Are payday loans different from cash advance loans in California?
Are you looking for our latest blog post about why lenders are still issuing California installment loans and other types of short term loans? If so, feel free to check out the article today! Why are companies still issuing so many online payday loans in California?
We’re often asked what the difference is between a cash advance loan and a payday loan. In reality, there is no difference, in California or in the entire US for that matter. In theory, a cash advance loan is just a different name for short term financing. Both payday loans and cash advance loans are short term loans intended to serve a need for a consumer who needs cash quickly. Cash Advance loans can also be affiliated with banks or credit cards. Oftentimes it will take just a few minutes to get a cash advance from an ATM or bank teller. While these cash advances aren’t usually directly tied to your next payday or check deposit as collateral, they still function much the same as online payday loans California. In fact, many banks used to offer direct deposit advances. These were common just a few years ago and the loans were very similar in terms of their setup and marketing. It’s difficult to find a bank that offers direct deposit advances today as many of the large banks came under public pressure to stop this service. We wrote about direct deposit advances a while back. Feel free to navigate over to our payday loan blog to read about these so called “payday loan alternatives”.
Much like California payday loans, cash advances are typically taken out when a consumer has bad credit. This also applies when they can’t get a traditional bank loan or low interest personal loan. While these types of loans carry high interest rates they often serve a critical need for consumers who have no other option. You’d have to wonder what would happen to consumers in California if they were denied this type of short term loan. It’s best to find a reputable lender that provides different types of online loans California. It shouldn’t matter too much if the company markets the loan as a direct cash advance loan or as the more common type of online California payday loans. As long as their reputable and have clearly labeled fees you should be in decent shape. Just remember to never let your loan rollover! Most online loans are similar to other types of short term loans that are issued in other states. Even though they offer money for important purchases or emergency situations. Don’t get caught in a situation where you are paying just the interest for a California payday loans! By missing your loan due-date and letting your loan rollover you’re likely to fall into a never-ending cycle that will be tough to dig yourself out of. As a last resort be sure to call your lender if you can’t make your payment. They should be willing to work with you and set up an alternative payment plan.
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