Remember that the interest rates on pay day loans are very high. In some cases, the interest can be as high as 2000 percent. Annualized, some lenders exploit legal loopholes to charge even higher rates.

So, what do you use payday loans for? You need to think of payday advance loan as small band-aid to your current financial situation. It should be used only when you have a short-term financial situation and never used as a long-term financial solution. Because a payday advance is short-term you will pay high interest rate than you would with a conventional loan at a bank or credit union, however you will have the funds you need within hours. In certain situation you will not be able to wait for a couple of days to get funds and most banks do not provide small loans to consumers.

Most home equity type loans will require that you have a good to better than average credit rating to qualify for the loan. There are basically two type of equity loans that you can get which are open and closed ended. The closed ended loan allows you to borrow money against your home and get a lump sum and that is all you can borrow. The maximum amount they will allow you to borrow is determined on your credit history and the equity that you have in your house. Commonly you can borrow the full appraised amount of your house less anything that is owed on it.

It is important that you fill out the loan application correctly and accurately. Provide all required information including residence verification, income, and employment verification. If you have experienced circumstances beyond your control that may have blemished your credit report, consider attaching a letter. Keep the letter short and to the point. Explain the situation, take responsibility for your credit report, and document how you have worked hard to make the situation better. This information can help the loan officer and underwriter with the loan decision.

If guaranteed credit approval with low rates is your goal, you must work for it. Improving your credit score guarantees lower interest rates. This is because any amelioration in the score proves the lender of your re-payment ability.

Chicago Apartment Finders has two locations. 906 W. Belmont Ave. is their office in the popular Lakeview neighborhood, and 818 N. State St. is their office in the more expensive Gold Coast district. The phone number for both locations is (773) 883-8800.

You should exhaust all your other resources before considering a cash advance. Many times, a friend or family member will let you borrow the money you need. A payday loan should not be your first option, if possible. Payday cash advances should only be used as a last resort.