When someone is expecting a paycheck or other form of cash but needs money now instead of on the scheduled pay date, a lender can provide a cash advance. This form of a payday advance is directly deposited into the borrower’s bank account quickly, making the money convenient to access.
Basics of a Cash Advance
Requesting a cash advance is easier than applying for a loan through a bank. Bank loans can take weeks, but online submissions for cash advance loans are completed incredibly fast. The process only takes a few minutes, and the borrower gets cash far sooner than with traditional loans.
General Terms of Cash Advance Loans
Cash advance loans between $100 and $1,000 are available online. The fees for these loans range from $15 to $30 per $100 borrowed, depending on state law and other circumstances. The term of the loan is usually two to four weeks, and the loan and fee must usually be paid back in one lump sum. If you need more time to repay the amount you need, check out installment loans as the lending option typically comes with longer repayment terms.
How to Select the Right Loan For You
If you need funds right away, then a cash advance online loan can be your lifeline as long as you know the terms. Many cash advance online loan lenders allow you to roll a loan over to extend the payment date if you’re unable to repay it by the original due date, but you will pay another fee for the extension. If you roll a loan over several times, then you will pay more to borrow cash, making it harder to pay the loan back.
While true financial emergencies may not give you enough time to shop around, the best way to select a cash advance online loan is to compare costs if you have more than one option. For each lender, make sure that you know:
• How much the fees are
• What the payment date is
• What the next step is if you are unable to repay the money on time
Compile this information before you agree to a loan. This allows you to make an informed borrowing decision. If you’ve decided that an advance loan is your best choice, then be sure to:
• Take out only the amount that you can pay back when you receive your next paycheck
• Ask the lender what the APR is for your particular loan
• Ask the lender how much you will wind up paying in dollars if you pay the money back by the due date
Paycheck Advance Loans Versus Traditional Loans
Paycheck loans have two unique features over traditional loans in that they are unsecured loans, and often are approved with bad credit. This means that someone of little means or with a bad credit record can be approved in the case of a financial emergency. Traditional loans usually come with a fixed or variable rate, and if you take one out, then you’ll be required to make regular payments until you’ve repaid the amount borrowed.
For many people, the problem with traditional loans is that you must have a good credit rating to qualify. Also, traditional lenders prefer to lend out large sums of money, so if you just need a few hundred dollars to get by until your next paycheck, then a traditional lender may not be interested in lending to you.
Request a Cash Advance Today
Get Started Now!
Qualifying for a Cash Advance Online
To receive a loan approval for a cash advance online, most lenders require you to be a U.S. citizen or a permanent resident. You’ll need to be at least 18 years old and employed for a minimum of one month. Some lenders may require you to have a checking account and a driver’s license. You may even need a current email address.
Financial trouble like a bankruptcy does not disqualify you from applying for a cash loan nor does bad credit. Collateral is not required for this type of loan, and most lenders accept applications without faxed documentation.
Use an Online Cash Advance Loan Wisely
Financially responsible people can use an online cash loan to save cash by avoiding late fees and overdraft charges. A loan in advance of your paycheck can also protect customers’ credit reports by allowing them to make payments on time.
When planning out your monthly budget, cash advance loans can offer an added cushion if there is no wiggle-room between income and expenses. When there is no room for error, having that credit available can offer added peace of mind, knowing that extra funds are there if you need them.
Don’t use cash advance online loans for unnecessary purchases. Save this emergency lifeline for the times when no other borrowing option exists. Cash loans can help you cover serious events like a car repair or a medical expense. Also, if you can repay the money that you borrow quicker than the payment date, then do so.
Take steps to start a savings plan. If you do, you can be your own emergency cash loan lender the next time you’re facing an urgent financial situation. If you’re seeking a cash loan because of poor credit, then start working to improve it. Make payments on time and use credit sparingly. Over time, these steps could make more affordable credit available to you.
Are Cash Advance Loans Regulated?
Regulations for cash advance loans depend on the state. Some states have restrictions on the total amount you can borrow while others limit the amount of interest and fees that a lender can charge. Loan term limits also exist, so in some places, a cash loan’s terms cannot be longer than 14 days. In other states, terms are as long as six months.
The Consumer Financial Protection Bureau has issued federal laws to protect active duty military members and their families. The agency requires lenders to give these borrowers certain loan information like providing them with a clear description of the payment requirements. Most cash lenders also follow the best practices put in place by the Community Financial Services Association of America.
When you Need a Loan Fast
Emergencies happen, and here is where a cash advance online can really help. Not all of us have the luxury of a large savings account upon which to draw when an unexpected expense throws a monkey wrench in our budget. Online cash advance loans can mean the difference between paying the rent or a car payment late, or making those all-important payments on time.
Online loans can be directly deposited into your bank account after you and a lender reach an agreement. It’s as simple as filling out a brief form online and a short wait for the funds to be deposited.
Don’t let unexpected expenses add unnecessary stress to your life. The solution is only a few clicks away.
Avoid Money Troubles Tomorrow. Take Action Today.
Get Started Now!
Cash Advance Categories