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A cash advance and a short term loan refer to the same kind of credit. Typically, you have to repay a cash advance by your next payday. Short term lenders let you use approved funds for different reasons such as getting through temporary setbacks, paying bills and taking vacations.
Getting a cash advance requires that you meet some eligibility criteria. The cost of a cash advance can vary from one lender to the next. Here’s how to compare your options and make the best choice. If you, like many others, are looking for low cost short term loans, going through this page is in your best interest.
You can get a low cost cash advance provided you meet some basic eligibility criteria. Your creditworthiness plays an important role in the annual percentage rate (APR) you will have to pay on a cash advance. If you’re looking for a low APR cash advance it is imperative that you have good or excellent credit rating.
You can apply for a cash advance online or by visiting a store-front. If you apply in-store you can get cash immediately once your application is approved. With online applications, approved funds are transferred into nominated bank accounts electronically. Depending on the lender you choose, you can use different methods to repay the cash advance, which you have to do on or before the scheduled due date.
If you have an existing credit card you can consider using it for a cash advance by withdrawing money through an ATM.
Pay attention to these features when you’re comparing cash advance options:
Establish your ability to repay the loan even before you apply. If you feel you may not be able to make your repayments on time, it’s best that you avoid taking the cash advance. This is because not making timely repayments can have you paying extra in the form of fees and charges. It can also have an adverse effect on your credit rating.
If you have bad creditworthiness you may have to pay a rather high APR, so find out if you can afford the loan. Avoid taking the loan if you find the APR unacceptable.
Get the cash when you need it, even if it’s Saturday or Sunday
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