These loans provide the best options for people who wish to pay for emergencies and other types of short-term needs. They can help with car repairs, unexpected medical bills and even moving expenses. There are plenty of online lenders who offer convenient and quick loans and some even provide same-day or next-day funding after approval.
You will have access to many lenders that offer fast cash advances. The application process, which is also simple and straight forward, involves providing some simple information that will be evaluated before you are approved for the loan. Next will be liaising with your new lender and finally receiving the funds.
Although the rates are sometimes considered to be high for these loans, they never exceed 36%. This is the maximum rate, and it is affordable for conscientious consumers and financial experts. Credit card companies also offer these cash advance loans, but their charges and interest rates are usually much higher. Therefore, below you will find the best places to look for these loans.
How Does The Process Work?
A cash advance is a short-term loan that is funded into your bank account. The amount you borrow is small and one that can be paid back in one payment or at most two. This is similar to what people call payday loans.
Dealing with an online lender means that the whole process will be handled online. It also means that you do not need to know the lender’s physical location, and simply filling out an online form can provide them with the necessary information to approve you immediately. If you are approved, then you receive the funds through electronic transfer.
The different types of lenders you are likely to encounter when it comes to fast cash advance loans include the following.
LightStream – Same-day funding
OneMain Financial – Same-day funding
Rocket Loans – Same-day funding
LendingPoint – Next-day funding
Avant – Next-day funding
Upstart – Next-day funding
Best Egg – Next-day funding
Discover Student Loans – Next-day funding
LendUp Cash Loans – Next-day funding
How To Order Online
Fast cash advances are possible for people who have a stable source of income and are above 18 years old. They should also provide lenders with the following information.
- Their phone number
- A valid mailing address
- Their current address and other contact information
- An active checking account that easily allows an electronic transfer
You will also be asked more about your employment details and source of recurring income. Once you complete the application form, the lender will do a credit check to confirm your credit score and ask a few more questions that will help them make the lending decision.
They will provide you with an immediate answer to your loan query and also give you the fastest possible date of receiving the funds. This makes the process very easy, and their credit check is extremely flexible, which allows people who may not qualify for traditional loans to easily qualify for a fast cash advance loan. In most cases, a first-time borrower can receive up to $250 and once they repay this on time, they will have access to more funds in the future.
Tips For Cash Advance Borrowers
The most important thing you should consider when using a cash advance service is to ensure that you are always wise about it. Plan early on how you will repay the loan even before you borrow. This is because, as much as they do not require a very high score for qualification, any default will still affect your credit report in the long-run.
You must also read the fine print very carefully before you accept the funds from the lender. This is because, you may end up getting charged more than you expected, simply because you did not understand all the rules. Most lenders will charge you specific fees for late-payments or defaults. In addition, your interest rate may end up much higher than you expected.
If you decide to take out a credit cash advance, understand your limits and fees. Also, ensure that there is plenty of credit available for both the advance and any other applicable fees.
Fast cash advance loans are perfect in case of emergencies and can get you out of a bind. However, if you feel that you will not be able to repay the loans on time, then choose alternative borrowing options such as installment loans. With any loan, make sure that you fully understand the terms and conditions before accepting the offer.