorize an electronic debit to cover the principal originally loaned and the associated interest. The borrower will then be responsible for making the loan repayment or the lender will take the funds from their bank account. Borrowers have to make sure that they have the funds in their checking accounts to cover this check, because they may be responsible for a non-sufficient funds fee from the bank and the lender.
Common Use for a Personal Cash Advance
Consumers turn to a personal cash advance when they are short on cash and they are faced with an emergency situation. These situations often include:
â€¢ An eviction notice for the non-payment of rent
â€¢ An emergency auto repair
â€¢ Purchasing food or clothing
â€¢ Medical expenses
These are only a few of the reasons consumers use a personal cash advance. It is the best way to get the cash you may need to cover an emergency expense that you have. To find a lender closest to you, use the Internet or the phone book.