You can apply for several different cash advance loans online, or in person. There are a few different types of cash advance loans out there including: payday cash advances, credit card cash advances, and employer cash advance loans.
A payday cash advance is another name for a payday loan. It’s a small-dollar, short-term loan that you pay back with interest and fees on your next payday (usually within two weeks). You can apply for these at any number of online or in-person lenders. But be careful, as they usually carry very high interest rates and short repayment periods, making them difficult to repay on time.
A credit card cash advance is when you withdraw cash using your credit card. This can sometimes be done at an ATM, at your bank, or online by transferring money from your credit card account to your checking account. This can be a quick and easy way to get cash in a pinch. But keep in mind that the interest rate for a credit card cash advance is usually higher than normal credit card purchases. And there’s no grace period before the interest begins to accrue.
An employer cash advance would mean borrowing money from your upcoming paycheck. So when you do get paid again, your employer will have already deducted the amount you borrowed. Some employers aren’t willing to do this, so you would need to talk to your manager to find out if it’s an option. They might not charge you any interest, which is great, but if you continue to use this option it may damage your relationship with your employer.
If you’re currently in need of some quick cash, there are plenty of options—even if you have a low credit score. Many borrowers with low credit end up choosing payday loans, secured loans, or personal installment loans. Personal installment loans might offer you more cash, lower interest rates, and longer repayment periods than other bad credit options.