Emergencies happen. There is nothing
that you can do to avoid them. Even people, who cautiously plan out their
finances and have a "rainy" day fund, can find themselves in a
financial crisis. In some cases, a family member or friend can help with a cash
gift or a small loan, but most people do not have this option.
On a recent day, a customer named
"Meg" needed an emergency loan because her air conditioning stopped
working, when temperatures soared to 98 degrees in Phoenix, Arizona. With three
small children and an elderly parent in the household, she had no choice but to
get a new air conditioning unit installed.
Cash advance loans, also referred to
as cash till payday loans, are small short term loans that consumers can use to
manage emergency situations or daily expenses. Most Americans, who are actively
employed and have a steady source of income, can get a loan. The amount of cash
that a customer can borrow depends on how much the applicant earns per month.
Lenders offer loans starting from $100 to $1,000.
The popularity of cash advance
loans, have increased over the last few years, as more Americans struggle to
meet financial obligations, amidst a struggling economy. White collar and blue
collar workers, alike, are using short terms loans to manage unexpected
expenses. The fact is, even cash-strapped homeowners, who have equity in their
homes, cannot get a home equity loan or a home equity line of credit (HELOC),
easily. In addition, the loan application process is extremely time consuming
and arduous.
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