Cash advance lenders, which are also dubbed payday lenders, can be considered an alternative to the traditional means of attaining a quick sum of cash: applying for an advance from your work place. This guide will debate the attributes of each decision while weighting the advantages and disadvantages in order to help borrowers decide on the most viable alternative. Moreover, the discussion hopes to be unbiased and will refrain from taking one side or another. To put it simple, the basic facts will be presented in a manner that enables you, the potential borrower, to make an educated decision, which will favor both you and your family.
First off, let us take into account how simple each alternative of getting a cash advance is. It is fair to assume that not all companies and management styles in the country welcome this practice. Moreover, while in some cases it is not uncommon, the financial department will require proof that you have been working with the company for a certain period of time. On the other hand, almost all cash advance lenders require only the proof of employment and bank account. It is true that in a few cases, having kept your job presents an advantage, but the number of situations is limited.
Furthermore, while the work cash advance can only be acquired during the workweek, most lenders work on a 24/7 schedule. If you are put in the position of having to borrow critical fast cash during the weekend or after work hours, then your decision becomes quite simple. Therefore, the payday lenders have an increased flexibility. In addition, when it comes to age limitations, payday loans require you to be at least 18, while most teenagers can get a part time job at the age of 16, which may or may not deem them eligible for an advance, depending on the employer’s policy.
However, there is an important advantage of taking the money as an advance on your paycheck from work, and that is that you will not have to pay the interest fee. The interest does vary in a range of fifteen and thirty percent of the borrowed amount, but working with direct cash advance lenders can ensure you will be paying a minimum amount. The interest can be perceived as an investment in anonymity and flexibility, but some may consider it too much or simply be in a position that does not enable them to repay it.
The truth is that the moment you get a cash advance from work rather than from direct cash advance lenders, everyone around the office will know that you are experiencing money problems. In any work environment, one can expect to meet different categories of people who will present distinct reactions to this situation. While some may be sympathetic with your situation, others may consider your financial issues as result of erratic money management procedures. Consequentially, should rum-ours regarding the poor budget handling skills reach your superiors, your reputation may deem you ineligible for a promotion to a function which requires responsibility.
While these situations are rather hypothetical and may or may not adapt to your particular case due to factors that this guide cannot foresee, they depict completely possible situations. Having considered and weighted all these aspects carefully, the decision on either alternative is completely in your hands.
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