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A breakdown on the side of the road. An emergency medical expense. A late check from the payroll department. All of these are situations which might require an urgent need for extra cash. A traditional personal loan is not always a good solution. They take too long to approve and require the borrower to take out a larger minimum amount of money than he needs. In these cases, cash advance loans offer an ideal solution – a small loan with fast approval!
What Are Online Cash Advances?
A cash advance is a short-term loan provided by a bank, credit card company, or another lender. They are also known as payday loans. The amount that a consumer can borrow varies. Typically these loans range between $50-$1,000. A cash loan must be repaid by the borrower’s next payday. This is the origin of the loan’s name – payday loan. Loan terms may reach up to 30 days, even if a borrower is paid every two weeks.
It is important to know that short-term loans have high fees and interest. For every $100 borrowed, there is usually a fee of around $15. State authorities set caps on fee amounts as well as maximum loan sizes. Thus, the average APR is about 400%. The approval process takes minutes, and the borrower’s credit rating is not crucial.
What if I can’t pay back my loan on time?
In these situations, the loan rolls over or renews. This results in extra charges (interest and fees).
Offline vs. Online Cash Advance Loans
Cash loans are available both online and offline. The process is pretty much the same in both cases. Applying online saves customers a drive and allows them to shop around for the lowest rates. This is also useful in an emergency.
An Example of How a Cash Advance Works
Imagine a consumer needs an urgent car repair that costs $300. Sadly, his company’s payroll department is late cutting his check this week. If he does not get the repair, he will not be able to get to work tomorrow morning. This guy has poor credit and does not possess a credit card.
He goes online and gets approval in minutes for a cash advance of $300, paying $45 in fees. He covers the car repair with the loan a couple of hours later. In a few days, he finally receives his late paycheck from work. He pays the loan back immediately, and now has a working car and no debt.
When Is a Fast Cash Advance Useful?
The example above shows a case of responsible borrowing. Payday loans should only be used to cover one-time emergency expenses. Here are some examples of the types of expenses where a cash loan is suitable:
- Car repairs;
- Emergency home repairs;
- Moving expenses;
- Emergency medical bills;
- Bills which are about to reach the collection agencies or accrue exorbitant late fees.
If a borrower needs to pay the bills right away to avoid further problems, that would also be appropriate. For example, an employee waiting on a late paycheck is also working part-time online. The internet bill is due and the net can be shut off. Going offline will cost a lot of money! In this case, taking an easy loan would make sense. The fees may amount to less of a cost than the lost business.
When Should You Not Use a Cash Loan?
Never use an online cash advance loans to offset a luxury lifestyle. Sadly, many borrowers do try to use them this way. They do not earn enough to cover their rent, so they take out a loan. Rolling it over repeatedly, tacking up fees along the way gets them deeper into the spiral of debt. Misuse of online fast cash loans can worsen the financial crisis. However, if consumers use these loans responsibly, they can be a helpful financial tool!
What are the Cash Advances Benefits and Drawbacks?
|Apply quickly and easily online!||They carry high fees.|
|Approval within minutes!||Interest cumulates, with each loan renewal.|
|Lenders transfer the funds immediately!||Many consumers use cash loans irresponsibly.|
|Bad credit or no credit doesn’t disqualify!||Difficult to understand loan contract terms.|
|Borrow only as much as necessary!||Don’t build or repair credit history.|
Frequently Asked Questions About Cash Advances
Q:Are online cash advances scams?
A:As with any financial industry, there are predatory lenders out there. But no, online cash loans are not scams. Borrowers need to make sure they work with a proper lender!
Q:How much can I borrow with a cash advance?
A:Each state sets a different limit. In most states, the maximum amount is $500 or $1,000.
Q:When will I get my money?
A:You should receive your cash advance within one business day. You may even get the money the same day, within a few hours.
Get the Money You Need Right Away!
Need fast cash? Apply for cash through us, and enjoy the following:
- Cash advances ranging from $100-$1,000;
- No credit needed;
- Approval within minutes;
- Direct deposit of funds;
- Same day funding;
- Faxless form, no paperwork;
- Competitive low fees;
- We vet our direct lenders to ensure trust;
Ready to apply? Fill out our quick loan application below. Write down the amount you need along with your email and click “Apply Now!” If you are approved, you will receive your funds within one business day. If you need same-day funding, you may pay an extra fee. Get started now!
Financial information for consumers!
The interest rate for online cash advance loans can range from 212% to 1,890%. The fees for short term loans may vary from $15 to $30 for every $100 borrowed. The loan amount plus fees must be paid back in full on its due date. Non-payment, late or partial payment may incur penalty fees and charges. Lenders may contract third party debt collection services to handle delinquent accounts. This may negatively affect the credit score. Loan renewal policy depends on the state laws and the lender. It will result in extra finance charges. Not all lenders allow no faxing. Read all the papers before signing.