After the holiday season people are always looking for ways to get extra money because the bills need to be paid and other payments are due. If you enjoyed your holiday much and are now left with no money in the bank, sometimes you just want to run to the nearest lending company and take out a cash advance loan. In a way this might seem like the best idea at that specific moment but truth is you do not realize that you might be only getting yourself into a deeper mess than you originally thought. Many experts warn against instant loans because of the dangers they bring affecting your financial ability to pay your debt back.
What Are No Telecheck Loans Anyway?
Usually, when you apply for a cash advance loan, it means that the lending company will not run a check on your financial background and just wants some basic information from you instead. Here are the bare minimum requirements that you need to meet in order to get approved for cash advance loans with no Telecheck.
- You must be at least 18 years old
- You must be earning a minimum of 1,000 dollars a month
- You need to have a current account
- You have to be employed for at least six months with the current employer
Once this information has been submitted and you have filled out an online application form, the waiting time is just 24 hours before you get money sent straight into your current account. The money granted usually ranges from a couple hundred to 1,500.
Why Will Getting a Cash Advance Hurt Me?
Getting a cash advance with no telecheck is not necessarily an evil thing in itself but the vast majority of people who do apply for these loans do not yet have the ability to pay back within the given period. When this happens, you will incur additional penalty fees and other charges that will just make the monthly payments too high to even consider paying them back on time. What happens then is that your credit score rating will deeply be affected and you will have a hard time applying for a legitimate loan or a housing mortgage. In short, a domino effect will follow and not only will your financial status be on the rocks but also your family and social life may be affected.
What You Can Do to Avoid Cash Advance Loans
The best thing you can do right now is to prepare yourself for future emergencies. Set aside a portion of your income on each payday and make sure you do not touch it unless it is an emergency. Have a conference with your family members and tell them that everyone needs to contribute to saving money and reducing the daily expenses. While everyone is doing their part saving cash, you will definitely limit the necessity to apply for a cash advance loan with no telecheck in these trying times. All it takes is a little discipline on your part and sooner than later, you should become financially free from worries.