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. In the case of cash advance online lenders, the advance is directly deposited into the borrowers bank account quickly making the money convenient to access.
Cash Advance Basics
Requesting a cash advance is easier than asking for a loan through a bank. Bank loans can take weeks, but online forms 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.
When to Use a Cash Advance
Emergencies happen, and here is where a cash advance 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. An online cash advance can mean the difference between paying the rent or a car payment late, or making those all-important payments on time.
Cash Advance Loans Offers Flexibility When Planning Your Budget
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, cash advance loans can offer added piece of mind, knowing that extra funds are available if you need them.
General Terms of a Cash Advance Loan
Cash advance loans between $100 and $1,000 are available online. The fees for cash advance online loans range from $15 to $30 per $100 borrowed, depending on state law and other circumstances. The term of a cash advance 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.
A Cash Advance Online versus traditional loans
Cash advances, and other short-term lending options, have two unique advantages that some traditional loans offer and others might not. First, cash advances are unsecured loans; and second, many lenders consider more than just credit so you can still often be approved with less than perfect or even bad credit.
Use your Cash Advance Loans Wisely
Financially responsible people can use cash advance loans to save money by avoiding late fees and overdraft charges. An advance cash loan can also protect customers’ credit reports by allowing them to make payments on time.
How a Cash Advance Online Works
A cash advance online is directly deposited into your bank account after you and a payday advance cash 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.
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APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans can have a very wide range and can vary based on the amount of the money borrowed and length of the loan. Make sure you understand all your terms and rates fully before every accepting any loans. If you were to annualize other fees in the same manner such as a returned check fee or a credit card late fee, your annual percentage could be astronomical.
Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $30 for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees can sometimes be less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
Collection Practices: Collection practices will vary from State to State and Lender to Lender. Some common methods if a loan becomes delinquent include, attempts at collections internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower, and other internal attempts. Often, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith, or may take other action within their legal rights. Check with your lender and your State regulations to be informed of the collection practices used by your lender.
Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency, and is not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower is going to have some form of a credit verification done, which may impact their score and their loan determination. However, some lenders rely on information in addition to credit and determining what factors into a loan approval or denial is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.