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Low-cost cash advance

This guide tells you all you need to know about getting a low cost cash advance.

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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.

How does a low cost cash advance work?

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.

A selection of loans you can apply for

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Loan Term Turnaround time
OppLoans Installment Loans
$5,000
9 to 24 months
1 business day
Comes with the option to change your due date so you won’t fall behind on repayments.
Check Into Cash Payday Loan
$1,000
Varies by state
1 to 2 business days
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
Fast5kLoans Short-term Loans Connection Service
$35,000
6 months to 6 years
As soon as the next business day
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$15,000
Varies
Same business day to 1 business days
Get offers from potential lenders in minutes by filling out just one online form.
Possible Finance Mobile Installment Loans
$500
Up to 2 months
As fast as 1 business day
Borrow up to $500 with just a few swipes — but only for residents of 5 states.
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Compare up to 4 providers

Features of cash advances

Pay attention to these features when you’re comparing cash advance options:

  • Interest rate. You’ll have to pay interest no matter what kind of cash advance you take. With short term loans, state laws normally govern how much interest lenders can charge. If you have poor or bad creditworthiness your chances of getting low rate short term loans are slim.
  • Fees. State regulations generally limit fees short term lenders can charge. So while a lender may provide low fee short term loans in one state, it may charge higher fees in another. Make sure you’re comparing the relevant fees for your state.
  • Loan amount. Minimum and maximum loan amounts can vary from state to state as well as from one lender to another. If the maximum amount provided by one lender does not meet your needs, consider alternatives.
  • Making payments. With a short term loan, you would typically have to repay it by your next payday. Your lender may get you to sign up for a direct debit ahead of time. It may also offer others modes of payments such as credit cards, debit cards, checks and cash. If you get a credit card cash advance, you can repay it over time by making at least the minimum monthly payment. However, in this case you can end up paying a tidy sum in extra interest.

How can you find the “best” short term loan?

Benefits and drawbacks

  • Easy application process. If you choose to apply online you can submit your application from the comfort of your home or office, or even when you’re on the move. Completing and submitting a typical online short term loan application takes no more than a few minutes.
  • Get money in a hurry. With a conventional loan or a new credit card you may have to wait for days before you get your hands on the money you need. With a short term loan you can get approved funds on the same day or by the next business day.
  • Apply with poor credit or low income. You can apply for short term loan if you have poor or bad creditworthiness, as long as you have a steady source of income. Some short term lenders provide cash advances for low income earners.
  • High interest. Since short term lenders don’t follow the same stringent lending criteria as banks, they tend to charge much higher interest.
Get a loan and access your funds through a prepaid debit card

Cautions to avoid before you take out a cash advance

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

Frequently asked questions about low cost cash advances

Are payday loans available in my state?

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