If you need funds fast, consider a cash advance loan
Cash advance loans give you options when you have temporary setbacks or unexpected expenses. These are short-term solutions that you repay in full by your next payday.
Cash advance loans and alternatives
Here are some loan providers you can apply with. Note that the maximum amount you can borrow will vary based on your state of residence.
How does a cash advance loan work?
A cash advance loan is different word for payday loan. They are known for their high interest rates, and you might have to pay extra in the form of fees and charges so be sure to compare your options before taking out a loan.
The money you get through a cash advance loan can be used for just about anything, whether you need to pay bills or to cover your everyday expenses until your next paycheck.
Borrowing a cash advance loan is relatively simple. Lenders often don’t require you to have the best credit because they rely on your ability to repay. A steady income is necessary for most lenders, but you can find a cash advance loan no matter your needs. If you’re approved, you’ll be able to receive your money as cash if you apply in-store or directly into your account if you apply online.
Why should I get a cash advance loan?
- Multiple options. You can approach a direct lender or a loan-matching service to find the best loan for you.
- The ease of applying online. No need to visit a physical lender’s location and fill out and sign forms. The application can usually be completed in a few minutes, and once you’re approved, you can receive your loan in your bank account the next business day.
- Watch out for fees. Not all cash advance loan providers charge the same fees, so pay attention before you take out a loan or borrow money from your credit card.
- Bad credit is OK. If you have a regular income, lenders might consider you for a cash advance loan no matter what your credit history looks like.
Unexpected funeral
John 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 loans 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 who offered terms to suit his needs and applied for a cash advance loan. The money was in his checking account the following business day.
Pros and cons
What are the pros?
- 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, like 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 application that 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.
What are the cons?
- 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. , Make sure you work out if you can afford to repay it before you apply.
Things to avoid when you take out a cash advance loan
Before you apply, ensure that you won’t have any problems in repaying the loan. If you think you might have trouble, don’t borrow from a lender. Late or missed payments come with increased fees, charges, and interest rates on top of negatively impacting your credit. Always work the repayment schedule into your budget and you won’t have to worry about paying extra money.
Are payday loans available in my state?
Compare short-term loans in your state
Questions you might have about Cash Advance Loans
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.
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 states laws and the lender you’re borrowing from.
