What is a Cash Advance Loan?
A cash advance loan is a short-term loan to help you through a cash shortage. They are tied to your paycheck, approval based on your employment history and proof that you can repay the loan with a future paycheck.
Cash advance loans are also known as payday loans, paycheck advance loans, quick cash loans and short-term cash loans.
Here’s how they work…
You find yourself short of cash. It happens to all of us and for a variety of reasons…your insurance premium is due, you need to attend a friend’s out of town wedding, your car breaks down…any unexpected expenditure of cash can put a dent in your finances and leave you short of cash. A quick cash loan can help you out of this short-term crisis.
How You Apply
If you prefer to work with someone face to face, you can find a payday loan lender in your area, and apply at their place of business. Or you can apply online. The latter method has many advantages. Applying online takes less time, less effort, and offers you greater privacy.
By doing an online search for cash advance lenders, you can compare terms and narrow your choices. Apply to the lender that works best for your circumstances. You’ll be asked to complete an online application, and provide your employer’s name and phone number, as well as your bank account number. If you are approved, the lender can deposit the loan directly into your bank account. You can also arrange to have payment of the loan automatically withdrawn on your next payday—thereby avoiding late fees and other fines.
How They Can Help?
Used correctly, cash advance loans can help you navigate through temporary financial hardships. Let’s say, for example, you did some back-to-school shopping for your kids, and now the bill is due but you don’t have enough to cover it. Paying bills late can lead to large late fees and fines that can greatly increase the amount of the original bill. Although there are fees associated with a payday loan, they are probably less than the late fees associated with missing a payment on a store credit card. As long as you arrange to pay the cash loan back from your next paycheck, you can make your payment, avoid late fees, and get yourself back on budget.
A cash advance loan is quick and easy to apply for. You can apply from the privacy of your home, have money directly deposited to your bank account, and have the loan payment automatically withdrawn when it’s due. You won’t have to ask for a paycheck advance from your employer, borrow from family or friends, or rack up interest fees on your credit card. Get the cash you need now, and use it to get back on track financially.