Are Faxless Payday Advances Easy To Get?
by Sam Curtis
Why the faxless payday advance sounds so attractive? Because it means fast money. No need to bother with filling in application forms and faxing them to the lending institutions. It's all already done! Your pre-approved cash advance limit enables you to draw required funds instantly. You can do it using the online banking facilities, ATM terminal or just approaching the cashier at your bank. Normally, you'd use your credit card to access these funds; being aware of the daily limits applicable to the sum and number of withdrawals.
Among many different kinds, the faxless payday advance is designed for short-term, emergency purposes, and thus typically carries fees aside from advanced charges including an upfront fee of 2 to 4% of the advanced amount.
Don't treat the faxless payday advance as a cure-all for your financial worries. Not only the maximum amount available is relatively low, often around $1000 a day; but, it carries additional fees and restrictions. Bank regards cash advances as a high risk category, and tries to discourage credit card holders from taking advantage of them. According to the consumer statistics, card holders who use cash advances regularly, tend to default more often on their repayment obligations.
No matter how the economists and financial counselors are trying to discourage Americans from using the faxless payday advances, or any emergency credit facilities for that matter, the number of people using this form of money sourcing is growing very fast. Suffice to say that between 2000 and 2005, the number of payday advance providers have risen 145%. Yes, the business of short term credit is booming. And who are the customers? Mainly those, who have their credit file negatively affected by earlier defaults and bankruptcies. Whether they like it or not, payday lenders advancing credit with annual interest rates often reaching 1000%, are their only hope.
Business is very good for these no credit check faxless payday advances, as evidenced by the rapid franchising of the biggest instant cash advance businesses in the US, including Ohio-based Check N' Go, Advance America, Check Into Cash and Dollar Financial. In 2005, more than 10 million people took out a cash advance for the Christmas holidays, and it is an upward trend. These do not include the people who availed of online and faxless cash advance.
Normally, banks don't participate directly in advancing cash unless, it's already on your account. Of course, credit card cash advances are one of the exceptions. This leaves the main cash advance business opened to the criticism of profiting form others' financial hardships. On the balance, if there were no customers hungry for cash, this relatively new cash advance industry would grow as fast as it does.
One rather unique faxless payday advance facility is run for the US Military. Its members and their immediate family are able to access cash on a very short notice. This is usually done online. There are very few restrictions, interest rates charged are about 4% lower than on the open market. The only requirements being, that you must be a serving member of the US Military.
There are instances when cash advance is available to persons who have large amounts of money coming but not yet. We're talking about lawsuit settlements and impending restitutions. Huge payouts are to be expected, but right now, there's a shortage of money to pay lawyers, and living expenses. That's where a cash advance comes in. It can be facilitated by any bank, or specialized fiancial institution, based on the amount of possible compensation.
For litigants being a party of lawsuit that has almost 100% of win, cash advances are virtually certain. Why? Because no financial institution will risk their funds for a lost cause. Yes, if you lose, they won't see their money. If you win, you'll repay the advance received plus an interest of 15% calculated annually. In many cases it's a win-win situation for both parties. This was just one of many applications of a cash advance services becoming more popular in the US today.
Faxless payday advances are bringing instant cash when desperately needed.
Sam Curtis' website
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