Cash Advance in a Few Simple Steps
A cash advance is the same principle as asking a friend for a loan or obtaining a loan from a bank. The idea is to borrow money for a short period of time and then repay the amount of the loan, plus interest, at the end of the loan period. It’s much easier to obtain than a line of credit or loan from a bank, and comes with less potential for embarrassment and damage to personal relationships than borrowing from a friend. The requirements are simple:
- Be at least 18 years of age
- Be able to prove residency in the United States
- Provide proof of steady income
- Possess a checking account
- Provide a valid phone number
One of the most difficult tasks facing families and individuals alike is balancing a household budget. Managing financial responsibilities such as rent, mortgage, utility, and bills can be a daunting task. At times, people may find themselves short on cash or facing an unexpected emergency that pushes their financial stability to the breaking point.
Cash Advance as a Solution
When tough times come along there are a lot of options facing individuals that can help them solve a financial shortfall. Years ago it would be common for individuals to ask friends or family for a small loan to help them cover a gap in their finances, but doing so would often place a difficult strain on relationships and could lead to embarrassment. Another common option was to seek out a line of credit or unsecured loan from a bank, but this route comes with paperwork, waiting periods for approval, and strict timelines for repayment. As technology has advanced and times have changed, a new option has come to the forefront in the form of a cash advance.
This kind of loan is similar to other loans, yet at the same time it is also different. They are short term loans of up to $1,000. Many are extremely short term and last roughly two weeks. That being said, it is not unusual for a loan period to extend to upwards of a month. If individuals do not have the money to repay their cash advance loan when the period expires, there is also the option of a roll-over or extension to push out the loan repayment date.
Getting this kind of money loan can be superior to other loan options because of its ease. Cash advance providers are not lenders themselves; rather they take your information and go in search of a credible lender willing to provide you with the funds you need to cover a financial emergency. Unlike the application process at a bank that requires financial forms and waiting times, getting a cash advance online takes as little as five minutes with minimum paperwork! The following are just a few of the benefits:
- Fast approval, often in less than five minutes!
- Direct Deposit of funds
- Loan extensions and roll-overs available
The exact process for obtaining one can differ based upon the institution providing the advance. However, most lenders provide all of the above conveniences to their customers. The approval process for cash advance loans is extremely simple. Individuals need not provide financial or tax information, only proof of a checking account and a job.
Once the application is complete, individuals will have the funds they require deposited into their checking account automatically. In most cases, this is accomplished the next business day. On top of that, many lenders allow borrowers to establish automated loan repayments directly from your checking account to avoid late fees and other charges. In the event that an individual needs more time to repay their cash advance, many lenders also provide extensions or roll-overs on the loan period.
One of the biggest benefits to a customer is the idea of privacy. Unlike a bank that is likely to inquire about the reasoning for a loan or line of credit, cash advance lenders will never ask why you are seeking a loan. The process is confidential and secure, with all information kept private.
Cash advance loans can be extremely helpful in covering short term debts, unexpected bills, or overdue payments. As with any loan however, individuals should have a repayment schedule in mind before taking out a cash advance. By ensuring beforehand that a revenue stream is available to repay a cash advance on time, individual will avoid late fees and charges that can arise when repayment is not made in a timely manner. This will help put an individual back on path to a healthy financial future.
Cash Advance Now
If you are in need of some cash to cover a gap in your finances or just need some extra money to get you through to your next paycheck, check out Cashadvance.net. Here you will find helpful individuals ready to match you up with an approved lender who can put a cash advance in your pocket A.S.A.P.
APR – Representative Range Explanation
The annualized interest rate that you are charged on a cash loan is known as the APR, which stands for annual percentage rate. PaydayAdvance.com is not a lender and therefore does not disburse loans, but it does refer consumers to lenders who are in the business of providing loans of this type, and it does not charge fees for this service. Because PaydayAdvance.com is not a lender, it is not able to supply you with the exact APR that will be attached to your loan. Keep in mind that APRs can vary according to the information that you provide in your loan request and also the information that your lender gives you.
Your lender will supply you with specifics regarding the APR, finance charges and any other applicable terms when you are redirected to your loan agreement during the process of requesting a loan. If you need help with any PaydayAdvance.com-related services, you may Contact Us.
The APR on a cash loan can range widely, generally being anywhere from 200 percent to 2,290 percent depending on exactly how it is calculated and other variables such as the loan duration, any fees incurred (nonpayment, late fees, etc. ...) and loan renewal actions. You should be mindful of the fact that the APR range is not your finance charge; that will be disclosed by your lender at a later point in the loan request process.Representative Example
YOU CAN BORROW $400 FOR 14 DAYS WITH A $40–$80 LENDER CHARGE. YOUR ESTIMATED APR WILL BE 261% TO 521%*
Relatively speaking, cash loans are costly when compared with other types of loans. It is not recommended that you use them as a long-term financial solution, and you should only take them out in emergency situations.
*Calculation: (lender fee / loan amount) x (amount of days in a year / duration of the loan) x 100
Low-end calculation: ($40 / $400) * (365 days / 14 days) x 100 = 260.71%
High-end calculation: ($80 / $400) * (365 days / 14 days) x 100 = 521.43%
Important Implications to Consider
CashAdvance.net only partners with lenders who make it a practice to provide customers with detailed information regarding loan conditions and terms prior to their acceptance of a particular loan offer. You should always closely go over the conditions and terms of any loan offer you receive. For more details about these considerations, look at our Lending Policy and Rates & Fees Web pages.
Should you be approved for a cash loan, your lender will inform you of the fees and interest rate attached to that loan before you go ahead and formally accept their offer. As previously stated, CashAdvance.net is not a lender, and therefore it is unable to predict the specific interest and fees that will be connected to the offer. Please be aware that under no circumstances are you obliged to accept any particular loan offer.
When you accept the conditions and terms attached to a loan offer, you are effectively agreeing to pay back the principal and finance charges in the required amount of time specified in the loan agreement. Additional charges could apply should you not be able to repay your loan in full or in the event that you make a payment after its due date. CashAdvance.net cannot predict the charges you will incur as a result of nonpayment, partial payment or late payment. Moreover, it has no control over knowledge of the loan details between you and your lender.
Make sure to refer to the nonpayment, partial payment and late payment policies detailed in the loan documents you get from your lender. It is the policy of CashAdvance.net to only work with lenders who are reputable and who make it a practice to pursue collections of past-due accounts in manner that is fair and reasonable.
It is the policy of CashAdvance.net to not get involved in making credit decisions or ever perform credit inquiries on prospective loan borrowers. However, some of CashAdvance.net’s affiliated lenders may opt to conduct a nontraditional credit check for the purpose of determining your eligibility for a cash loan. The lenders generally will not perform a credit inquiry with any of the three major credit bureaus in the United States (Experian, TransUnion and Equifax).
In the end, your credit rating may be impacted by a particular lender’s actions. If you do not pay back your loan by the specified due date, your lender may choose to report this delinquency to one or more of the major credit bureaus, which could negatively affect your rating. CashAdvance.net wholeheartedly encourages consumers with credit problems to consult a credit counselor.
Again, CashAdvance.net is not a lender, and we also do not ever engage in debt collecting. In their loan documents, your lender will provide information to you about their collection practices. Should you be unsure of the practices that are used by a particular lender, we highly recommend that you directly discuss this issue with the lender. CashAdvance.net’s policy is to only work with reputable lenders who make it a practice to pursue collections of past-due accounts in a fair and reasonable manner.
Prior to your acceptance of their loan offer, your lender will present you with loan renewal options. Please be sure to carefully go over their loan renewal policy before you proceed to sign any loan documents. Keep in mind that to a large extent state regulatory laws govern loan renewal policies.
It is intended that cash loans be used solely as a short-term financial instrument. We strongly encourage all borrowers to repay their loan in full and by the specified due date in order to avoid fees stemming from nonpayment and/or late payment. If you believe that you may potentially have difficulty paying off a cash loan after taking it out, we recommend that you explore various loan alternatives before applying for a loan through our website.