Cash Advance Loans Online | ACFA
Flat tires happen. Your pet gets sick. You might need to get a root canal immediately. You might need to quickly borrow money in an emergency, such as an online cash advance loans.
A cash advance is a quick option, but it can have serious drawbacks that could end up costing you.
What is a Cash Advance?
A cash advance loan, also known as a payday loan, is a short-term loan. Even if the repayment term is only a few weeks, you will still have to pay fees for borrowing the money. You will have to repay the loan and all fees on your next payday.
What makes a cash advance different than other loans?
In several ways, cash advances are different from personal loan in the following key ways:
- Rates Interest rates for personal loans are generally lower than those on cash advance loans. You might be able to get a personal loan from one of our partner’s lenders for as low as 2.9%+, while a cash advance loan rate could be as high as 400%.
- Summaries: The average payday loan is between $350 and $500. Personal loans allow you to borrow more. You could borrow up to $100,000 depending on your lender.
- The repayment term for a cash advance loan is You typically have 14 to 30 days to repay your loan. Depending on the lender, a personal loan will take you longer to repay — typically one to seven years.
- Funding time: Cash advances can be funded quickly. You could receive your money the next day with an internet cash advance or the same day if applied in person. It takes to fund personal loans varies depending on the lender but typically takes one to seven days.
- Credit checks: Cash advances lenders don’t usually run credit checks. Approval is based on your employment history and pays stubs. Personal loan lenders will, however, typically check your credit to determine eligibility. You will need to have good credit to be eligible for a personal loan at a low-interest rate.
A personal loan is generally less expensive than a cash advance loan. You could pay more for a cash advance loan than what you borrowed. Consider all lenders before you apply for a personal loan. This will ensure that you get the correct rate and terms. You should also consider the cost of your loan over time. Use our loan calculator to estimate the cost of borrowing money.
Are you able to get a cash loan even if your credit is not perfect?
Cash advance lenders don’t usually require credit checks. Your eligibility for a loan is determined by your employment history and pay stubs. Even if your credit is not perfect, you may still be eligible for a cash loan.
It is not wise to take out a cash advance loan, especially as you might end up in deeper debt due to the high fees charged by cash advance lenders.
Tip You might still be eligible to receive a personal loan even if you have poor credit. Many lenders offer bad credit loans that are more affordable than cash advance loans. Some lenders allow cosigners for personal loans. A creditworthy cosigner can help you qualify for a lower rate or get approval.
Cash advances can be made with credit cards, but you should check the fees.
A cash advance can be another option if you have a credit card. Cash advances can be limited to a certain percentage of your credit limit. If you have a $10,000 credit card with a 30% cash advance limit, you can take out $3,000 cash. Remember that cash advances on credit cards typically have a higher interest rate than regular purchases. A cash advance fee may also be required.