What is a Cash Advance Loan and How Does It Help?

If you are in need of some quick cash then you are able to take a cash advance or a payday loan. These loans can either provide instant cash or will give you the money within 24 hours. This can be useful if you are faced with an emergency and you need money immediately. However, the convenience of a cash advance or a payday loan comes with a fee in the form of high interest.

How Does a Cash Advance Work?

There are two main types of cash advance loans that are able to provide quick cash. The way that these two types work slightly differ as well as the fees and the qualification for them.

The first of these cash advances is a cash advance loan that you take on your credit card. If you choose this then you will need to have a card open already so that you are able to use it to get quick cash from it.  If you do not already have a credit card then it may take a long time to apply and to be approved. If you already have a credit card then you are able to use it an ATM with your pin number in order to draw cash from it. Another option is to request cash advance checks online or you are able to call your credit card company to request this. This cash advance will appear on your credit card statement and you will be charged a higher interest rate for this. A cash advance can also be no larger than the limit that is set on your credit card.

The other type of cash advance is a payday loan. With a payday loan, you will need to visit a payday loan lender or find a payday loan lender online. You are then required to submit your bank information and other identifying information. With a payday loan, you will not need to provide information on your credit score or undergo a credit check. A payday loan is a short-term loan, which is usually a couple of weeks. In order to pay back the loan, you will either need to write a post-dated check or give the payday loan lender permission to debit your bank account with the amount that you owe. The repayment that you make will be the amount of money that you borrow and the fee. With a payday loan lender, you are either given cash immediately or the money is transferred to your bank account within a few hours.

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Both of these cash advance loan types gives you quick cash, but keep in mind that the interest rate on these can be quite high.

You might be wondering how you can find a same day cash loan…

Finding a Same Day Cash Loan

The best way to find a reputable lending institution is to conduct a search online. Payday loans are freely available on the internet and you will easily be able to find payday loan lenders.

Online payday loan lenders will usually have a website where you are able to apply with ease. You are also able to search for customer reviews to ensure they are a legitimate and reputable company.

If you do not have access to the internet or prefer actually seeing someone to get your payday cash advance then you can take a look in your local business directory for a lender in your area. You are then able to visit the location and apply in person for your cash advance loan.

When you apply for a payday cash advance, you will need to provide personal information and a proof of income.

What to Consider When Applying for a Cash Loan

When you are applying for a cash advance loan, you need to keep in mind the rules and regulations in place as well as the specific policies and procedures that are in place by the lender. You need to know and understand these as they can give you information that you need that can help you in selecting the best payday lender for your needs.

A cash advance is a small and short term loan that can help you to pay any unexpected bills, pending late fees and help in times of emergency. Payday loans is huge business, so you will properly find quite a few lending institutions in your area.

Wait…How does a cash advance help…

10 Way a Cash Advance Loan Can Help You

Here are the main ways that a cash advance loan can help you to get back on track financially.

  1. There are plenty of payday lenders and you will usually find them in every city and spread nationwide. This means that it is super easy for you to find a lending institution in your area.
  2. Payday loan lenders actually have tracking systems, which stop you from taking multiple payday loans at the same time. This actually protects you from entering into more debt then you are able to handle and you can focus on paying back just the one loan.
  3. Payday loan lenders operate out of normal banking hours, so they are open for longer and on weekends. This means that you are able to get a cash advance when you need it and with online lenders, you are able to apply at any time.
  4. Qualification for a payday loan is easy and quick as you will generally only need to prove that you have a regular income and that you haven’t left any previous payday loans unpaid.
  5. There are multiple ways that you are able to apply for a cash advance loan, which makes the whole process a lot easier. You are able to apply in person and receive your cash in hand or you are able to apply online at any time. You are also able to give your information to the lenders in a number of ways.
  6. There are many payday loan lenders that will allow you to handle every part of the application online. You will fill out an online form and submit documents if needed online. This makes application very convenient and you can receive your loan anytime and anywhere.
  7. With a cash advance loan, you are able to avoid late fees that you would otherwise face as you do not have the money needed to handle essential bills.
  8. As a consumer, you are protected from high interest rates, so you need to know the laws in place that govern payday loans.
  9. You are able to receive your payday loan in a number of ways depending on the payday loan lender you use. You are able to get your money as cash, money order, check or as a direct deposit into your bank account.
  10. Most payday loan lenders will not do a credit check, which means that even if you have bad credit, you are still able to get a payday loan.

A cash advance loan can be very useful in emergency financial situations and with other expenses that you need to pay. Even though these loans do have high interest rates, these loans are able to help you. Make sure that you know all the rules, regulations and terms and conditions of the payday loan, so you know exactly what is expected from you and what you are getting into.