Cash Advanced Loans

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What Is a Cash Advance?


Cash advance is a short-term loan that individuals receive through their credit card company. Cash advance allows users to use the credit available to them to borrow money for use. If one is strapped for cash, they can pay fees to borrow from the credit company, regardless of whether they will receive their salary within the next week or two. Borrowers of cash advance loans are also obligated to repay the loan they acquire at specific interest rates.

A cash advance loan works by taking money from a person's remaining credit card limit. The credit card company where one seeks such a loan usually determines the individual's cash advance limit. This limit is a portion of one's credit card limit. Individuals in possession of credit cards having an available cash credit line on the cards are free to take out a cash advance until they reach the limit. Cash advances come in handy for users to pay debts. Such debts include credit card debt owed on a separate card.

Differences Between Cash Advance Loans and Payday Loans


A cash advance credit card and a payday loan are the ways individuals can borrow money. While a cash advance is only obtained via a credit card, a payday loan is acquired from online or in-store lenders. Payday loans have a quick turnaround time, and individuals receive them with minimal requirements.

One of the divergence points between these two loans is how much one can borrow. For instance, one can access a payday loan that ranges between $100 to $1000. Conversely, a cash advance loan confines borrowers to a certain percentage of their credit card limit.

Payday loans are also notorious for their ability to sink a borrower into heavy debt. This factor has pushed some state governments to legislate regulations to shield borrowers from falling victim to these loans. This explains why a consumer will often see a payday loan limit ranging between $100 to $1000. How much one can borrow using this type of loan also depends on the state where a borrower resides.

On the other hand, a cash advance loan limits the cash one can borrow to a percentage of their credit card limit. This amount usually sums up to a few hundred dollars. The credit cards may also have periodic cash advance limits. These periods could be daily, weekly, or monthly, with the daily limit not exceeding a maximum amount of $500.

Repaying a payday loan is also much sooner than a cash advance loan. A cash advance loan starts accruing interest immediately, but a borrower can carry the debt long-term if they prefer to do so. The immediate interest accrual also applies to a payday loan, but the repayment term depends on the lender from whom a borrower obtained a loan. Some lenders may issue borrowers more flexible loan repayment dates, while others require payment as soon as a person receives the next paycheck.

Another difference between cash advance loans and payday loans is the interest rates that apply to them. Cash advance loans require the borrower to pay an upfront fee, usually a fraction of the loan amount. The borrower then pays an approximate 24% annual percentage rate (APR). A lender charges a borrower an upfront fee depending on how much they borrow with a payday loan. For example, if one borrows a $100 payday loan, they pay a fee of about $15 to $30. Therefore, the APR of this loan is approximately 400% since a payday loan has a repayment window of about 14 days.

Benefits of Cash Advance


The following are the advantages of using cash advance loans:

  1. They are fast to access. This is perhaps the most outstanding feature of a cash advance loan. This loan enables users to quickly access it, eliminating the need to undergo arduous approval processes. Therefore, borrowers immediately receive the money in their accounts without waiting for banks to serve them.
  2. Credit doesn't limit a borrower from borrowing. With cash advance, one doesn't have to worry about their credit being a major approval factor that determines whether they receive the loan or not. A particular cash advance loan limits individuals based on their credit card funds, but borrowers don't have to apply for new credit to benefit from it.
  3. They are easy to access. One doesn't need to file endless paperwork to qualify for a cash advance loan. Individuals appreciate how they don't need collateral for the loan.

While cash advance loans avail the above benefits to users, they could have some downsides that borrowers should consider before plunging themselves in headfirst. The following are the areas where cash advance loans could do better:

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  • The hefty finance charges. Although individuals receive these loans fast, the interest rates and fees are quite expensive. For instance, one can pay borrowing fees equating 300-500% of APRs.
  • The inability to build one's credit. While it is appealing that cash advance loan lenders don't focus on a person's credit history, the loan doesn't build a borrower's credit. This is because the lenders involved typically don't report a borrower’s payments to the credit card bureaus.
  • The loan's ability to trap a borrower in debt. Considering the hefty charges mentioned above, it is likely that a person may default on paying back the loan on time. A lender can then offer the borrower a new loan with a new fee to refinance the debt. This can create a debt cycle that one may find difficult to pull out of

Cash Advance Loan with Bad Credit


Borrowers can get a cash advance loan even when they have bad credit. This is because cash advance loan lenders usually don't perform credit checks on a borrower. If you need a cash advance loan, all you need to provide is your employment information, especially your pay stubs.

Are You Eligible for Cash Advance Loans?


Cash advance loans don't have many requirements for one to be eligible to receive them. Applying for such a loan starts with the borrower filling out an online application form or a paper. Lenders need to see that the borrower has a prepaid debit card or an active bank account. They also require that the borrower be at least 18 years of age and have a source of income.

If the lender approves the loan, they give the borrower the loan they have applied for after deducting the fees. Lenders may require that the borrower write a check for the loan amount and the fees. At the next borrower's payday, the lender would cash the check or debit the checking amount for the amount borrowed plus any additional fees. The amount of money one can borrow can vary by the lender or the maximum loan limits set by the state government.

Apply for Cash Advance Loans Online Easily


The following are the steps detailing how one can get a loan online on Empire Finance:

  • Familiarize yourself with the available cash advance lenders. There are plenty of them in the market, including cash advance apps. Advance America is one of the reputable lenders that facilitates a transparent and reliable cash advance loan process.
  • Determine the maximum cash advance loan amount you need. This helps you analyze whether the amount you will borrow will be enough to cater to your needs.
  • Calculate the interest, fees, and penalties you may encounter when taking the loan. Doing this prepares you mentally and helps you avoid unforeseen financial surprises that may come along with the loan.
  • Complete the online application by filling in your details, including your name, social security number, and contact details.
  • Once approved by the lender, you are now eligible to receive the money. The most convenient to receive the funds is via direct deposit to your bank account.
  • Figure out your loan repayment plan to avoid tarnishing your credit score, sinking further into debt, or paying late penalties.

Final Thoughts

At first glance, a cash advance loan may seem like the quickest and easiest way to get money. However, this loan can have you covered in debt up to your neck, thanks to its pricey interest and fees. If you badly need money, seek better and much friendlier alternatives that won't deepen your financial woes. Try to familiarize yourself with the terms associated with this loan if it is your last option, but you should avoid it altogether.

Frequently Asked Questions

  • The following are the alternatives to cash advance that one can source depending on their financial needs:

    • Credit cards: if cornered with an emergency, use a credit card to pay for an expense in the place of cash advance loans. It is reasonable to check if you can pay with a credit card based on the available credit limit on your card.
    • Personal installment loans: these loans are availed to borrowers from banks, online lenders, credit unions, and other financial institutions. The loans have a lower APR than a cash advance, and some of them can be available within one business day.
    • Payday loans: these loans fund borrowers until their next payday. However, be careful with them, as they may have interest rates as high as 400%. They are quite expensive and may sink you in debt, especially if you roll them over.
    • Borrowing from friends or family: these are your closest contacts, making them some of the most reliable sources to borrow money from. Be careful about ruining your relationship because of money by refunding them on time and within the mutually agreed specifications.
    • Car title loans: These loans require your motorcycle, car, or truck as collateral when borrowing a loan. Car title loans require you to pay a loan initiation fee, and defaulting them means that the lender can repossess your car. Rolling over the loan also attracts extra interest and fees.
    • Credit union payday alternative loans: for you to receive a loan using this cash advance alternative, you must be a member of a federal credit union. The loans you receive through this method have an interest cap of 28, and you can repay them through monthly installments.
  • Cash advance fees are subject to interest rates and upfront fees. The interest rates for cash advance loans are often higher than balance transfers or purchases. A borrower's card issuer may also charge a cash advance fee. This fee typically ranges from 3-5% of the cash advance that the borrower requests.

    Another fee is the bank or ATM fee, where a borrower pays a certain fee when taking out the loan. Cash advance loans have higher APRs than regular credit card purchases, and they immediately start accruing interest as soon as one receives the loan. The interest stops accumulating when the borrower repays the loan.

    Unlike regular credit card transactions, cash advance loans don't have an interest-free grace period. This feature explains why the interest for cash advance loans starts accruing when an individual performs transactions using the loan. In contrast, credit card terms dictate when the interest starts to accrue once an individual makes purchases.

  • Unlike auto title loans, cash advance loans don't require a borrower to have collateral. Therefore, a lender can't repossess a borrower's assets if they default on servicing the loan. This makes them safe for one to borrow money quickly. However, the cash advance loans are quite exorbitant than other loan alternatives available for cash-strapped individuals. They immediately accrue interest when one receives the money, making it necessary to pay back the loan before interest shoots through the roof. Therefore, individuals with credit card debt may not want to acquire such a loan. The loan can deepen one's financial situation by piling up debt upon debt when one rolls over the cash advance.

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What our customers are saying

Catherine Jones
Catherine Jones
9 / 10
EmpireFinance has low-interest rates and great loan offers. And no week-long waiting. You'll get the loan after providing your details and identity verification.
Jeff Gray
Jeff Gray
10 / 10
Do you find it hard to cover your expenses before payday? Here's the solution: Empire Finance. You don't even need to do any paperwork to receive money!
Stephanie Smith
Stephanie Smith
9 / 10
Finding a trustworthy lender is hard. You don't want your bank details to get into the wrong hands. So I was amazed to receive the loan from Empire Finance so quickly.
Anthony Griffin
Anthony Griffin
10 / 10
Quick and helpful support staff. Plus, the online service makes receiving the loan super easy. It won't fix your financial issues but helps for a month-end solution.
Andrea Hooper
Andrea Hooper
9 / 10
Lending was easy, and the money helped a lot. It paid for an essential bill. I will surely take advantage of Empire Finance the next time. I hope they'll start giving promo codes.