If you need funds fast, a cash advance loan can give you up to $1,000 or more by tomorrow
Cash advance loans give you options when you have temporary setbacks or have unexpected expenses. These loans serve as short-term solutions as you repay them in full by your next payday. The maximum amount you can borrow depends on the state you reside in. You can apply for a cash advance loan through a direct lender or a loan matching service. This can be done online, and you can usually have your approved loan by the next business day.
Cash advances and alternatives
Here are some loan providers that you could apply to. Note that the max loan amount is based on the provider’s max amount. The amount will vary based on the state you live in.
Lender matching services
These lender matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to match you with a lender that might be able to provide you the funds you need. Note that the max loan amount is based on the matching services max amount, but it will vary based on your state of residence. If you decide on one of these services, confirm that the lender is reputable by checking with your local government.
How does a cash advance work?
You can use the money you get through a cash advance loan for just about any purpose, whether you need to pay bills or just cover your everyday expenses until your next pay check. Applying for a cash advance loan is easy and most allow you to apply online by submitting personal and financial details. If you’re approved you can expect access to approved funds by the following business day. If you’re looking for same-day cash advance loans, consider applying in-store. Keep in mind that you will have to meet state-specific eligibility criteria to apply for one of these loans, and not repaying it in time might lead to additional charges.
Why should I get a cash advance loan?
- Multiple options. You can approach a direct cash advance lender to get the loan you need, or you can get in touch with a loan matching service. If you opt for a loan matching service, it will find you a suitable lender from a panel of lenders it works with based on the details you provide in your application.
- The ease of applying online. No need to visit a physical lender’s location and fill out and sign forms – everything can be managed online. The application can usually be completed in a few minutes and once you’re approved, you can receive your loan in your account the next business day.
- Watch out for fees. Not all cash advance loan providers charge the same fees, so pay attention to this aspect. Bear in mind that state laws and the amount you borrow also have a bearing on how much you end up paying in fees.
- Options if you have bad credit. Getting a conventional loan if you have poor credit history can be quite a challenge. If you are able to repay this loan quickly, you can apply for cash advance loans no matter what your credit history looks like.
JohnJohn found out he had to travel across the country to attend a funeral, but he didn’t have enough money to cover the flight. His paycheck was still three weeks away and he had just paid all of his bills for the month. The funeral was in three days so applying for a traditional personal loan was not an option and his credit card was maxed out. He searched online and compared some of his cash advance options. He needed $600 for the return flight which he wanted to repay over the course of his next two paydays. He found a lender that offered terms to suit his needs and budget and applied for a cash advance. The money was in his checking account the following business day and he booked his ticket.
Pros and cons
- You can use the money for any purpose.
You are free to use the money you receive through a cash advance loan for just about any worthwhile purpose, which can include buying groceries, paying bills or repairing a car.
- It’s a quick and easy process.
Online cash advance loans require you to submit a simple online application which you can complete in minutes, and the application process is equally quick with in-store same day cash advance loans. In the case of online loans, you can receive your loan the next business day.
- There’s no collateral required.
You don’t have to provide any kind of collateral or security to apply for a typical cash advance loan.
- You’ll be charged high fees.
Cash advance loans charge considerably higher interest when compared to conventional loans, and this high interest is charged as fees on your loan. You could also have to pay additional fees if you don’t repay your loan on time.
- The loan will have to be repaid quickly.
You won’t have much time to repay the loan which can put a bit of a strain on your budget. Before you apply for a cash advance loan, make sure you work out if you can afford to repay it by your next payday, which is usually when it will be due.
Things to avoid when you take out a cash advance loan
While cash advance loans can give you quick access to much needed money, if you feel you might not be able to repay the money, it is best to not apply. Failure to repay your loan when it is due could result in you having to pay late fees, NSF fees or refinancing charges – it could also affect your credit history. Also be sure you read through the loan contract before you accept the terms. This document gives you information about the fees you’ll have to pay, so it’s vital you understand what you’re signing up for.
Questions you might have about Cash Advances
Are cash advance loans safe?
Generally yes, but make sure the lender you apply with follows all applicable state and federal laws that govern the cash advance loan industry. Many lenders are members of the Community Financial Services Association of America.
Is the information I provide online safe?
Providers of online cash advance loans tend to use the latest in technology to keep the information you provide secure and confidential.
How much can I borrow?
The maximum you can borrow depends on the state you live in. Some states let you borrow up to $1,500.
What eligibility criteria do I have to meet to apply?
You should meet age requirements as per your state of residence, you should have a steady source of income, and you should be an American citizen or a permanent resident of the US. If you’re applying online, you’ll require an operational checking or savings account.
When would I have to repay the loan?
Most lenders require that you repay the borrowed money along with all applicable fees by your next payday, about which you have to inform them of at the time of application.
Can I roll over my cash advance loan?
In some states you can and others you can’t and some states have restrictions on the number of times you can refinance. It’s important to check with your states laws and the lender you’re borrowing with.
A cash advance loan can easily take care of your need for urgent money, but since fees and terms can vary from one lender to the next, make sure you compare a few before applying.