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Home How Can I Get A Cash Advance Instantly

How Can I Get A Cash Advance Instantly

Many people have the occasional need to access their paycheck a bit earlier, whether it’s a financial emergency or a shopping need, but the options for short-term small-dollar loans are generally few at traditional financial institutions. That’s where a cash advance loan can help. In this guide, we’ll discuss cash advance loans, how they work, what their benefits are, and some of the viable alternatives. 

How Can I Get A Cash Advance Instantly

What to Know About Cash Advances

Cash advances are synonymous with payday loans; borrowers get cash in advance and then either repay the loan when their next paycheck clears, or the lender withdraws the sum (principal plus interest) from their spending account on the repayment date. 

Cash advances, or instant cash advance loans, are categorized as unsecured, short-term loans since they don’t require any collateral and are usually granted with two-to-four-week loan terms. They’re exceptionally easy to apply for, the application process takes minutes to complete, and the same applies to the loan approval process. 

Once the loan is approved, the lender will deposit the loan amount into the borrower’s checking account via direct deposit the same day or the next business day and withdraw the funds on the next payday, assuming that the funds are available. 

Short loan application and approval times aren’t the only qualities that make these loans appealing. The eligibility requirements for payday loans are quite low, and the lender typically doesn’t base their criteria on the borrower’s credit score, making cash advances appealing to borrowers with bad credit

That’s not to say that the lender doesn’t perform credit checks; this is a common misconception about online cash advance loans. However, instead of using credit scores to determine the borrower’s creditworthiness, the lenders rely on the borrower’s credit history to determine appropriate interest rates, loan terms, and associated loan costs. 

It’s important to remember that the interest rates and associated costs and fees the lenders may charge are expressed as annual percentage rates (APR). Due to the unsecured nature of the loan and the borrower’s lack of creditworthiness, cash advances usually have exorbitantly high APRs (sometimes up to 300% or more) set by the lender due to the higher perceived risk. 

This makes cash advances costly, and considering that high interest rates often cost more than the original cash advance amount, it’s easy for borrowers to get caught up in the loop of using cash advances to cover previously made loans. This is known to have a snowball effect.

Despite high costs, these loans are great for covering smaller emergencies, such as unexpected medical bills, smaller vehicular repairs, or just plain expenses, especially since they don’t rely on your credit score for determining eligibility.

How Does a Cash Advance Work?

Cash advance loans are pretty easy to obtain, but it still pays to know how exactly they work, as they can influence the choice of your financing. Quick cash loans work just like any other short-term personal loan: you apply for the loan, your application is approved, the lender deposits the funds to your bank account, and you repay the loan. 

However, it’s not as straightforward as we’re making it sound, and there are still requirements you have to meet in order to secure the loan. You’ll find the full breakdown of the process below. 

Loan Application

Given that we’re living in the digital age fueled by the internet, many lenders have opted to offer online applications to their customers, either via the web or through cash advance apps. Whatever your choice may be, these options allow you to apply for the loan from the convenience of your home. 

You start by submitting the application form online and submitting the necessary documents. Since cash advances don’t have any hard requirements in terms of credit checks, you’ll just need to deliver the following: 

  • Government-issued ID: Payday lenders have to verify your identity and age to make sure you’re eligible for the payday loan. The minimum legal age requirement is 18, but some states impose their own age limitations. 
  • Proof of income: Among the requirements for the payday loan is proof of income, which demonstrates your ability to repay the loan within the determined pay period. Most lenders accept pay stubs or bank statements as proof of income. 
  • Proof of residency: Due to regulatory concerns, borrowers are required to submit proof of residency as well. Any document with your name on it, such as a utility bill, mortgage statement, or rental agreement, should suffice. 
  • Personal details: You’ll also have to submit personal information, such as your name, date of birth, email, and social security number. Please note that these requirements vary from lender to lender. This also includes your checking or savings account details so the lender can deposit the funds, in which case you could withdraw the money at an ATM using your debit card.

Loan Approval

While most cash advance loans are marketed as “instant” or “quick,” they do take time to process. The loan application usually takes mere minutes, but it can take longer for the lender to review the information, perform a soft credit check, and formulate the appropriate rates and advance limits. 

However, if the lender approves the loan, the loan funds will be loaded into your bank account on the very same day or the next business day. Please note that weekends and holidays are excluded. The approval process can even take longer if the lender requires you to submit any additional information. 

Repay the Loan

Now that you have gained extra cash to cover your unexpected expenses, it’s important to budget adequately for repayment, as per repayment terms. We highly recommend that you repay the loan in time; otherwise, the lender might charge late fees, or you might default on your loan. 

Given that cash advances aren’t secured loans and don’t imply collateral, there’s really no risk of lenders repossessing your property. However, they can still sell your debt to collectors, and you might end up in legal trouble. 

Benefits of Using Cash Advances

Fast application and approval processes, on top of no-credit requirements, provide borrowers with access to quick cash. Nonetheless, payday loans also have a whole range of other benefits, which are described below: 

  • Convenience: The whole process of securing the loan can be done from the convenience of your home using nothing but your smartphone and a mobile app. The funding process is also quite fast, granting you quick access to the borrowed funds. 
  • No collateral: Cash advances are unsecured loans, which means they don’t demand any collateral to secure the loan. As a result, there’s no risk of lenders repossessing your property, such as real estate or valuable property, in case of a default.
  • No credit requirements: These types of loans don’t have credit score requirements since their eligibility is based on your ability to repay the loan and your debt-to-income ratio. Credit Score is only used to determine the appropriate interest rates and other costs associated with the loan. However, timely repayment could help you improve your credit; lenders report to credit bureaus, leading to better loan terms in the future. 
  • Fast: Since the entire process of securing the loan is pretty streamlined, you can expect the lender to deposit the funds into your personal finance account the very same day or the next business day.

Alternatives to Cash Advances

Unless you’re facing a financial emergency in which you’re in dire need of cash, there might be more viable alternatives to cash advances: 

  • Line of credit: You might be able to take out a loan against your available credit card debt balance if you currently happen to have one. Credit unions usually extend these types of credits, but it really pays to double-check your credit card terms since the APRs on credit cards also tend to be pretty high and may contain additional fees. 
  • Car title loans: If you can’t obtain a loan based on your credit score, try obtaining a car title loan. Car title loans are secured loans that require you to use the qualifying title for your vehicle as collateral. Not only do you secure the funds, but you also get to keep driving your vehicle for the duration of the loan until the loan has been repaid. 
  • Borrowing from family or friends: Borrowing from friends or family can be a no- or low-interest solution to your immediate financial issues, but it’s important to treat these loans seriously to avoid damaging relationships. Likewise, it’s also a good idea to have a written agreement. 
  • Payment plans: If your financial emergency constitutes a medical bill, ask your healthcare provider whether they offer any low-interest payment plans since those might be more affordable compared to cash advances in the long run. 
  • Advances from employers: Some employers offer paycheck advances as a benefit to their employees. These are typically interest-free or come with a very low interest that is deducted from your future paychecks. 

Summary

Benefits of Using Instant Cash Advances

Source: Pixabay

Cash advance loans are a great financial solution if you find yourself with a depleted emergency fund and no means of securing any other type of loan, but one must treat these loans seriously due to their high costs. 

If you’re looking for a cash advance loan or any other type of loan product, fill in our online form; we’ve developed a network of trustworthy lenders standing at your service. Online inquiry takes minutes to fill out and contains no hidden fees or charges.

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