With a turnover of $50 million, small cash loan is one of the biggest growing industries in this sector. In fact, statistically, there are more small cash loan offering companies than Starbucks or 7-eleven in the Portland area. In Missouri, the finance department noted that people borrowed a staggering 2.6 million loan amount in a one-year period! If this is the scenario in one state, you can well imagine the nation-wide picture.
The Reason Behind Its Popularity
An average American living from paycheck to paycheck often finds him self besieged with problems near the end of the month. Typically, they need a few hundred dollars to cover:
Emergency medical bills Car repair bills Utility bills Credit card monthly payments Any other problem that needs money instantly
Most people who go in for American cash advance have poor credit ratings. Hence, they cannot avail traditional loans or charge their credit cards. There is also the problem of time with such people. As they need the amount in cash within 24 hours, it is one factor that regular banks cannot meet. So they go for bad credit cash advance.
Small cash loans providers do not check the credit score of the borrower. Plus they are very easy to get since they are available online. If you opt for the no fax offer while filling up the form for American cash advances, you do not have to submit any documents. The best part of these loans is that they are available in cash. Generally, the fund is transferred electronically to the borrower's checking account.
Qualifying for the small cash loan is very easy. All you have to be is an adult American earning more than $1,500 for three months at least. There should be a checking account in your name. That's it and you are eligible for the loan.
Returning Your Bad Credit Cash Advance
Repayment of your bad credit score cash advance is as easy as getting it. You can either pay by post-dated check or allow the company to directly debit your account on a certain date (generally after your payday). The loan amount along with the interest and processing fee is debited from the account.
Conclusion
Cash advance in America is growing at a phenomenal rate; there must be a great profit in the industry and that is why there are new players joining in the fray everyday. Compare the various rates of interest, terms and conditions and check the background of the company from whom you are taking your bad credit cash advance loan. Only after that research should you choose your small cash loan company.
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