You are looking for cash to pay bills, repair your car, or maybe do some repairs around the house.
It’s easy to find a cash advance online in less than 10 minutes.
This article is about what a cash advance online is and how you can get it.
Let’s jump in.
Table of Contents:
What Is a Cash Advance online?
A cash advance online is a short term loan where the entire process is done via the internet. You’ll receive the money quickly into your bank account soon after approval.
The lender knows you’re probably in dire need and works hard to save your situation as soon as possible.
They are also known as payday loans.
Even though they are easily accessible, you pay interest on the loan amount even if you took it for a week or two and can also be expensive.
But despite the price tag, cash advance online is also a good idea, and that’s what we’ll look at next.
Reasons Why Cash Advances online Are a Good Idea
Life is full of surprises, but let’s talk about the unpleasant ones. Unexpected bills pop up anytime at the worst times; house repair, car breakdown, or a need to urgently travel. It would be best if you got back to your feet today.
Some reasons why cash advance online is a good idea are:
- You have a bad credit rating or avoiding a credit check – Bills are due, but your funds are insufficient. Maybe you’re working to build your credit score, and you know every credit inquiry lowers your score. Cash advance online does not require any credit check.
- You want to avoid late payment penalties on your mortgage – penalties are more than the cost of a cash advance online. Let’s say your mortgage is $2000 with a 5% late payment penalty. It means if you fail to pay on time, then you’ll pay $100 more, which might be less than what you’d pay on your cash advance loan.
- You want to keep your income steady – A computer malfunction or car breakdown might dramatically reduce your earning potential. Keeping up with your work to maintain a steady flow of income may necessitate a cash advance.
Cash advances are the easiest ways to get cash quickly, but they often come with hefty fees that outweigh the benefits. Before you take out a cash advance, ensure you consider the following tips.
Understand how your lender calculates interest rates, upfront fees, if any, and if you have any daily advance limits.
Understand the terms
You can find cash advance fees in the original agreement. The agreement should show the APR and the fees.
Another important detail you should consider is the different types of balances and how your lender applies for payments. For example, some lenders apply the minimum payment to the balance with the highest APR.
It means, even if you make diligent and regular payments, it can be challenging to pay off your advance, especially if you’re continuing to use your credit card to make purchases.
Find out how much you can borrow
Sometimes cash advances are limited to a percentage of your credit limit. Policy and formula for setting cash advance limits vary from one card issuer to another.
Some have a cash limit of 20% of the credit limit.
Where to Find Cash Advance Online?
MaybeLoan offers you incredible marching services to enable you to access top online cash advance lenders. They are reputable and offer better loan options.
However, you can also check with LendUp. It offers a unique platform where you can borrow short-term loans and build your credit history. They also provide free financial education courses.
Even though they limit you to smaller amounts at the beginning, the more you borrow and repay promptly builds your credit history and ability to access better loan terms.
Other reliable platforms include;
- Check Into Cash – Is your one-stop-shop if you want payday loans and in-store cash advances from lenders directly. It takes 5 minutes.
- Greenlight Cash – Do you have a pending lawsuit? Greenlight cash will offer you a pre-settlement cash advance quickly and easily.
- Loan By Phone – It gives you an opportunity to apply for a cash advance on the go. Use your smartphone to get money quickly, manage your account. You also get money in a little as 24 hours.
That said, we know cash advance loans are costly. Before you get yourself in a spiral of debt, also consider a cash advance alternative.
Cash Advance Alternatives
Cash advance online is convenient, especially during a difficult financial situation, and you may feel it’s your only way out.
But, some alternatives may be better for you.
Here are some of them.
- Overdraft on your checking account
- Payday loans from federal credit unions
- Credit cash advances
- Credit counseling to help you create a long term financial solution.
Cash Advance online Scenario
Unpredictable factors in your personal life or business mean you need a loan fast.
Scenario 1: Your business gets a large order you can’t afford.
Scenario 2: An essential piece of equipment needs repair or replacement.
Scenario 3: You need to pay your employees on time
Scenario 4: There’s a massive catastrophe in your area, and you need to relocate or make repairs.
Applying for a Cash Advance Online with Us
If you are still seeking a cash advance online, then you probably don’t want to wait any longer. That’s why the MaybeLoan application process is fast and straightforward.
You need a smartphone or computer to access money within 5 minutes. To apply, you need to be 18 years old or older and live in a state where MaybeLoan gives an opportunity to find a lender.
All you need to provide is your phone number, valid email address, and a mailing address.
To manage your payment process, you’ll need a checking account that allows electronic transfers.
Within a short time, our online application process notifies you if your loan was approved instantly, no matter the time you apply.
The system works 24/7, and you receive your money within one business day.
You indicate that money enters in my account right after the approval. Given that I need a loan today, would the transaction be made immediately or does it take any time for money to be available on my credit card?
I believe, the option of credit overnight is necessary thing for small businesses. Sometimes a need to increase current liquidity appears. In this case, heads of business can use an option of short-term loans. This step would solve all the up-to-date financial issues.
Are there any restraints for small business? For instance, the number of employees or financial performance and cash flows. Our company’s activity is profitable enough, however, it’s turnover is far from perfect. Can I expect to get a loan in this case?