Often people
finding themselves in financial difficulty will apply for a cash advance or
payday loan with no credit check and no thought of any potential difficulties
associated with the loan. It is at this time when some consumers might ask if a
cash advance or payday loan is really worth it in the long term. As much as
we'd like to give you a yes or no answer, it's impossible for us to express the
opinions of each potential reader of this article. All we can do is give you
some answers to frequently asked questions which will provide you with some
facts you should know when applying for cash advance or payday loan.
Can I check on
the balance of my loan at any time?
When you apply
for a payday loan or cash advance, you have the right to check your loan
balance during any business hours for the lender you borrowed from. This is a
right you have based on the fair lenders act. You can get your balance,
previous payment history, amount of your next payment and any other facts about
your account when you want them.
Can I pay my loan
off early?
Absolutely you
can pay your loan off early. In fact, many lenders suggest this option as it
will help you save money in the long run and get you back on financial track
sooner than later. When you apply for a payday loan or cash advance, you will
have to pay some sort of interest, but the purpose of this type of loan is to
help you for a short term problem, and allow yourself to build yourself back up
if you need to. Financial lenders have no problems with paying loans early, but
to be certain, make sure you ask each lender if there are any hidden penalties
if you do choose to pay the term early.
When I've paid my
loan off, can I apply for another one if I need it?
You bet you can.
When you've paid off your loan, you have established yourself as a positive
customer and applying for a new loan is rather quick and simple. If you need
another cash advance or payday loan then simply contact your lender and let
them know. The process to apply online or at any branch is simplified once they
have all the documents they need. This is also a good idea if you are trying to
get your credit ranking built back up as many lenders will report paid off
loans to credit agencies on your behalf.
Is it possible to increase the amount of my loan?
Is it possible to increase the amount of my loan?
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