Cash advance loans are designed to help you in emergency situations. These loans are versatile and can be used for many different reasons, such as unexpected medical or vet bills, emergency home repairs, car repairs, and so on.
Cash advance loans are fairly straightforward, and aim to provide extra cash to help you before your next paycheck. By taking out a cash advance loan, you will get back on your feet, and improve your financial situation with ease.
The term “cash advance” can be used to describe a couple of methods of short-term borrowing that have a mutual purpose — quick money in times of need.
There are three types of cash advances: cash advance loans, credit card cash advances, and employer cash advances. In contrast to the other two cash advances, employer cash advances don’t fully qualify as traditional loans.
An employer cash advance technically is borrowed money, but it doesn’t need to be returned. The reason is simple: you’re borrowing from your own paycheck; the money is just given to you by your employer sooner than you would usually get paid.
Generally speaking, cash advance loans are intended to provide you with assets to tackle sudden or urgent expenses immediately, before your next paycheck arrives.
To apply for a cash advance, you would simply need to write a check dated for the day your next paycheck will arrive, and then apply with an online or storefront lender. The amount you put down on the check is the amount you want to borrow, with the addition of the lender’s fees and interest. After that, you would get the money in cash or transferred to your account to spend it however you wish.
As long as you know that your next paycheck will cover the costs, a cash advance could be an excellent way to take care of an unplanned expense without making a long-term commitment.
The process of getting a credit card cash advance is similar to how you’d normally use a credit card and withdraw money from an ATM. You simply insert the card, choose the amount you want to withdraw, and claim your money. One of the main differences when it comes to a cash advance is that, unlike with a debit card, you’re not actually withdrawing any of your own money – you’re borrowing a sum that you’re expected to repay.
It’s important to note that cash advances don’t offer grace periods that debit cards usually have. The interest starts accumulating immediately, just like with many other loans. On average, the APR (annual percentage rate) for your credit card will hover around 16%, whereas some cash advance loans bump that number up as high as 24%. However, this number isn’t alarming when you remember that cash advances are supposed to be returned fully with your next paycheck.
Think of it this way: for every $100 you borrow, you will typically need to pay about $5–15 extra to a lender. If you approach these loans carefully, taking a cash advance loan can be both time and cost-effective, letting you handle surprise expenses while maintaining your financial stability.
As with making any other impactful decision in your life, the process of taking a loan should be approached with caution. Here are some steps to ensure everything runs smoothly:
Your credit can determine how eligible you are for various loans. But more important than that, your financial situation will decide which expenses you will be able to handle in the future. Consider the term of the loan, the cost, and method of paying it back, the interest rates, and the extra fees that might come up. Before opting for a loan, you should be confident that you will be able to comfortably pay it back on time.
Can you try cutting out some expenses? Are you already budgeting? Is there another, less urgent project you were saving money for that could stand to wait a while? Even if you can decrease the amount you borrow by a little, it can make a big difference overall.
List all your options and see which one makes the most sense for your unique situation in the long run. Lenders have distinct conditions and offers, so make sure that the loan you get is the right one for you. If it feels risky, keep researching and find a safer alternative.
Lenders who are patient and upfront about what they offer are the ones you want to borrow from. To take an extra measure and ensure a good deal, you can always contact a professional and have them guide you through the process.
Still have some unanswered questions? Reach out to us at CreditNinja and we’ll be sure to get back to you with reliable information.
We offer a variety of loans including cash advances — apply today, and if approved, your funds will be deposited into your checking account by the next business day.¹
Our cash advance loan is only a few clicks away. It will only take you a few minutes to fill out our online application form and once you have submitted the information required you can receive a decision as soon as the next business day.
Our loan agreement states all the terms and conditions when you get a cash advance loan including the repayment period, interest rate, fees, and amount of each installment.
You can read it, sign it, and send it over to us. Once we have received it you can get your money and be on the way to meeting your financial needs.
The money from your cash advance will be deposited directly into your bank account within the next business day after we receive your signed loan agreement.
Cash advances are typically extended for short periods and each installment will be debited directly from your account as well on the date stated on the loan contract.
While sometimes these terms are interchangeable, cash advance loans are not always the same as payday loans. Unlike payday loans, cash advances are typically used to fulfill short-term cash needs, and they can be obtained through your employer, or even companies that offer tax return cash advances.
Payday loans may be paid back over a longer period of time than a cash advance loan, depending on the lender and the type of cash advance.
If you’ve already applied for a loan in the past, you can find out if you are eligible to reapply by logging in to your account. There you’ll find a button that will prompt you to reapply.
The maximum amount of loan money varies depending on your state of residency and your creditworthiness – measured through your credit score and other relevant financial information.
A single loan can range anywhere from a few hundred dollars up to a few thousand.
Yes. We offer both short-term loans and long-term loans, like unsecured personal installment loans.
Once you’ve been approved for one of our advance cash loans online, you will receive an agreement that you must read, sign, and submit online.
Once we have received that document the money will be deposited in your bank account as soon as the next business day.
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