Get a cash advance to stay financially on schedule
A cash advance is exactly what it sounds like. When someone is expecting a paycheck or other form of cash but needs money now instead of on the scheduled pay date, a lender can provide a cash advance. In the case of online cash advance lenders, the cash advance is directly deposited into the borrowers bank account typically within a day. Lenders charge a service fee, but cash advances from most lenders never appear on a borrowers credit report.
Find the right cash advance lender
Personal Money Network is not a lender, but we work with many. Our objective is to protect people from going through the wrong cash advance lender. Keeping a borrowers personal information private and safe is a top priority. We also aim to keep borrowers informed about what they should expect and accept when it comes to getting a cash advance. We thoroughly research online lenders we work with to make sure they are legit and in compliance with federal and state financial regulations.
Basics of a cash advance
Applying for a cash advance online is similar to applying for any loan. The borrower requests a loan amount and provides some personal and financial information for the lender to evaluate. The lender makes an offer than includes cash advance amount, the fee for the loan and the date when the cash advance will be repaid. A bank loan can take weeks, but short term cash advances can happen fast. Application, agreement and approval happen within minutes, and the borrower gets cash as soon as the next day.
General terms of a cash advance
Cash advances between $100 and $1,500 are available online. Lenders do charge fees for cash advances that can range from $15 to $30 per $100 borrowed on average. The term of a cash advance loan is usually two to four weeks, and the loan advance plus fee must be paid back in one lump sum on the due date. If you need more time to repay the amount you need, check out installment loans.
Cash advances versus traditional loans
Applying for a loan through a bank is a lengthy process, which means potential borrowers who need money right away won’t benefit from bank loans. Banks also set loan terms and interest rates based on the customers credit report, so it’s difficult for people with poor credit to qualify for loans with banks. Many of the lenders we work with usually don’t check credit reports, and cash advances usually don’t show up on a borrowers credit history. Note that every lender has their own process and this does not apply in all cases.
Other names for the cash advance
Cash advances are known by many other names, including short term loans, personal loans and payday loans. A negative stigma has been attached to these financial products. Before the short term lending industry became more tightly regulated, a few bad apples tried to take advantage of the lack of regulation, and some even engaged in harassment when trying to collect repayment. Now that the industry is more heavily regulated, the bad lenders are easier to identify. We pride ourselves on who we worth with, and when applying through us and the lenders we work with, you can take comfort in knowing that you shouldn’t have to worry about these ‘bad apples’.
History of cash advances
The concept of lending dates back to Ancient Rome. In Roman society alternative financial service providers were called “argentarii.” The first examples of cash advances in America started appearing in agrarian society. Farmers would often borrow money for seed and repay the debt either with profits from the crops or the crops themselves. In the 19th century lenders began practicing short term lending in much the same way modern short term lenders do, giving cash advances and charging a fee for the service. Back then the business of short term lending mostly existed underground. In the late 1980s modern cash advance stores started popping up, and the legislation and regulation followed. By the time online cash advances or payday loans came to be, fees, loan terms and collection practices were already heavily regulated.
Demand for cash advance lenders
The cash advance industry has received a lot of bad press over the years and been through a lot of changes. Big banks and anti-short-term-loan lobbyists, who usually have a stake in the banking industry, have all tried several tactics to stamp out the competition. However, the need for cash advances and payday loans has never gone away. No matter what rumors have been spread about payday advance lenders and their customers, financially responsible people know that using these online loans could help them save money by possibly avoiding late fees and overdraft charges. Cash advances and payday loans can also protect customers’ credit reports by allowing them to make payments on time.
Using cash advances responsibly
Because cash advances do come at a price, they should only be used for necessities. Cash advances are great for keeping the power on, making rent to avoid getting evicted or taking care of unexpected expenses. Saving money or protecting credit are also appropriate reasons to use them. Cash advances should not be used to purchase non-necessities. When taking out a cash advance, make sure you consider the other expenses that will come out of your next paycheck and only borrow an amount you can afford to pay back with that check.
Get a cash advance today
A cash advance can be directly deposited into your bank account after you have received an approval for an online cash advance through a lender when an agreement has been reached and accepted.