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Home Where To Get Cash Advance & How To Get One?

Where To Get Cash Advance & How To Get One?

Cash advances, often called payday loans, can provide you with some quick cash for financial emergencies, such as medical treatments, rent payments, or smaller property repairs. However, not all cash advances are equal, and in this guide, we’ll cover their differences and how to obtain a cash advance if you ever need one. 

where can i get a cash advance

What Is a Cash Advance?

A cash advance is a short-term loan you borrow from your credit card provider by borrowing against your credit card’s credit limit, though some providers provide separate cash advance limits. 

These loans often come with cash advance fees and additional fees, such as the ATM fee, all of which add to the cost of a cash advance, making them a rather expensive financial solution. While they lack a precisely determined repayment period, cash advances are best treated as short-term loans and repaid as soon as possible. 

Additionally, your credit card issuer limits the amount of money you can access, making these loans inadequate when covering larger expenses, and we generally advise that you explore alternative financing options before you take out a cash advance. 

It’s also worth noting that while the terms “cash advance” and “payday loan” are used interchangeably, even by financial institutions, these two financial products have massive differences, which we’ll explore below. 

Types of Cash Advances

Though using a credit card is the most common method of obtaining a cash advance, there are other options if you need the cash quickly. These also include Merchant Cash Advances and Payday Loans, but for this guide, the following section will encompass all three types of cash advance loans

Credit Card Cash Advance

This is one of the most common cash advance financial products offered by credit card companies. They’re short-term loans (despite lacking a clear payment schedule) that are usually equivalent to 20% to 30% of the available credit card limit. The limit also depends on the credit card provider, as some providers allow you to withdraw up to 50% or more of your available limit. 

This advance is conveniently accessed via the ATM. You’ll pay the compounding interest on the cash advance from the first day the advance is extended, plus an additional up-front service fee, as well as other interest charges. Eligibility requirements include an active credit card account, an available credit card limit, and creditworthiness based on the specific credit score. 

Merchant Cash Advances

Merchant cash advances are financial products that are specifically designed to extend funds to small businesses based on past sales performances and future projections. Eligibility requirements are mostly tied to the amount of daily credit card and debit card sales. The application process is quite straightforward, and the funds are typically loaded into your account within days.

Unlike typical cash advance loans, the interest associated with merchant cash advances isn’t based on APR but on the factor of your daily sales, which typically ranges from 1.1 to 1.5. If you borrow $10,000 at a factor of 1.3, you’ll need to repay $13,000 plus any additional origination fees. 

One of the advantages of MCAs is that the repayment drops if the sales drop, and they rise as the sales rise. These fluctuations aren’t uncommon and typically don’t affect the duration of the MCA; you’ll be charged a repayment at a predetermined factor until the MCA is repaid. 

Payday Loans

Payday loans are often mistaken for cash advances, and the terms are often used interchangeably. That’s reasonable, considering the numerous similarities between the two, but the fact is that they’re distinct financial products. 

Payday loans are typically provided by direct or online lenders as small-dollar, short-term loans that don’t imply credit checks, making them appealing to borrowers with bad credit. For that reason, they typically don’t have a $1,000 loan amount and come with pretty stringent repayment terms of two to four weeks or by their next payday. 

These loans are very simple to obtain. You provide the lender with a photo ID, proof of income, proof of residency, and some personal details. The lender will subsequently make a direct deposit into your checking account or savings account within 24 hours following loan approval; in most cases, the funds are loaded onto your account the next business day. 

It’s worth mentioning that payday loans are exorbitantly expensive, with APRs that reach up to 400%, which can make repayment challenging. Many extend the loan, and it snowballs into an even greater debt. 

Benefits of a Cash Advance

Cash advances come with various benefits, especially if you’re in a financial emergency and need quick access to funds. These benefits include: 

  • Quick access to cash: This is one of the primary characteristics of cash advances; they’re processed rather quickly, which is crucial in emergencies. In most cases, the funds are loaded into your account within 24 hours following the loan approval. 
  • Minimal requirements: Cash advance loans usually have fewer eligibility requirements compared to traditional loans, which makes them appealing to individuals who wouldn’t be able to qualify for other types of loans due to poor credit history. 
  • No credit checks: Most cash advance lenders don’t require credit checks, making these loans accessible to individuals with bad credit. However, they might perform a soft credit check to determine the appropriate interest rates and loan amount. 
  • Convenience: Cash advance loans are easy to obtain. In most cases, you can obtain them using your credit card at a local ATM. Alternatively, you can obtain them from a payday lender, which usually involves some simple paperwork and an option to repay the loan online or via phone. 

Where Can I Get a Cash Advance Online?

Thanks to the advent of the internet and digital technologies, most lenders nowadays offer their products and services online, making the search for cash advances much easier and more convenient compared to visiting a bunch of branch offices in hopes of securing a loan. 

However, even online searches take time, especially if you’re comparing various loan products and applying with different lenders—which you should always do, as it increases your chances of securing the loan in the least amount of time. 

Regardless, even an online search is time-consuming if you need money as soon as possible. Fortunately, we offer a much more straightforward approach to finding a cash advance loan online. Simply fill out an online form, providing complete and accurate information. 

We will share your application with potential lenders within its vast network for lenders to review. Once a lender (or lenders) decides to offer you a loan, they’ll provide you with a loan agreement detailing the loan amount, interest rates, fees, and repayment terms. 

How to Apply for a Cash Advance Online

Since they’re primarily designed for people in a financial pinch, applying for cash advance loans is rather straightforward. Here’s what you need to do: 

Research Lenders

There are plenty of lenders online, and finding the best one could prove to be challenging. You have to pay attention to APRs, various requirements, loan amounts, repayment terms, and online reviews to ensure you’re dealing with a reputable lender. 

However, we alleviate the need for a time-consuming search by putting your loan application in front of a lot of lenders, which significantly increases your chances of receiving a loan. 

Gather the Necessary Documents

Payday loans are typically aimed at customers who can’t secure a loan from traditional financial institutions; as such, they don’t typically determine eligibility based on your credit score but on their own eligibility requirements. With that said, there are some necessary documents that you need to submit to the lender to secure the loan. 

  • Official Identification—You’ll need to submit any official, state-issued document that can be used for identification. This includes your personal ID, passport, or driver’s license, as it allows the lender to confirm your identity. 
  • Proof of Income—you need to demonstrate your ability to repay the loan by proving that you have a steady income stream, regardless of whether it’s a paycheck, pension, or some other income stream. 
  • Proof of Residency—The lender might require proof of residency; any document with a visible address addressed to your name should suffice. 
  • Bank Account Info—Some lenders provide you with cash payment, while others deposit funds into the bank account you provide them with. 
  • Personal Information—You might also have to submit personal information, such as date of birth, social security number, email, phone number, etc. 

Fill Out an Application

Once you’ve gathered all the necessary documents, you can fill out a loan application form. You must provide the most accurate and precise information, as it might affect the loan approval process. It’s also important to note that while lenders don’t require that you submit your credit score, knowing and providing said information makes the approval process go smoother. 

Wait for Approval

Once you’ve submitted your application, we will share your information with our vast network of lenders. When a lender or multiple lenders review your information and decide to provide you with a loan, they’ll contact you with a loan agreement, any additional information requests, and other details. 

It’s not outside the realm of possibilities to have several lenders contact you with their respective loan offers, allowing you to compare their products and choose the one that fits you best. 

Frequently Asked Questions

Here are some of the most frequently asked questions about cash advance loans: 

What is cash advance APR?

The annual percent rate for cash advances usually ranges from 24.99% to 29.99%, which is significantly higher than what you could expect from the average credit card interest rate. To put things in perspective, a $1,000 cash advance with an APR of 30% will accrue $25 in interest per month. 
However, payday loans are often associated with APRs that can go up to 400%, which means that a $1,000 loan would accrue approximately $333.33 in interest per month, making payday loans exorbitantly expensive.

What is a merchant cash advance?

A merchant cash advance is a loan product that provides businesses with a lump sum of money in exchange for a portion of their future sales. They’re basically cash advances for businesses with a steady volume of credit card transactions and might require quick access to cash. Additionally, instead of an interest rate, MCAs use a factor rate to determine the repayment amount. 
For example, a factor rate of 1.2 on a $10,000 advance would require a total repayment of $12,000. These advances require no collateral and don’t rely on fixed repayment schedules but sales volumes; in other words, the repayments are made by deducting a percentage of the business’s daily or weekly sales until the advance is paid in full. 

How should I pay off a cash advance on a credit card?

Paying off a cash advance on your credit card should be a priority repayment due to the high interest rates and lack of grace period associated with these transactions. To pay off a cash advance on your credit card, make sure you understand the interest rates and fees associated with the advance. 
Next, you want to repay the advance, and if your finances permit, pay more than the minimum payment due on your credit card because the minimum payment usually covers little more than the interest. Paying more will take you less time to pay off the principal balance, which will reduce your interest during the repayment period. 
It’s also a good idea to dedicate any extra payments to repaying the cash advance and avoid adding new charges to your credit card while you’re paying off the cash advance. 

What is the difference between a cash advance and a payday loan?

At their core, payday loans and cash advances are the same thing. However, since they’re granted by different financial institutions and stores, the respective repayment terms differentiate these two products. 
Your credit card provider provides cash advances, which enable you to withdraw a certain amount of cash from your bank account. The advance amount is typically determined by your credit card’s limit, and the fees and associated interest are also directly related to the size of your withdrawal and the length of your repayment. 
On the other hand, payday loans and small-dollar, short-term personal loans don’t require any credit checks, which makes them appealing to individuals with poor credit scores. These loans are offered by payday lenders and online lenders and typically involve stringent repayment periods and exorbitantly high annual percentage rates. 

Summary

Where Can I Get a Cash Advance Online?

Cash advances are a viable financial solution that can help alleviate due rent, smaller financial emergencies, and other financial requirements outside large purchases or expenditures. If you’re interested in securing a case advance, you can fill in our online inquiry form, and we’ll do our best to meet your needs. 

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