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If you need money in a hurry, like a BIG hurry, nothing is easier or faster than a cash advance loan, which is sometimes also known as a payday loan. Whether you are a student in college or a retiree or somewhere in between, sometimes we all need a loan for a particular purpose, and sometimes the need to get that money in your hands is quite pressing. One of the biggest advantages of a cash advance loan is that you can typically get the money in a matter of a few hours. Now contrast that statement with waiting several days for the more traditional type of personal loan to be approved and you can see where this type of loan has become increasingly popular in recent years. Another huge advantage, which also helps to explain why you can get this type of loan in a couple hours, is that typically they do not do a credit check on you. Basically they do not care if you have the credit history and resources of Bill Gates or if your credit is bad enough where people will barely take cash from you. Your credit report and credit history are almost immaterial as far as getting approved for this type of cash advance loan or payday loan. But they do not give out the money for free or for no reason. After all, this type of company is in business to make money, which they could not do if they did not take some necessary precautions to protect their investment risk in you. You need to be able to present at least one and sometimes two forms of identification. Usually a driver's license is sufficient, but if you have a second form of picture ID handy, it is probably good to take it with you to save time. You will also need your last couple of paycheck stubs from your job to let the company know that you do indeed have a regular and solid source of income. One of the reasons that this is referred to also as a payday loan is that unlike a traditional personal loan, this type of loan is almost always due in full on your next payday, which in most cases is about two weeks or four weeks away. This type of company is not set up to allow you a long term payback period like 24 or 36 months. For this reason, the maximum amount of money you can usually borrow is between $500 and $1500, which is within the range of what most people would get on their next paycheck. If something comes up where you cannot repay the loan in full on your next payday, extension to the next following payday can usually be arranged with the lending company. But believe me, you do not want to do this unless you absolutely must because the additional interest charges plus the extension fee is going to be horrendous. The bottom line is that if you need money right now today, a cash advance loan or payday loan is a great way to go and can be done quickly and easily. But if you are not in a time crunch to get the money, a more traditional personal loan may work out better for you and save you a ton of money in interest, plus having a much more leisurely repayment schedule. For more insights and additional information about the advantages of a Cash Advance Loan as well as getting a very aggressive and free online cash advance loan quote, please visit our web site at http://www.personalloantips.com
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