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Are you in need of rapid cash? If you are thinking of getting a loan to cover it, you may need to look for a cash advance.
What Is A Cash Advance?
A cash advance is a short-term personal loan. These are often called payday loans.
You borrow fairly small amounts of money, sometimes as little as a hundred dollars. Then you write them a post-dated check that will be payable when you get your next paycheck.
So these loans are sometimes for just a few days and they typically have a flat fee. They are intended to just tide you over and keep you afloat during a short-term cash-flow issue. So we are not talking about a long-term commitment, like a 10 Years Personal Loan.
So it is a loan that allows you to borrow against your next paycheck. As such, it isn’t intended to be simple and uncomplicated so you can get on with your life. It’s a little like getting your paycheck (or part of it) a few days early.
Where Can I Find A Cash Advance?
Depending upon where you live, you may be able to find a brick-and-mortar place that provides them. If you can’t, or if that is just too inconvenient for your schedule, it is increasingly common for people to apply online.
TheGuaranteedLoans serves as a web portal to help connect borrowers to the loan products that best fit their needs. You fill out one application packet with us, then we compare your information to our database of lenders and their loan products.
If we find a match, we notify the lender. They will get back to you shortly so you can complete the application process.
Types of Cash Advances
There are two types of cash advances available with banks. Small Cash Advance, ca$h advances are loans usually up to $1,000 for seven days.
A short-term loan can be used when you do not have enough money in your bank account to pay your bills or when you are in dire need of cash. Although these loans are short-term, most banks offer small cash advance loans amounts up to $3,000 for one month. These loans are designed primarily for urgent financial needs and should be applied for within three weeks of receiving the loan approval letter from your bank or credit union.
You can get a cash advance by going to a bank or credit union. You can also get an advance from an online lender, but the fees will be higher.
In general, these loans are not meant to be used long-term and should only be taken when there is a pressing need for cash not planned for in advance. Approval for this type of loan depends on the financial institution you choose and your repayment history.
The process of obtaining a payday advance starts with providing basic information, such as declaring income and expenses, which will go up against your net worth in determining whether you qualify for a cash advance loan.
Cash advances are intended to solve an urgent financial problem and are usually only recommended for short-term situations such as week-to-week financing of unexpected expenses. When you get a cash advance loan, you will get a money transfer to your bank account.
The main difference between a payday loan and a cash advance is that payday loans are meant to be used for paydays during that week or month. With a cash advance, the amount can be borrowed and withdrawn over time, meaning it may be possible to use the money in multiple successive paychecks instead of one.
Cash Advance Pros and Cons
Additionally, if you know how to obtain the cash advance on the internet, you will usually find a lower rate than on a lender. There also is a risk involved with all loans, and this is especially true when dealing with payday lenders because of the amount of money one borrows.
Although cash advances are short-term, such as one month, it is easy to obtain and can give an unexpected boost of funds. On the other hand, there are also some drawbacks to using a cash advance, such as high-interest rates and possible fees incurred by applying for or withdrawing from your account.
Interest must be paid when borrowed, giving a longer repayment period. Usually, nearly double the amount a person can borrow from a bank in a traditional mortgage or credit card transaction. It may cost triple the amount of the payday loan over time because of interest and fees. Loans are often not repaid in full in one payment but spread out over several months or yearly payments. Loan amounts are capped at $500, which can make entering into payday advance loans risky if you have several large expenses coming up (for instance, if you need to pay for your second mortgage payment on time).
If you take out a cash advance loan to help pay for an emergency, don’t let the money go to waste by waiting until the end of the month or year to repay it. Take action immediately to gather information about your credit report, review your finances, and discuss with your bank how much you are expected to repay for this loan.
Advice to Consider When Getting a Cash Advance Loan
Do not go into any type of cash advance loan without understanding the terms and conditions of what you are signing up for. If you don’t understand all the terms of a cash advance agreement, it is possible that you will be in surprisingly deep water once this debt explodes in your face.
How Hard Is It To Apply?
Cash advances are intended to be Easy Personal Loans, so they typically involve very little documentation. You will need to show that you are a legal adult, plus show that you are a citizen of the US or a legal resident.
Both of these can usually be proven by providing a copy of a photo ID, such as:
- A driver’s license.
- A state issued ID card.
- A military ID card.
- A tribal ID card.
- A student ID card from a college or university.
You will also need to provide some proof of income, such as a recent bank statement or pay stub. If you do your banking online and are applying for an online loan, you may be able to simply download a PDF copy of a recent bank statement as the most convenient solution.
Apply Now For A Cash Advance at TheGuaranteedLoans
TheGuaranteedLoans can help you find the funds you need. We try to keep things simple so you can get the funds you need quickly and easily.
Some loan products can be directly deposited into your bank account in as little as an hour. Get started now.
FAQ
It’s easy to get a cash advance when you need it. Simply go to your bank and ask for a cash advance.
You’ll just need:
• The bank cash advance form.
• Proof of income and expenses and.
• You’ll probably need a re-certification form every 90 days.
The 90-day deadline is when there is enough time in your contract for you to repay the loan all in one payment or within three payments (usually seven days). The way an online lender operates is that Once you receive the cash advance amount, it will only be available for a limited period of time before it will be locked up in your account.
Cash advances tend to hurt your credit score because they are usually attached to a missed payment. Because you have to repay the amount of the cash advance within 90 days, this may cause you to miss another payment that you would have made.
You can get a cash advance by going to a bank or credit union. You can also get an advance from an online lender, but the fees will be higher.
In general, these loans are not meant to be used long-term and should only be taken when there is a pressing need for cash not planned for in advance. Approval for this type of loan depends on the financial institution you choose and your repayment history.
Cash advances are usually not recommended for long-term usage. Cash advances are often used when you need cash immediately before you get your next paycheck, but they do have their disadvantages.