What Is a Cash Advance, Where Do I Get One and How Does It Work?
Traditional Cash Advance Stores vs Online and Mobile Apps
Cash advances are loans taken out against your credit card balance. They are often used to pay off debts such as medical bills, car repairs, or any other expenses that may arise unexpectedly. They are available 24/7 online and can be accessed via phone or text message. A cash advance loan is a short-term unsecured personal loan that allows borrowers to borrow up to $1500. These loans are usually used for emergencies such as car repairs, medical bills, or unexpected expenses. They may also be used to consolidate debt or cover credit card payments. Cash advances are not recommended if you do not need them right now. However, if you are facing financial difficulties, then you should consider taking out a cash advance loan.
There are two (2) types of cash advance loans
Secured and Unsecured
- Secured cash advances are usually offered by banks and other lending institutions. Unsecured cash advances are typically offered by smaller companies and individuals. Secured cash advances are generally easier to obtain than unsecured ones. This is because lenders verify your employment status and bank account information to determine whether you qualify for an unsecured loan.
- Unsecured cash advances are much more difficult to secure. Because no collateral is required, these loans are given to borrowers based solely on their ability to repay.
How Do I Get One?
Getting a cash advance is relatively straightforward. All you need is access to a checking or savings account, a valid email address, and a debit or credit card. In most cases, you can apply for a cash advance online. If you don’t have internet access, you can still apply for one by calling the lender directly. After submitting your application, you will receive approval within minutes. Once approved, you will be redirected to a page where you can complete the transaction.
When Can I Use My Money?
Most cash advance lenders allow you to withdraw funds immediately after receiving approval. However, some lenders may ask you to wait until the next business day to withdraw your money. This is done to ensure that you have sufficient funds in your bank account to cover the amount borrowed.
Can I Refinance My Loan?
Yes, you can refinance your cash advance. Most lenders offer refinancing services, allowing you to transfer your existing debt to a new loan with a better interest rate. However, you should note that refinancing does come with its own set of risks. For example, you may incur additional fees and charges, depending on the terms of the original loan agreement.
Is There Any Fee Associated With Getting a Cash Advance?
No, there is no fee associated with applying for a cash advance. However, there may be a small processing fee charged by the lender once you submit your application.
Are There Other Types of Loans Available?
Yes, there are several other types of loans available. These include payday loans, installment loans, and personal loans.
- Payday loans are short term loans designed to provide emergency financial assistance. They are intended to be paid back over a period of about 30 days.
- Installment loans are similar to payday loans except that they are repaid over a longer period of time. Typically, repayment periods range between six months and three years.
- Personal loans are another type of loan that allows you to borrow money without needing to prove your income or assets. Personal loans are ideal for those who do not qualify for traditional loans due to poor credit history.
Do I Need To Pay Back My Debt Immediately?
No, you do not need to pay back your cash advance right away. Instead, you can choose to defer payment for up to 60 days. During this time, you will be required to pay interest on the principal amount. After 60 days, you can either pay back the entire amount owed or rollover your debt into a new loan.
Should I Consider Using a Credit Card?
A cash advance is a convenient option for people who find themselves in urgent situations. However, using a credit card instead of borrowing money from a friend or relative could lead to problems down the line. For instance, if you use a credit card to pay back your cash advances, you may be subject to higher interest rates and late fees. Also, if you miss payments, your credit rating may suffer. As a result, it’s always advisable to consider alternatives before resorting to a cash advance.
How Do I Get Approved for a Cash Advance?
The process of getting approved for a cash advance is fairly simple. You simply need to fill out an online form and submit it along with any supporting documents requested by the lender. The application usually takes less than five minutes to complete. Once you receive approval, you’ll then be redirected to the lender’s website where you can review the terms
Best Cash Advance Apps To Cover Your Until Payday
There are many apps available online that allow you to get a payday loan. Some of the best ones are listed below in no particular order. All of these platforms offer everything 100% online, are fast and easy to manage.
LendUp offers instant approval and fast funding. With their app, you can apply for a loan, choose your repayment options, and check your account balance all from your phone.
- Citrus Pay
Citrus Pay has been around since 2012 and has become one of the leading mobile lenders. Their customer support team is very responsive and helpful. Citrus Pay is available in over 30 states across the US.
Moneykey is another popular lender that helps consumers access quick cash. They offer competitive rates and flexible payment plans.
Paynearme is a simple way to get a cash advance loan. All you need to do is enter your zip code and select the amount you want to borrow. Then, you’ll be redirected to the nearest store where you can pick up your cash advance loan.
Things to Keep In Mind
If you’re looking for a place to get a cash advance, there are plenty of companies that provide this service. But, before you decide on any company, here are some things to keep in mind.
- Repayment Terms – Repayment terms vary depending on the lender. Some require immediate repayment while others give you time to repay the loan. Make sure you know exactly what you’re signing up for.
- Interest Rates – Interest rates vary depending on the lender you choose. Most charge between 10% and 20%.
- Fees – Fees can range anywhere from $10-$20 per transaction. Be aware of hidden fees.
Applying for a cash advance is simple and quick. The majority of lenders require minimal documentation to approve your request. Once you’re approved, you can take advantage of the convenience of accessing your money instantly. But remember, a cash advance isn’t the answer for every situation. Before taking out a cash advance, think carefully about what you want to accomplish and weigh the pros and cons of each alternative.