Many times, when someone hears the term ‘cash advance’, they think of an advance against a credit card they have, and if you have an available balance on your credit card, this may be the first place to start. Chances are the cost of such a loan will be less than a cash advance loan. However, what exactly is a cash advance?
The most accepted definition of a cash advance is that it is a short term loan from a credit card, financial institution (bank), or from an alternative lender. It is also known as a cash advance loan or cash advance loan online.
Note that a credit card cash advance can affect your credit score by increasing your outstanding balance and credit utilization ratio. Both of these factors will affect your credit scores. However, payday loans or cash advance loans generally do not affect your scores.
Most people get a cash advance loan because they need cash fast and have already exhausted all other sources of money. Urgent cash may be required for rent payments, utility bills, medical expenses, and other needs.
Because these loans have comparatively higher fees, they should not be used unless absolutely necessary.
The most used options for cash advance loans are:
The biggest benefit of payday cash advance loans is they are fee-based and short-term and do not require a good credit score. Also, there is no hard credit check for payday cash advance loans. The other important factor is you can get your cash in 1 business day in most cases. So, the cash is available right away, unlike lines of credit or bank loans that take weeks to be sanctioned.
The process is fast, secure, and simple. You will have to complete a short, online loan request form and submit it – this takes 2-3 minutes. The form can be filled from your smartphone, pad, or PC. You can expect an answer within seconds and, if approved, will be connected to your direct lender.
Your lender will then go over the terms and conditions of your loan and answer all your questions (as required by law). The approved loan amount will then be deposited into your bank account by the next business day. However, in extremely rare cases, you may be able to get the cash the same day.
To avail of a cash advance loan online, you must:
As all requirements are set by state law, they will vary from one state to another. Make sure to check your state’s website for more information on the eligibility criteria.
Cash Advance Loans are short-term (not more than 1 month), fee-based loans that often cost $15-30 per $100 borrowed. However, the rates are subject to change based on state laws.
If you need a fast cash advance loan online, you are in the right place. Our company has been around for more than 10 years and has helped people from different walks of life. We have more than 100 direct lenders waiting to serve you, thus increasing your chances of being approved.
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Though they are usually safe, cash advance loans tend to attract high fees. So you must carefully evaluate the loan you are planning to request, its fee structure, payment structure, and other related questions.
If you are not confident of repaying the loan on the due date, you should not get it. This is where people can get hit with extra fees and penalties that add up over time.
No, cash advance loans through payday lenders do not require FICO credit checks, which is a distinct advantage. Lenders of installment and line of credit loans normally perform hard credit checks.
Yes, you can. Poor or even bad credit has no role in the approval of requests for payday cash advance loans. Lenders for these loans assume your credit is an issue and do not do hard credit checks. Instead, they have learned that your income is a much better indicator of your ability to repay your loan. They mostly look at your most recent income to determine if it will continue during the loan term (generally one month or less).