Your Cash Advance Service – Fast Online Assistant For Financial Issues
Table of contents
- What are cash advances?
- What do I need to know about cash advance?
- How do cash advances work?
- How to increase the chances of issuing cash advance even with bad credit?
- Why do people take out cash advances online?
- What should you pay attention to before signing the contract?
- The main advantages of online cash advance
- 4 distinctive features of online lending services
- What is the difference between cash advance and a bank loan?
- Features of cash advances’ repayment
- 9 tips for those who plan to take out an online cash advance
What are cash advances?
Today, it is common when a person, having got into a critical situation in which money is urgently needed, addresses payday lending services. Unlike banks, cash loan advances can be issued simply and quickly. But you will have to overpay for speed – the rates in this segment of the market are quite high. How do credit card cash advances work?
Instant cash advances are a common phenomenon today. These are small loans for a short period, so-called payday loans, which are issued by financial companies.
Like every financial product, they have their own characteristics: such loans are issued much faster than bank ones, since you do not need to fill out a lot of documents. However, their cost significantly exceeds the bank loan.
What do I need to know about cash advance?
Cash advances are a tool for quick help in emergency situations. Left without money in a big city? A few hundreds dollars not enough for an important purchase? Need to pay the bill urgently? With the help of an online cash advance, you will cope with the difficulties that have arisen.
There are many direct lenders and referral services that issue funds for any purpose, accepting applications from customers around the clock and 7 days a week. Through the website , you can issue:
- payday loan – up to $5,000 for a period of up to 31 days;
- installment loan – over $5,000 for up to a year.
The question often arises: is it possible to issue cash loan advances to a card without an ID? Many online services issue small cash advance without a package of documents, but ID information is mandatory for identifying the client’s identity, so you can’t do without them. The mandatory requirements for the borrower also include: a stable income, a personal bank card or account and a secure Internet connection.
How do cash advances work?
For the convenience of borrowers, many services have simplified the process of issuing an instant cash advance, reducing it to 4 simple steps:
① Apply for cash advance. By registering on lending website, you simultaneously fill out a questionnaire and an application for extra cash. Your request is immediately sent for review.
② Wait for the results of the automatic check. All information about the client from the application is assessed by an automatic scoring system, checking the correctness and reliability of the information.
③ Sign an agreement. After your application is approved, you need to sign the offer agreement with a special code from a text message.
④ Get deposited. Immediately after the depositing has carried out, the company will transfer funds to the details that you specified in the application. The speed of crediting money depends on the bank in which the borrower’s account or card is opened. As a rule, this happens on the day of the appeal.
How to increase the chances of issuing cash advance even with bad credit?
If you decide to take out cash advances from any credit institution, then a few simple tips can be very useful. But, first of all, you need to think carefully about how much amount you need.
* The most important thing to decide is how much you need. Perhaps your goal is not worth such an important and responsible step? Or you just won’t be able to pay it off, ruining your credit history for a long time.
* Calculate in detail all your income, as well as monthly expenses. It is optimal if monthly payments do not exceed a quarter of your paycheck. If, according to calculations, the payments total much, it is better to reconsider your financial policy, choose a different type of loan or abandon it altogether.
* You can apply to several payday lenders at the same time. This gives you several advantages at the same time. Firstly, it increases the chances of receiving the required amount. Secondly, if the application is approved by several banks, you will be able to choose the most suitable terms and rates.
* Carefully consider your income and expenses.
* Assess your credit rating. If your credit is bad, you may still apply for a loan and even be approved, if other criteria are met in almost 100%.
Why do people take out cash advances online?
The procedure for taking out such a lending option is as simple as possible: the approval process takes no more than 15 minutes, guarantors and collateral are not required, you can often get deposited to the card.
You still have to repay the loan. Even those that are issued via the Internet. Despite the fact that the debtor did not sign any offline agreement, a contract signed online has the same legal force as a handwritten one.
In addition, the interest on the loan is accured. As a rule, such services charge 1%-2% of the loan amount per day. The daily interest rate amount depends on the state you live in. The loan itself is issued for up to 30 days. The interest for the extension and the penalties are even higher. Follow the repayment schedule and won’t have any troubles.
If, nevertheless, it is not possible to repay the debt in a timely manner, our service recommends contacting the lender directly and cope with the question of debt restructuring.
What should you pay attention to before signing the contract?
The most important thing is never to rush to sign an agreement. You have several days to think about the offer that was made to you. The fact is that borrowers often face additional services. These can be various services, such as email notifications, life insurance or legal advice. The cost of all extra services may be almost the same as the loan amount, and interest is also charged on it. As a result, the amount of debt increases.
The individual terms in the loan agreement are listed in the table on the first pages of the agreement. They affect the interest rate and the size of the loan.
The main advantages of online cash advance
Quick decision-making on the application
Despite the fact that many banks have already reduced the time to review a loan application, in most cases new customers will have to wait at least one working day. It’s good when there is time – but there are times when money is needed right now. And the fastest way is to borrow from instant cash advance – usually within 5 minutes after filling out the application on the website, you will find out whether the loan has been approved for you.
Get deposited within several hours after approval
If the time of the application review may still be delayed – it happens that questions arise or additional documents are needed – then crediting funds from most large companies does not require time at all. Immediately after the application is approved, the money will be in your account or bank card. It takes a little more time to receive money through the money transfer system.
The ability to apply for a loan from anywhere
The rapid development of the Internet in recent years has greatly simplified our lives. Taxi ordering, utility payments, food delivery and many other services have become faster and more convenient. This also applies to issuing loans – in our referral service, you can fill out an application in 5 minutes and find out about the solution almost immediately. At the same time, you do not need to go anywhere, you only need access to the Internet. The application can be sent from a smartphone, tablet or computer.
Transparent and understandable terms and rates
Only through a direct lender, you will know how much it will cost to get a loan. You can’t think of anything simpler than this – you enter the required amount and term on the referral site and immediately see the offers from the lenders with how much the overpayment will amount to. That is, even before the loan is issued, you will know the amount of all payments.
You can get cash advances even with a bad credit history
For several years, banks seriously tightened the assessment of customers, and many still lend only to constant borrowers. Most often, the reason for refusal is information from the credit history – many Americans in the past had problems with the payment of different types of lending options. Banks often refuse such clients. But payday lenders, on the contrary, know how to work with them.
The opportunity to restore a bad credit history
Another advantage of brokers/lenders related to credit history is that small payday loans can be used to restore it. The logic is simple: if you have an imperfect credit history, you probably won’t be able to get money from a bank, but in an online lending services – the answer will be positive. After you receive and repay several loans on time, the chances of getting a large amount in the bank will increase, as this will have a positive impact on your credit history.
Not required to collect a package of documents
You will not need income certificates, pension certificate and SSN. The main difference from banks here is that you will be asked only one document – your ID.
A simple online application to fill out
The lending services from the network have a short questionnaire, which takes a few minutes to fill out. As a rule, there is contact information, passport data and information about income and employment.
No need for sureties and collateral
Most services do not require any guarantee or collateral, because they quickly make a decision on loan approval without making unnecessary demands. Note: We are not a direct lender. Note: We are an intermediator between a client and a lender. Your loan application will be distributed among US lenders that will provide you the most favorable offer.
No additional fees
Companies do not charge additional fees for using the cash advance. Customers pay only the interest accrued under the contract.
Simple repayment schedule
For payday loans, the repayment schedule is as simple as possible: after the expiration of the loan term, or earlier, you need to return the entire amount at one time. That is, what the client deposited + accrued interest.
4 distinctive features of online lending services
- Quick cash deposit. On average, it takes no more than 15 minutes to make a decision, less often – up to half an hour. When you re-apply, the application is reviewed even faster, since the questionnaire filled out by the borrower is already in the database.
- Minimum documents. The client only needs to provide an ID. You need to confirm the address of residence. Some lenders request the marital status of the client.
- No deposit required. Collateral may be required in exceptional cases if the borrower is trying to issue a large amount.
- Convenient payment scheme. Most microcredit organizations offer the possibility of loan repayment at the end of the payment term in one payment.
What is the difference between cash advance and a bank loan?
|Comparison parameters||Cash advance||Bank loan|
|When the obligations start?||From the moment the funds are deposited.||The date specified in the signed contract.|
|Registration method||Online or at the company’s office.||The contract is always signed by the person being credited personally.|
|The median term||You can receive funds for a period from 1 day to several years. Most cash advances are short–term.||From several months to 25-30 years in the case of mortgage lending.|
|Amount||Rarely exceed $5,000.||In most banks, they issue greater loan amounts depending on the type of the chosen financial product|
|Interest rate||1%-2% daily||Fixed interest rate. A grace period is possible.|
|Requirements for borrowers||Age 18 and over, residence of the United States and registration at the place of residence or address.||Citizenship and permanent registration in the state, income certificate for a certain amount. Age: 21 and over. Absence of delays and fines in the credit history.|
|What documents are needed to receive money||Usually – an application, an ID.||Application in the prescribed form, passport, income statement for the last 3 or 6 months, working status confirmed, SSN, military ID for military service, pension certificate for pensioners.|
|Refund options for received funds||Annuity payments or the entire amount at the end of the term.||In equal parts on the day set by the contract.|
Features of cash advances’ repayment
As for repayment, the terms of debt coverage may be different. As a rule, lending services offer weekly payments or a full refund with interest at the end of the term.
For payment, a client is able:
- contact the office of a microfinance company and give the money in cash;
- make a transfer of funds through the terminal;
- transfer money to a bank account.
This point should be clarified in advance so that on the day of payment you do not have to run around the city to find an office or terminal. Late payment can cause penalties, for example, double the interest rate for each overdue day.
9 tips for those who plan to take out an online cash advance
Tip#1. Decide what you need money for
Buy a specific thing, pay for the repair of something broken, or just don’t have enough money to pay for some services? In any case, you need to know the exact amount you need. If we are talking about an urgent repair or purchase, you need to know the cost in advance. If we are talking about a payday loan/cash advance calculate how much money you will need for food, travel, gasoline, etc.
Tip#2. Evaluate your financial capabilities
The borrowed funds will have to be paid back, and this needs to be understood clearly. A payday loan is not only the amount issued, but also interest. Will your financial resources be enough to repay the debt on time, but at the same time there was something to live on? There is a category of people who drive themselves into a debt taking out one loan to repay another, the second, the third… It turns out a vicious circle.
It is easy to assess your financial capabilities. The total monthly amount of debt and loan payments should not exceed 35% of earnings.
Tip#3. Make sure that your goals are adequate
Sometimes taking cues from your desires is a bad idea. Why do you need cash advances? It’s one thing if your laptop is broken, which contains all the information on an urgent project, and there is no money for repairs right now. And it’s quite another thing – if you saw a brand new smartphone in the store or a beautiful dress, or a diamond ring. Is it worth getting into debt to get what you want?
In most cases, there is no urgency for such acquisitions.
Tip#4. Read the contract carefully
There may be pitfalls in the contract in the form of additional payments, special conditions, etc. To avoid unpleasant surprises, you should carefully study all the information.
The contract should include the following:
- the amount of the full loan cost;
- the maximum amount of overpayment;
- interest rate;
- payment terms;
- penalties and fines.
Some payday lenders may impose additional agreements, insurance, commission for legal support, SMS-informing. Usually this is done by dishonest small creditors. It is unprofitable for large companies to try to deceive the client. It is more profitable to leave pleasant impressions about yourself so that they will address you next time.
Tip#5. Do not take money secured by real estate
Such conditions are also offered only by dishonest creditors. At the legislative level, this is prohibited. Therefore, when faced with such a condition in the contract, know that you are facing a black creditor, with whom it is better not to work.
Tip#6. Protect your personal data
In most organizations, you only need an ID to get a cash advance online. With a larger amount, a second document may be required – a SSN, a driver’s license, as well as an income certificate confirming solvency.
To get chase credit card cash advances, the lender will need to know its number. No other data: the date of validity, CVC code. It is also not allowed to photograph the card and send it to the lender.
When making a deal online, be careful. Do not follow questionable links, do not connect to an unsecured connection, pay attention to the warnings of the antivirus program.
Tip#7. Know the maximum amount of overpayments, fines and penalties
In case of late payment, penalties are accrued, interest increases, the total amount increases. But this figure is limited. According to the law, the total amount of interest, penalties, fines, penalties cannot exceed the loan amount by more than one and a half times.
Tip#8. Get ready to pay your loan back
A cash advance loan can both improve the credit history and spoil it. If you are not ready to pay off on time, it is better not to take it out. If there are unforeseen problems with making payments, you should honestly inform the lender about it, asking for a delay or recalculation.
Also, for most online loans, it is possible to deposit a minimum amount instead of a full payment. But this amount, as a rule, includes only interest. The amount of debt remains unchanged. If you pay only accruals from time to time, then you will have to do it for a very long time.
Tip#9. Take a certificate of full debt repayment
And finally, when the small loan is paid back in full, you should take a certificate confirming the absence of debt. This will protect you from growing fines and interest if some mistake suddenly occurred. The certificate is a guarantee of debt repayment and a perfect credit reputation.