In all likeliness, you know about the complications that are involved in getting a bank loan. Besides pledging a collateral, the applicant must also furnish a bunch of other details, and the whole procedure can take weeks. When you are in need of immediate funds, a cash advance may work better. Here’s what you need to know.
What is a cash advance?
Also known as a payday loan or a cash loan, a cash advance is a small personal credit, not exceeding $1000. This is a completely regulated industry, where lenders abide by the laws and norms, which can differ in each state. Unlike bank loans, you don’t have to wait for a cash advance, and in most cases, applications are approved and the loan amount is sent within a week. The application can be completed online, and once approved, the amount will be deposited in your bank account. The repayment term is usually between one to four weeks, but you can talk to your lender to extend the term, against a fee. It is possible to take more than one cash advance at a time, and typically, the lender will deduct the amount from the same bank account on your next payday or on the repayment date, whichever is earlier.
What are the requirements?
Please note that laws related to short-term lending depend and vary from state to state. To get a cash advance, you must be a USA resident and over 18 years of age. You also need to have a valid ID and address, besides a stable job. Some lenders may have a minimum income requirement, but again, these norms can vary. You also need an active bank account for getting the money. You can check https://slickcashloan.com/cash-advance/ for more details.
Points to note
If you don’t have the best credit score, you can still apply and get a cash advance, but the lender may use discretion to approve the amount. The charges related to delayed repayment of cash loans can be really high, so always check the terms and conditions beforehand. With cash advance, you can pay for almost anything, and usually, lenders are not bothered with the requirement, as long as you have a job and can repay the loan in time.
Finally, do plan your finances and paychecks before you take a cash advance. These loans are useful, but only when you use the option as intended.