Cash Advance Payday Loans Not an Option for Everyone Says Payday Loan Company

Cash Advance Payday Loans Not an Option for Everyone Says Payday Loan Company When people need to cover an unexpected expense or an important bill but they don't have cash on hand, cash advance payday loans can be an attractive option. With people more often tempted to pursue lending options to make ends meet during tough economic times, Cash Tree Loans (www.CashTree.com) is offering free tips to help consumers better understand the risks to decide if payday loans are really right for them. Lehi, UT - April 9, 2009Many Americans are under financial stress due to current economic conditions. Sometimes a quick infusion of cash is necessary for anything from routine bills and purchases to unexpected expenses such as car repairs. When people simply can't afford to wait until their next payday, they sometimes turn to cash advance payday loans. One such lender, Utah-based Cash Tree Loans, wants consumers to think long and hard before committing to payday loans or any other kind of debt, and is offering free tips and advice to help them figure out if a cash advance payday loan is really their best option.
Payday loan companies are about more than earning a profit, says John Frank of Cash Tree Loans. Companies like ours exist to provide a real public service to help people in tough, but temporary, financial ruts. We want people to be able to make the most of short term lending opportunities, without biting off more than they can really chew. We know that payday loans aren't for everyone, and our tips are designed to help people decide whether or not a cash advance is the best solution for their own circumstances." Cash Tree Loans offers the following tips for those considering taking out cash advance payday loans: 1. Before borrowing from any lender that charges interest, consider other options. See if an employer will advance the next paycheck themselves, or consider borrowing from friends and family if the debt wouldn't cause unnecessary stress on those relationships. 2. Evaluate the costs. While interest rates on cash advance payday loans can look extremely high compared to other lending sources, the actual interest paid can be much lower than what someone would pay at a lower interest rate with payments stretched over a longer period of time. More importantly, compare the payday loan fees with late payments that would be incurred if a bill wasn't paid on time. If the late payment is less, paying late may make more sense. If that late fee is more than the payday loan fees, the cash advance is the better option. 3. While customers can request extensions on their cash advances, don't go into a payday loan scenario already expecting to fall back on those extensions. Apply for a cash advance payday loan instead expecting to pay it back in full--including fees--with the next available paycheck, and let extensions be a last resort if something else unexpected comes up. "While everyone likes working with repeat customers, the last thing we want is for a payday loan to put a customer in a worse financial position than when they started out," says Frank. "If our cash advance payday loans help someone through a rough financial patch, then we're doing our job. It's important to us that borrowers know exactly what they're getting into up front so there are no surprises and everyone can come out on top." About Cash Tree Loans Cash Tree Loans is a Utah-based short-term lender, specializing in cash advance payday loans. The company offers short-term loans leveraged against a borrower's next paycheck, for amounts up to $500. Payday loan applications are processed online and over the telephone, with no need to fax documents. Approvals are based on applicant employment information and verification from employers, and no credit checks are required. Payday loan extensions are available, and cash advances are not available in all states. For more information about Cash Tree Loans, please visit www.CashTree.com or contact Jason Blackburn at 866-759-6800. Contact Jason Blackburn Cash Tree Loans Phone: 866-759-6800 Email: jason@cashtree.com Web: www.CashTree.com