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.
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Note that the maximum amount you can borrow will vary based on your state of residence.
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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. Shop online or visit a branch location. Whichever you choose, you can typically complete an application within 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 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.
Providers of online cash advance loans tend to use the latest in technology to keep the information you provide secure and confidential.
Are payday loans available in my state?
Compare short-term loans in your state
Questions you might have about cash advance loans
How much can I borrow?
The maximum you can borrow depends on the state you live in.
What eligibility criteria do I have to meet to apply?
You should meet age requirements as per your state of residence (usually 18), have a steady source of income, and be a 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.
Can I roll over my cash advance loan?
It depends on state laws. Some states allow it, some have restrictions on the number of times you can refinance, and some make it illegal to take out a cash advance loan at all. It’s important to check with your state’s laws and the lender you’re borrowing from.
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