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Similarities and differences

Similarities and differences

There are a number of similarities between the cash advance loans that are available to employed and unemployed people. Some of these include the fact that both cash advances are short-term loans and both loans can be approved in a very short period of time. However, there are some major differences between the two loan products. One of these is that the interest rates for the cash advances for unemployed people are cash advance usually higher that the usual 15% that are charged on regular cash advance loans. Another difference is that the loan amounts that are usually given to unemployed people are also significantly lower than what employed people are given.

The reason for the differences in the rates and the loan amounts is that because lenders consider unemployed people a higher risk. However, it is because of the high rates and the low loan amounts that have made these kinds of loan products very popular among lenders, as they can prove to be more profitable than regular cash advance loans they provide employed people. Given this, unemployed people who are thinking of getting these kind of loan should make sure that they have carefully considered the pros and cons in getting a cash advance loan.

Nowadays, gaining access to a cash advance on a paycheck is fairly easy process. This because apart from the fact that these kinds of loans are easily approved, people can gain access to cash advances from various lending institutions through “cash advance stores” where people can go to apply for the loan.

dvance provider collects the money sooner and the interest rate is rather high. Since there is no time limit on paying back the loan, the effective annual rate decreases as the payments are extended over time, although the cash provider typically forecasts a fairly short period for payback, usually less than a year.

There’s no question that the merchant’s cost for this kind of financing is going to come in more than a conventional loan, but it’s pretty much a foregone conclusion that a conventional bank will reject this merchant for their much needed loan.

The merchants interested in a program like this may have a sketchy or distressed credit history. They’ll have things like past tax issues, a list of delinquencies, collection matters, liens or judgments that would be an automatic red flag for a conventional bank. The merchant cash advance industry caters to businesses that can’t get traditional funding.

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