Cash Advance Loans
Cash advance loans are a type of short term loan also known as a Payday loan. In a cash advance loan, you get the amount you need on the spot going through a fast and simple procedure, the money can be paid back on your next payday. The repayment of the loan is done with an attached interest or fees. The borrower can apply for a cash advance loan online or in-store.
Any credit card user is in power to take a cash advance loan from their remaining credit card limit until that limit is maxed. The most common use of cash advance loans by the borrower is to pay off a debt which can also include a credit card debt on a different card. While taking a cash advance the borrower is basically taking out money from his/her own credit card account and there the credit bank doesn’t feel the need to verify your credit score.
Therefore, after withdrawing the amount of cash that is required, it is charged to your credit card limit. Even though, the cash advance loans look very similar to instalment loans as both loans are likely to provide the borrower with a lump sum amount of money hence they are different. This is because the cash advance loans have a flexible repayment process and can be repaid accounting to the borrower’s convenience.
Types of Cash Advance Loans
There are different types of cash advances however what is common among all is the stiff interest rates and fees.
● Credit card cash advances
This is the most common type of cash advance loan undertaken by the borrowers. The process involves borrowing on the line of credit through your credit card. The money withdrawn is based on your credit card company and in most cases can be withdrawn from an ATM. There is a small usage fee that is charged on withdrawing the money from the ATM.
Credit cash advance loans involve a high rate of interest as compared to the alternative loans and usually include a fee as well which can either be a small proportion of the advanced amount or a flat rate. However, it is better to pay off the loan as soon as possible.
● Payday loans
Some lenders may also use the term “payday loan” while referring to cash advance loans. These loans are short term and must be repaid on the borrowers next payday unless additional interest can be charged. Payday cash advances are issued by the lender on determining the amount of loan based on local state regulations and the stabilized income of the borrower.
On the approval of the loan, the lender hands the loan amount to the borrower or in case of online loan approvals the money is deposited electronically by the lender into the borrower’s savings account. This process is quicker than a credit card cash advance.
● Merchant cash advances
Merchant cash advance loans are usually applied for by merchants or companies from alternative lenders or banks. The companies which have less credit typically take these loans to finance their business activities. Usually, the loan is repaid with future credit card receipts or with a percentage of the amount that the business receives from its sales in its online accounts.
In this situation, the lenders do not rectify the business credit score but often check and calculate the creditworthiness of the business including what amount is received by the sales in its online accounts.
How are Cash Advances a Safer Option?
Unlike auto title loans, cash advances do not require any collateral. Therefore, if a borrower defaults on the loan none of your assets will be repossessed. As the interest rate charges the minute you take out the cash advance loan it makes it costlier than other loans. Perhaps the safest option is to pre strategise the repayment of a cash advance loan. This is because the faster you pay off your cash advance loan, the less interest you will have to pay. Which is better than letting the interest rate pile on and then be caught in debt.
Cash Advance Loans at PaydayNV
You can apply for cash advance loans at PaydayNV which is a US-based company that will help you balance your finances. We help you pay your bills just in time by stabilizing your finances. Also, online payday loans are easy to apply for. All you need to do is fill a loan application lion which is a simple and straightforward process.
Once the application is successfully filled with the required details of the borrower the processing does not take much time. On approval of the application, it is possible that the borrower receives the amount the same day and in some cases within seconds. To apply for a cash advance loan at paydayNV the borrower will need the following documents:
● Government-issued ID
● Stabilised source of Income
● Checking account
● Personal check (if necessary)
The demand for the documents is not rigid and may change depending on the type of cash advance loan taken by the borrower. Whichever cash advance loan you wish to take make sure to go through individual loan terms and conditions thoroughly.
Why get a Cash Advance From PaydayNV
At PaydayNV we understand your need for instant need for cash and we render you that financial backup for your comfort. The terms are conditions of each loan is clearly discussed and remain transparent between the lender and the borrower. In no case do we let our borrowers down and our team advise the best loan opinion which is relevant according to your situation. By enabling our borrowers to apply for cash advance loans online we believe we have cut out the additional effort and made the process quite easy and straightforward saving all the time. We assure easy and fast application approvals once you have met all the legal requirements for the loan.