What Are Cash Advance Loans & How Can They Help Me?
Having to deal with an unexpected situation when money is tight can be stressful. Even if your income covers all your bills, emergencies can come up like a pet getting sick, or a tree falling on your car, adding to your expenses. Having to deal with these additional costs can be difficult, especially if your next payday is weeks away and you have to deal with these situations now.
Fast cash advances can help customers in times of need. LoansSOS can help get cash to you when you really need it, with the funds being delivered to you within hours. Apply today to get the cash you need!
What Are Online Cash Advance Loans Used For?
The cost of monthly bills can sometimes be a lot to deal with. Covering the cost of the monthly bill expenses is the most common use of cash advance loans. Having the freedom to purchase the items that you need is the second highest use of these loans. Another reason people get cash advance loans is to cover any overdraft charges from necessary purchases that you made.
If you are surviving paycheck to paycheck, there is often no wiggle room for unplanned purchases. While budgeting works well, there are sometimes unexpected costs that come up in life that can create a lot of financial stress. Instead of panicking about how to handle these difficult times, the option of a cash advance loan may help relieve some of your stress. Having the extra money between paychecks can help you avoid further worry, while improving your life.
Even if there is the option of borrowing money from a friend, it can make things complicated. While some people have the luxury of depending on their family for a short-term loan, it is not the case for everyone. Instead of relying on and causing potential stress to a friend or family member, online cash advance loans can be the perfect solution to your money needs.
Having to deal with unexpected expenses happens to everyone, and can sometimes be overwhelming, both emotionally and financially. Cash advance loans can help cover immediate costs that need to be paid, regardless of the situation.
What Are Online Cash Advance Loans?
Cash advance loans have existed for decades, but not everyone knows the details about how they work. If you are interested in applying for a cash advance loan, there are a few things you should understand first.
How do cash advance loans work?
Cash advance loans are short-term, unsecured agreements from a lender. Depending on what state the borrower lives in, they are usually approved somewhere between $300 and $1,000. Since these loans have a term on average of one month, the borrower will need to pay back the loan out of their next paycheck.
There are three steps in the application process. They are:
- Step 1: Fill out the application form and submit.
- Step 2: The lender makes a decision about your application.
- Step 3: If approved, the borrower receives the cash directly to their bank account.
What are the cash advance loans costs, terms and length of agreement?
While getting approved for a cash advance loan is easy, there can be high interest rates that can make it less desirable. Depending on which state you live in, the cost of the borrower fee can range from $30 to $10 per every $100 borrowed, with an average being $15, making annual percentage rates (APRs) of 400%.
There can be additional fees charged by the lender if the borrower is unable to pay back the loan on time, if they require more time, or if they are unable to back the full amount of the loan back. Since the length of agreement is an average of 30 days, it is important to consider that not just the amount borrowed needs to be returned, but also payment for all the fees incurred will need to be budgeted for.
What are the rules and regulations for cash advance loans in the United States?
Since the rules for cash advance loans are different in each state, it is important to review the details before applying.
What Are The Requirements For Fast Cash Advance Loans?
Whether you apply for a cash advance loan online or in person, the process is going to be easy. Applicants just need to provide a few pieces of information and how much they are hoping to receive, and once approved, the money will be delivered to their bank account.
Lenders are always trying new and improved ways to deliver borrowers who need an emergency cash advance the money they need. To make the process as quick and straightforward as possible, the main factors that a borrower will need are:
- Legal proof of age (must be a minimum of 18 years old)
- Valid permanent address and phone number
- Valid source of income
- Are not currently in debt due to a bankruptcy claim
What Are the Advantages of Using a Cash Advance Loan?
If you are unsure about applying for a cash loan advance, it is likely the high interest rates that are the biggest concern. Unfortunately, there are very few other loans that will deliver you the money you need on the day that you apply, which is the main benefit of online cash advance loans. Without needing to disclose why you need the funds, cash advance loans can offer you several benefits, such as:
- Fast Approval Time: Banks are trying to speed up their approval times, but they have yet to achieve it, causing delays for people who need money immediately. With online cash advance loans, approval takes a matter of hours, and in some cases, minutes, with the funds making their way to your pocket faster.
- Bad Credit Scores Approved: For most people with low credit scores, getting a loan from a bank can seem like an impossibility. Since banks are not involved with cash advances, and instead loans are given out by direct lenders who will are willing to take a chance on borrowers with a messy credit history.
- Speedy Delivery: With cash advance loans, the waiting period from approval to receiving the funds is minimal. Depending on what time and day the loan was applied for, getting your money usually takes less than 24 hours.
- Easy Access: Since applying for cash advance loans can be done online, they are readily available for people anywhere, without having to leave their homes. Being able to do this from a variety of devices, as long as there is an internet connection, you will be able to access easy online applications.
What Are the Other Options for Short-Term Loans?
There are a variety of loans available depending on what the borrower needs are and how well they match requirement criteria. Before applying to a payday loan in the United States, it is important to figure out which loan would be best for you and your circumstance. The other loan options are:
- Payday Loans: This is the most popular option for people needing money between paychecks. The amounts given to borrowers are smaller than other types of loans and the requirements are less too, but they come with high interest rates. Repayment is expected on the borrower’s next paycheck.
- Vehicle Title Loans: With these loans, they use the borrower’s car as collateral. The amount of the loan will be based on the value of your car.
- Secured Loans: This option is a loan where the borrower puts up some form of assets as collateral. Lenders then use this security as leverage to get repayment from the borrower.
- Personal Loans: With these loans, the borrower is lent an amount which is determined by their credit report and comes with a longer repayment term. Personal loans have better rates, but lenders have higher requirements.
Common Questions Asked About Cash Advance Loans
Are online cash advance loans secure to use?
Yes, they are! The online loan applications keep your personal and banking details perfectly safe using a secure network.
I need a fast cash advance loan – how do I know if I am eligible for one?
Cash advance loans are available for most people. The main requirements for borrowers are:
- Must be 18 years or older
- Permanent resident of the United States
- Have a stable income of minimum $1,000 monthly
Can getting a cash advance loan impact my credit score?
If you are concerned about your credit score, it likely will not prevent you from getting a cash advance loan, and it will not impact your score. However, if you neglect to pay the loan back, it can negatively impact your credit score, but if you are able to pay it back on time, it can improve your credit score.
How do I know which loan is the best for my needs?
Deciding which loan to get will depend on what your needs are and what your financial circumstance is. Understanding how much money you require and what you are able to repay are the most important factors. More money may seem desirable, but if you are unable to pay it back, then it may not be the best solution for you.
If you are ready to get the financial relief you need, apply here today to get started with LoansSOS.