Cash Advance Payday Loans - Are They Good Debt Or Bad Debt?

Written By alex ringgo on Tuesday, October 29, 2013 | 6:31 PM

There has always been a great interest in cash advance payday loans and this is a system that has been in operation for a number of years now. There can be no doubt that the reason for this system's staying power is due to the popular demand and need, from consumers.


We have all been warned against debt. The reasons for this warning are very serious and meant to protect our financial wellbeing. However, it should be properly explained that certain debt is acceptable. For example, the vast majority of us would never be able to own a home or a car or start up a business if we didn't have access to credit. The minute you accept credit you accept a loan and are in debt. It would be true to say good debt is the kind you can afford to repay. Bad debt is when you can't pay back the money you owe.

The amount of credit you accept in order to buy items like homes and cars is undoubtedly large. It takes years to pay it back and it is known as a long term loan. The higher the loan, the more at risk we are if we can't repay it. When we talk about cash advances, we are talking about an entirely different category of debt. This kind of loan is paid back over a short period of time and is known as a short term loan.

Cash advance payday loans are very aptly named because they provide the borrower with a cash amount that must be paid back every payday until the debt is settled. Usually the amount offered is $1,500 or $3,000. The loans are through special payday loans companies with an exact system that needs to be followed. The quickest way to get cash advance payday loans is online. You must be able to prove you have a regular income, be at least eighteen years old and have an active banking account. Fill in an online application, and if you fit the criteria, you will have your money within twenty-four hours.

The reason it is so easy to get cash advance is because you can prove you have a permanent income and this means you can afford to pay back a reasonably small loan. The lender deposits the loan amount into your bank account. As from the next payday the lender automatically withdraws the agreed repayment amount from your bank account and this happens every payday untilcash advance payday loans are repaid. The amount you pay back includes an interest fee.

Cash advance payday loans are used for a variety of reasons. Often, workers find they are short of cash just before a payday. To avoid having their utilities cut off, they turn to cash advance companies to help them out. There are also individuals who use the money to pay for once off sales items, because it saves them money. However, cash advance payday loans can be used for any reason.

Cash advance payday loans can only be granted when current payday loans are paid up. The entire system ensures the borrower can't get into serious debt, or long term debt. The system of cash advance payday loans is founded on you having an income to pay back the money on time.

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1 comments:

  1. Hello Everybody,
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