Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure
Cash advance loans
While bad credit is OK, you'll want to watch out for high rates and fees.
A cash advance loan can get you money fast when you’re struggling between paychecks. Though these short-term loans are open to all credit types, they come with notoriously high interest rates and fees. And they’re not legal in all states.
Compare cash advance loans and alternatives
Note that the maximum amount you can borrow will vary based on your state of residence.
{"niche":"USFSL"}
Cash advance loans are short-term loans
A cash advance loan is another term for a payday loan. It typically comes in amounts ranging from $100 to $1,000 with high rates and fees. A cash advance loan is a short-term loan and has to be repaid by your next payday — usually within 14 to 30 days.
The money you get through a cash advance loan can be used for just about anything, whether you need to pay bills or cover your everyday expenses until your next paycheck. Low-cost cash advances are usually still expensive compared to other types of financing, so they’re best saved for emergencies.
Borrowing a cash advance loan is relatively simple. Lenders often don’t require you to have the best credit, though you usually need to show proof of a steady income to qualify. If approved, you can often receive your money as cash if you apply in store or directly into your bank account if you apply online.
How does taking out a cash advance online work?
Applying for a cash advance online requires you choose a lender and submit your application through its website. This process should take no more than a few minutes if you have all the required information close at hand. Most providers inform you of the application’s status shortly after.
If you’re looking for a same-day cash advance, know that you have limited options. Not all lenders accept online applications and allow you to collect approved funds in-store. Typically, cash advance online loans give you access to money the following business day when the money is transferred into your bank account.
Paycheck cash advances from employers can cost less
A paycheck advance is an advance on your future paycheck that you can get through your employer. With this type of short-term loan, your employer advances you money and deducts repayments from future paychecks. With most services, employees qualify for the same rates and terms — regardless of your credit score.
Companies typically offer payday advances as a benefit to employees through a third-party platform like Even or HoneyBee. You often can apply for and manage your advance through an app on your phone.
What are the benefits of taking out a cash advance loan?
- Bad credit OK. If you have a regular source of income, lenders might consider you for a cash advance loan, even if your credit is less than perfect.
- No collateral required. You don’t have to provide any kind of collateral or security to apply for a typical cash advance loan.
- Minimal limitations. You’re free to use the money you receive through a cash advance loan for just about anything — provided it’s legal. But be careful, since borrowing too much could land you in a cycle of debt.
- Simple process. You can shop online or visit a branch location. Whichever you choose, you can typically complete an application in just a few minutes and, if approved, may receive your loan funds within one business day.
What should I watch out for?
- Extremely high interest rates and fees. Cash advance loans charge considerably higher interest rates than conventional personal loans. You could also have to pay additional fees if you don’t repay your loan on time. This means you may end up paying an APR that’s over 300%.
- Short repayment term. You won’t have much time to repay your loan, which can put a bit of a strain on your budget. Make sure you know how you’ll repay your loan within two to four weeks before you apply.
- May negatively impact credit. A cash advance loan won’t necessarily be reported to one of the major credit bureaus when you repay it successfully, but if it goes into collections, you may see a negative hit to your credit score — which could make it more difficult to borrow in the future.
Are payday loans available in my state?
Compare short-term loans in your state
Questions you might have about cash advance loans
More guides on Finder
-
Binance NFT Marketplace Review and Guide
The Binance NFT Marketplace offers one of the safest NFT marketplaces for creating, buying and selling NFTs.
-
Best business expansion loans of 2021
Compare expansion loans for startups and established businesses.
-
A beginner’s guide to cryptocurrency ETFs
If you’re looking for ways to gain exposure to bitcoin and other digital currencies, cryptocurrency ETFs could be worth exploring. Find out what crypto ETFs are and how they work in this introductory guide.
-
B9 pay advance app review
This pay advance app gives you access to your paycheck 15 days in advance. But with a $4.99 monthly fee, it may not be worth it for everyone.
-
Your business loan results
Get matched with a business lender using our quiz. Funding options from $500 to $5 million.
-
Compare 20 banks that offer early direct deposit
Banks that offer early direct deposit can benefit your financial life in several ways.
-
Bank accounts with early direct deposit
When you choose a transaction account that has modernized features, you are keeping your money secure yet still in the palm of your hand.
-
Compare working capital loans
Help cover your business’s day-to-day costs with a working capital loan.
-
Review: Celsius Network cryptocurrency lending and borrowing platform
An in-depth review of one of the most popular lending and interest earning platforms in cryptocurrency.
-
Nexo review: Is it safe for high interest returns?
Nexo is a cryptocurrency lending and borrowing platform that offers high interest rates on cryptocurrencies, stablecoins and fiat. We review the features available and look at how safe your funds would be on the platform.
Ask an Expert