Need some fast cash to get caught up on your bills, can't wait until payday to buy that special something you've had your eye on, behind on a car payment, thinking about getting a cash advance?

Loan sharking is becoming more abundant these days, as more people are falling behind on their bills and struggling due to our steadily worsening economy.

Stop and consider these hard facts:

The loan sharks are out there, waiting with baited breath to serve your every need. Companies who provide cash advances are more than happy to provide you cash with very little documentation. Sometimes all that is required is a recent paycheck stub, a copy of a valid driver license, and, of course, a check written to the cash advance company to secure your requested cash advance.

You provide this information, you sign a contract, you get your cash; you're swimming in glory, but did you actually take the time to read all the fine print regarding the contract you just signed? If you didn't, you have unfortunately become another victim of a loan shark, who is charging you outrageous interest on the money you just put into your pocket.

Typically, these cash advance loans come with a very high price. Interest rates to pay back cash advances from loan sharks can skyrocket to as high as 89%!! Loan sharks will often charge you all kinds of miscellaneous fees to get your money in the first place. Yes, if you take out one of these loans, you will soon find yourself in worse shape than before you took out the cash advance.

Also, the reasoning behind cash advance companies requiring a checking account is due to the terms of obtaining the cash advance in the first place. Most cash advance companies require that you pay back the loan via automatic deductions (ACH) from your checking account each month.

What happens when you miss a payment on your cash advance or there is not enough money in your checking account after you acquire the cash advance?

These companies will often times jack up your interest rate, jack up your monthly payment, ruin your credit, and hound you repeatedly. Do they have a right to? Most of the time, the answer is yes. You signed a contract with them, so they are entitled to collect their debt. Unfortunately, your life and your credit will be ruined in the interim.

Ways to Avoid Getting Scammed by Loan Sharks:

• Avoid cash advances at all costs!

• Don't swim in the evil waters of the loan sharks!