It is a common fact that unexpected expenses can surprise you at any time. Most importantly, about 65% of Americans are living paycheck to paycheck. If you are also one of them, you might need to get some extra cash to meet your unexpected expenses.
More and more people now are turning to cash advance applications to cover these unexpected expenses or their bills. These cash advance applications can easily let you lend a few hundred bucks over a small fee. Even though these cash advance applications seem to be useful options to get help in hard times.
Things to consider while choosing the best cash advance application
However, you must know that not all cash advance applications are reliable to consider in this regard.
It is mainly because these come up with hidden costs. In some cases, these hidden charges can also perpetuate a continuous cycle of debt. Therefore, it is always best to carefully choose a cash advance application.
However, if you don’t know how to choose the best app to get quick cash for covering your unexpected expenses, then we are here to hold your back in this regard.
Here are some of the most important things you must consider while choosing an app.
So, here we go:
1. Understand how much cash a cash advance app offers
Well, it is a vital fact that not all cash advance applications are created the same. Therefore, each of these applications comes up with certain max and min amount requirements when it comes to getting advance cash.
2. So, before joining any cash advance application and signing up for that, make sure to understand the max advance cash your opted application is offering.
3. Then think about how much cash do you need.
It will surely help you to determine if using this cash advance application can do justice to your cash needs or not. Then take a decision accordingly.
4. Know about the fees a cash advance app charge
Tips and fees are some of the most important things to consider when it comes to choosing the best cash advance application. These amounts can easily add up more to the total cost to use a cash advance application.
For example, if a cash advance application charges 3% of your advance amount as its fee, you will have to pay $3 for every $100 as advance cash fee.
So, the smart move in this regard is to choose the cash advance application that comes up with lower fees and tips. Or you can prefer calculating the annual percentage rate to make a better decision in this regard.
5. Ensure that the application has a transparent charges plan
Most commonly, cash advance applications come up with some hidden charges. These charges can even add up more to your overall advance cash.
So, it is highly important to go with the cash advance application that has clear terms and conditions regarding its fees and tips. It is because transparent plans can always let you stay informed about what you have to pay to use a service like this.
6. What is the repayment process of the application?
Commonly, the repayment date is set by the application automatically. A majority of applications set the repayment date as per your income schedule.
However, some of the applications also allow their users to set their preferred repayment date as per their convenience. So, it is always better to go with the cash advance application that offers you more flexibility in the process of repayment of your advance cash.
This will not only let you experience enhanced convenience. Also, you can have peace of mind as well.
7. How long will the cash advance application take to deliver your amount?
Whenever it comes to using a cash advance application, people need urgent cash for unexpected reasons. However, different cash advance applications offer different time duration to deliver your advance amount. Some applications also charge extra fees if you need to get your advance cash quickly.
However, in the case of the best cash advance application, you should always choose the application offering as quick advance cash as possible without even charging you extra money.
8. Are there any membership issues?
Some of the users who previously relied on cash advance applications stated that the advance cash apps made them feel deceived due to higher membership fees. Also, some cash advance applications make it harder for their users to cancel their membership enrollment.
Therefore, it is highly important to find out the process of canceling membership enrollment on your preferred cash advance application. If you are being charged for app membership regularly, you can’t get rid of this service by deleting the application from your mobile simply. Instead, canceling your membership will be a more preferred choice in this regard.
Most importantly, some of the cash advance applications also offer rewards for their consumers, especially to pay for a membership. Make sure to know about this bonus reward (if any) before signing up for any cash advance application.
Final Verdict: How to make a decision finally?
Overall, choosing the best cash advance application can help you to get rid of high-interest payday loans in the best possible way. It is because if it is chosen carefully, you can have a cash advance application that pops up with a lower fee with ease. So, this would definitely be an amazing alternative to other common types of loans that can cost you more due to higher interest rates.
Additionally, these applications can also be a reliable source of getting cash quickly without any hassle. However, it is always recommended to consider all the above-mentioned things while choosing the right cash advance application. These will help you to make a more reliable and smarter choice in this regard. Ultimately, you can ensure to keep yourself saved from any unexpected charges or any other difficulty in the best possible way.