When you are in a financial fix, you might ask your friends and family to help you. However, what happens if they are also in a fix? You have to look for another source of finance, especially when you have no choice but to cover the financial need urgently. Long term ventures such as buying capital assets are better covered by applying for traditional loans. For emergencies that require immediate financing immediately, online cash advance will help you.
What is a Cash Advance Loan?
Cash advance loans are short-term financing options given to a borrower who is employed. The loan is meant to cover short-term emergencies and thus its approval time is much shorter. Most lenders will approve your application within 24 hours. The loan also has to be paid back within a much shorter time than traditional finance, usually on the borrower’s next paycheck date or within 30 days of approval.
The amount of cash advance given is much lower compared to that of traditional loans. The usual amounts range from $100 to $1500. The amounts are small because the borrower is not required to provide collateral for the financing. Moreover, the borrower’s credit history is not considered when the loan is being approved.
The amount of loan you will qualify for usually depends on your salary, history with the lender and the disposable finance set for allocation to borrowers.
Qualifications for Applying for Cash Advance Loans
Cash advance is one of the easiest financing that you can get. This is because your credit history will not be looked into when applying for the loan. Even if you have bad credit, you can still be approved for the loan. Moreover, the lender will not question what you will do with the financing. Whether you want to pay your electric bills, buy tickets for a movie, pay part of your other debts, buy groceries, etc. the choice is yours. online payday loans can give you immediate loan approval.
The main criteria for approval of the financing are:
- You must be employed or have a legal business that brings you regular income.
- You must be a citizen of the United States.
- You must have a checking account that has some money in it.
If you meet the above 3 criteria, you can apply for cash advance online and expect approval within 24 hours. The lender may contact you via phone or email to inform you of your qualification and the amount that you have been approved for will be deposited in your checking account.