Salary advance loans can be really life-saving at the end of the month, but are they really safe and convenient? Are they better than payday loans?
And more importantly, in what cases salary deducted loans can be helpful?
Many people have doubts about salary loans. We’ll take a detailed look at this financial solution and its features to decide whether it is bad or not.
You probably experienced that annoying feeling: the last week of the month starts and money is running out.
You’re anxious because of the bills and thinking about a cash advance or even a payday loan. You also want to be confident without worries about potential emergencies you can’t cover right at this moment.
The truth is that you’re not alone when it comes to this struggle. Actually, around 64% of people confirm that they are running out of money right before the wage enters their bank accounts. The solution is connected with payday advances.
They give you access to your wages that you’ve already acquired, exactly when you need money. This service allows you to get cash until payday, avoid risky payday loans, and keep your credit rating clear.
While personal loans are good for large expenses, like repairing your car or buying something relatively expensive, salary advance loans can be an amazing way to get a necessary sum of money for a short period of time.
No Credit Check
To keep things simple, let’s say that installment loans work like a link between an employer and a staff member.
This means that your employer should take part in the scheme to give their workers an opportunity to use these salary deducted loans, usually online.
Here is how it works.
- First of all, your company should sign an agreement with a particular salary advance service. Check out maybe your employer already works with these services, then you’ll be able to get a salary advance with ease.
- When all is set, you get access to the specific info about the hours you’ve worked. The process might vary from a lender to a lender, but generally, you might reach the data in an app or on the site.
- Then, you need to select how much and when to drop out. Push the ‘Send’ button and the money will be in your bank account ASAP.
People with bad credit ratings can also apply for salary advance loans as no credit check is required. In most cases, you are able to complete the whole process online without leaving the comfort of your home.
State employees usually have preferences as they work for the state and have a stable source of income.
Unlike payday loans from popular credit unions, salary advances aren’t so common. However, they have a wide array of advantages. Here are several benefits of this financial product.
They help to control your finances better and pay less.
You can easily control your earnings and take only the sum you need. Plus, interest rates are typically not applied, but there are fees. The great news is that they are relatively small.
There is no need to take payday loans
Payday loans offer huge interest rates which make them a really bad option for consumers. Flexible loan terms and don’t require an individual to go through a credit check.
We all know about that irritating gap between payday and when you need to cover your main expenses each month.
For instance, your rent payments might be paid on the 5th, and your payday is on the 10th. Here is exactly when advance salary loans come to help.
Need Money Now? Don’t Wait!
Representative Example: Loan Amount $1,000, Interest Rate 24%, Loan Term 12 Months, Fee 3%, Fee Cost $30, Repayment $94.56, APR 29.82%, Total Payments $1,134.72, Total Costs $164.72.
CashSmartOhio.com is not a lender and does not provide short term or online personal loans but refers consumers to the lenders who may provide such loans. CashSmartOhio.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged for a loan. APRs depend on multiple factors, including the lender’s requirements and offers, your credit worthiness, your state of residence, and the type and term of the loan you request.