We all know that cash advances are very expensive, but what many of us don’t know is that there are quite a few ways to save quite a bit of money on them. Cash advance lenders aren’t regulated very tightly by state and local governments, which leads to rates being wildly different from one lender to the next. Knowing this, along with some other simple tricks, will lead to you being able to save a big chunk of cash on your loan.
Since their is minimal regulation on these loans, it will really pay off to shop around. There are only going to be a handful of online lenders that operate in your state, and browsing through all of their rates before applying for one will make one of them the obvious choice. Legit lenders are going to have all of their rates posted on their site, and it will normally be displayed as a chart for your specific state. You’ll be able to figure out exactly what your loan is going to cost you based on that. Just remember that you’re only going to be able to borrow 25% of your gross monthly income, so plan that accordingly.
The more you borrow, and for longer lengths of time, is going to drive the price up. This is pretty obvious, but if you want to save as much as possible, only borrow a small amount of cash.
Many lenders are going to offer discounted, or even free, advances for those that are borrowing with their company for the first time. These specials can be a bit hard to track down, but when you do, you’re going to save a ton. Lenders use this as a marketing tactic to get new customers, and you can very easily exploit that to your benefit. The only way that this will work out for you is if you only borrow money from them one time!
Saving money on same day cash advances is pretty easy to do, but you have to spend the time to do it. This might seem tough to do when you need money right now, but the extra time is going to help you out a lot over the long term.