Emergencies happen. When the car breaks down, the kids have to go to the doctor, or the water heater breaks- and you don’t have the money in your emergency fund where can you go to get the money?
A cash advance loan allows you to get the money you need quickly, directly deposited into your checking account, usually within 48 hours. By applying for this loan online you avoid the potential embarrassment of going to a brick and mortar cash advance establishment.
Also, applying online allows you to request the funds from home and at any time. It does not require a trip to the cash advance storefront.
Qualifications
In order to qualify for an online cash advance loan there are certain qualifications that must be met. You must be at least 18 years of age. You must also typically have an active checking account that has been in existence for at least 90 days.
Further, you must be employed and have verifiable income. In most cases you must be able to show that you receive at least $1000 a month.
In most cases you can only have one cash advance at any given time. A cash advance company will not give you more than one cash advance at a time.
The cost
An online cash advance loan is meant to help you deal with irregular, short term cash needs. The cost of a cash advance loan can be very steep. Bu law they are required to express the cost as an APR when extending these loans.
It is very common to see rates (APRs) expressed as 800% and over. The reason for this is that an APR takes fees into account so that a consumer can see just how much the loan is actually costing them on an annual basis. An online cash advance loan is meant to be short term and comes with high fees; so when the fees are taken into account a two week loan can cost over 800%.
Uses
An online cash advance loan is directly deposited into your account and can be used for any purpose. This means that regardless of what your emergency is an online cash advance can provide you with the money you need.
Bad credit
A cash advance loan company does not usually check credit before extending the loan. So even with bad credit it is possible to acquire this kind of loan. Having poor credit can close the door on many other loan sources, so a cash advance loan may be the only option available to you.
Online cash advance loans provide a convenient, quick way to cover short term liquidity needs. In the event of an emergency this can be a lifesaver, but you will pay for this benefit. A cash advance loan is expensive and costly, but when there is no other option an online cash advance loan can help you get through an emergency.