Because of their short repayment periods and connection with the borrower’s regular paycheck, cash advance financing are usually for smaller loan amounts. Depending on the lender and borrower’s regular paycheck amounts, a cash advance loan may be as small as $200 to as large as a few thousand dollars.
Individuals use cash advance loans for a number of different reasons, and lenders usually do not put limits on how borrowers can spend their cash advance funds. Many cash advance loan borrowers, however, often use these types of personal loans to cover a temporary shortfall in their budget or emergency expenses, such as unexpected medical bills, necessary car repairs or sudden expenses that may arise.
Because cash advance loans are tied to the borrower’s next paycheck, many cash advance lenders are able to offer financing to applicants with less-than-perfect credit. Many cash advance loans may be considered an unsecured loan. This means that there is no underlying collateral, such as a car or property required in order to "secure" the funds.
The following are typical qualification requirements for a cash advance loan:
Today, many cash advance lenders offer consumers the option of online loan applications and approvals. This allows consumers to apply for cash advance personal loans from the comfort and security of their own homes, rather than having to visit the lender’s offices. Direct cash lenders with full online capabilities can receive applications at any time of the day and provide an approval offer in as little as a few seconds.
Upon full approval, cash advance loan borrowers are often able to have loan funds deposited directly into their bank accounts via electronic funds transfer. This means that once qualified for a loan, funds could be available to the borrower within 24 hours.
A cash advance loan is not for everyone. But for currently employed individuals who need fast access to personal financing, cash advance loans are one of many personal loan options available today.
Disclaimer: NetCredit is a direct personal loan provider and does not provide financial advice, nor does it vouch for any vendor or service mentioned on our NetCredit personal finance blog or online consumer loan glossary. Always research and perform due diligence on any service provider or vendor before deciding to use them, and we recommend that you speak with a financial advisor regarding all decisions that will affect your finances.