Cash Advance Loans
Cash Advance Basics
A cash advance, also known as a short-term or payday loan, is a loan that is approved quickly and usually must be paid back within a couple of weeks. Traditionally, lenders had been brick-and-mortar institutions that required certain paperwork, whereas now people can submit online applications and have funds deposited directly into their bank accounts.
Who can apply for a cash advance?
Average applicants might be overextended financially and just need to cover their expenses until the next payday. They might have several bills due, such as credit cards and rent or mortgage payments, and want to avoid the hefty fees for past-due payments. Often there are unexpected bills that come up, like unforeseen medical expenses or car repairs. Yet the cash advance money can usually be used for anything.
What is needed to apply?
You need to be at least 18 years old with a regular source of income and an active bank account. The amount you can borrow usually depends on the lender. A maximum of $500 to $600 for a first-time cash advance is common. After paying back the first loan, some borrowers are allowed a cash advance of up to $1000.
What is the cash advance process?
Most people used to apply for cash advances at banks or storefront lenders. The process has become more streamlined, with people applying online and receiving their cash advances almost instantly. No paperwork is necessary; the entire process is completed electronically, and funds are deposited into the borrower’s bank account. Some online lenders offer customer support by telephone. Others let applicants submit their information, and then the system forwards the application to a number of lenders and returns information to the applicant about the loan with the best terms.
Payback terms vary by lender. In most cases the loan has to be paid back prior to the next paycheck, either by check or debited directly from the borrower’s bank account. Extended payment plans are sometimes available.
Be aware of the loan terms. Generally speaking, an electronic signature is legally binding. When doing business online, make sure that the website is secure. Avoid defaulting on your loan in order not to be reported to credit agencies, negatively affecting future credit applications. Check around for reputable cash advance companies offering different interest rates, and those that are licensed by the government. Unfortunately, many people who rely on payday loans find themselves deeper in debt when they cannot pay back their loans in time. Do not borrow more than you absolutely need to cover your immediate expenses.
In summary, the pros and cons of a cash advance:
Quick turnaround time of online applications. Approval and deposit of funds in as little as one hour.</li
No documents to mail or fax, and no credit check required.
Collateral or security not usually requested.
High interest rates, typically up to 25%.
Loans can damage credit reports if paid back late or not at all.
Unscrupulous lenders can take advantage of vulnerable borrowers.
If you need a cash advance and wish to apply for a loan, we have someone waiting to answer you're loan request.
The cash advance loan may not be as hard as you think to get, we have experts in this field waiting to help you get that loan
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