In todays economy families find themselves with less cash on hand for unexpected emergencies. Often living from check to check and hand to mouth. So what is a person to do when an unexpected expense arises and there’s no where to turn for help? Chicago is peppered with payday loan establishments that will give you a fast cash advance in minutes.

There’s been lots of hype about the actual cost of a payday loan. Some people have even complained of paying upwards of 500% for their instant cash advance. In reality, the interest rates are more in line with a high interest credit card if you pay the loan back promptly.

Fast cash payday loan interest rates are regulated at both the Federal and State levels and require complete disclosure of the interest rates you would be charged. However, only short term (120 days or less) payday loan agreements are regulated.

Different fast cash advance companies charge different rates. It is very important you read your contract BEFORE you sign and you won’t find yourself caught up in a neverending cycle of high interest. So, how do I get my cash now?

First thing to do is call around and ask what are the terms of the loan. Secondly, read the paperwork and make sure the interest rate disclosure for your cash advance is the same you were quoted over the phone. Don’t sign a contract that allows payments to be made in more than 120 days out. This will back you with the protection in place by governmental agencies.

Most importantly, be prepared to pay back your payday loan within the next two paychecks and you find that a fast cash advance loan may be just the thing to smooth over what could have otherwise been a catastrophe without getting too deeply caught up in the credit game.

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