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Cash Advance

Got a big payment coming up but don't have the funds required? No need to worry. All you need to do is request a cash advance or payday loan from WeLoans today.

How Much Do You Need?

$2,500
$2,500
Get StartedWant to borrow more than $5,000? Click here!

What is a Cash Advance?

A cash advance is also known as a short-term loan that you get from a bank or an independent lender. The cash advance service is also provided by many credit card issuers like banks where individuals can withdraw a certain amount of cash from their cards.

Cash advances are attractive for borrowers because they provide quick funding to those who need it. When you're in a stressful situation, getting a cash advance is the most convenient option. You don't need to get a formal loan, nor do you need a credit check to access these funds.

What is a Cash Advance Online?

Cash advance online is different from other types of funding as borrowers are required to repay the amount in one installment only. If you need some emergency funds to help you get through the month, then you can request for an online cash advance today.

WeLoans allows borrowers to find cash advances online through its website portal. You can access this short-term funding by clicking on the “Get Started” button on the homepage. The search widget is convenient to use as you can specify your cash advance amount using the toolbar.

With WeLoans, you can find an independent lender who is willing to give you a cash advance. The entire borrowing process can be completed from your own computer at home, so there's no need to visit a physical store.

Types of Cash Advances

There are many different reasons why you might need a cash advance. To help you find the right funding, here are a few types of cash advances:

1

Credit Card Cash Advances

A credit card cash advance is typically offered by banks for all credit card holders. With this short-term loan, the borrower can get instant cash of up to 30% of the credit limit on their card. Some banks allow you to withdraw 50% of your available credit limit, but you can check with your local bank for more information.

2

Payday Loans

Payday loans can help you get through the month without facing financial stress. With payday loans, you can request a loan amount that reflects your monthly income. In this case, lenders require you to show a proof of income to determine your creditworthiness. Once you get your next paycheck, you are required to repay the full loan amount to the lender.

3

Merchant Cash Advance

For small business owners looking for cash advances, a merchant cash advance is the best option. This type of loan is given on the basis of past sales and prediction of future sales. You can qualify for a merchant cash advance if your business successfully brings a significant amount of credit card or debit card sales every day.

How a Cash Advance Works

Depending on the type of cash advance you choose, the process will be a little different. Here's how all three types of cash advances work:

Credit Card Cash Advances

Getting a credit card cash advance is probably the easiest option. You can withdraw your funds from the ATM, the bank, or by writing an access check that is mailed with your credit card statement.

Certain types of credit card usage are also termed as a cash advance by banks. These include:

  • Initial cash deposit for your bank account
  • Gold
  • Overdraft protection for a checking or savings account
  • Virtual currencies
  • Foreign currency or money orders
  • Lottery tickets
  • Wire transfers

Payday Loans

Payday loans are given by traditional banks or independent lenders as short-term loans. In most cases, the borrower is required to provide a post-dated personal check of the entire loan amount. Payday loans can be taken against any form of income, including pension or social security.

With WeLoans, you can get payday loans for any amount between $100 and $5,000. To obtain this loan, you can request for a payday loan on our website. Then, we will help you connect with a panel of lenders who offer competitive interest rates and manageable repayment plans.

Once a lender approves your payday loan, they will transfer the funds directly to your bank account. Remember that you are entitled to repay the entire loan amount by the end of the month or when you receive your next paycheck. Repayments for payday loans are typically made with one fixed installment instead of multiple ones.

Merchant Cash Advance

Instead of your credit card provider, merchant cash advances are offered by the payment processor for your credit/debit card sales. With a merchant cash advance, you are not required to pay an APR. Instead, the repayment is based on a factor of your daily sales, typically between 1.2 to 1.5.

This factor-based payment can continue changing depending on the number of sales you make. If your sales are high, then the daily payment may increase as well.

Cash Advance Near Me No Credit Checks

Pros

  • Quick Funds

    If you run into an emergency where you need to access a small sum of money immediately, then cash advances are a great option. You can use these funds for a variety of purposes, including medical bills, home repairs, or vehicle repairs.

  • No Collateral Required

    Cash advances are a type of unsecured loans. This means that you do not have to provide any collateral- or asset - against them. This makes cash advances a convenient method of obtaining funds for everyone, even those with bad credit.

  • Quick and Easy Process

    With WeLoans, it is incredibly easy to request a cash advance in the form of a payday loan. You can get up to $5,000 as a cash advance from one of the lenders on our panel. Since WeLoans provides an online broker service, you can request a loan from your own computer at home.

Cons

  • High APR and Fees

    Since cash advances are short-term and unsecured loans, most lenders will charge high APR and fees. This means that you might be repaying a much higher amount than what you initially borrowed.

  • No Grace Period

    With credit card cash advances, you don't get any grace period for payments. Interest payments start accruing from day one.

Alternatives to Cash Advances

If you don't think cash advances are the right option for you, then there are a few alternatives that you can choose from. Here are a few ways to get funding other than cash advances:

  • 1. Personal Loan

    If you have maintained good credit worthiness, then you can qualify for a personal loan. WeLoans can help you connect with a suitable lender who is willing to offer you a personal loan at a competitive rate. Even with other fees, interest rates on personal loans are typically lower than cash advances.

    For those who need to borrow a large amount, personal loans can get you up to $35,000. However, this alternative takes a longer time and might require some additional paperwork.

  • 2. Try Negotiating

    For those with a Roth IRA, it is possible to withdraw the funds that you contributed without any additional penalty. Other types of retirement accounts like 401(k)s or Traditional IRAs also allow you to withdraw funds, but they charge an early withdrawal penalty. In both cases, you can repay the money that you withdraw within the specified time duration.

    If you are in need of quick cash and don't want to apply for a loan, consider using the retirement account loan alternative. Remember to repay the amount that you withdraw to maintain your retirement account for the future.

  • 3. Retirement Account Loan

    If you are in need of quick cash and don't want to apply for a loan, consider using the retirement account loan alternative. Remember to repay the amount that you withdraw to maintain your retirement account for the future.

    Some creditors might offer an extension on your payments. However, it is important to inquire what charges are associated with this payment extension. For utility bills, you can request a long-term payment plan that allows you to pay a large bill in smaller installments over time.

  • 4. Pay with Credit Card

    If you pay your regular bulls with cash or ACH transfer, consider charging them on your credit card. This option should only be used when you want to free up cash in your budget for other things during a time of financial crisis.

    While some purchases may incur a convenience charge on your credit card, services like car insurance, cellular service, or internet bills can be paid for without any additional charges. Paying with your credit card avoids the hassle of requesting a loan and prevents you from paying additional fee or high APR.

Do Cash Advances Hurt Your Credit Score?

Getting a cash advance has no direct impact on your credit score. However, there might be an indirect effect of the cash advance.

If you take the cash advance using your credit card, then your outstanding balance with the financial institution will rise. This also raises your credit utilization ratio which can hurt your credit score in the long term. Remember to always consider your current credit utilization percentage and credit limit before taking a cash advance.

High credit utilization rates can put you at a high credit risk. If this ratio exceeds 40%, then it can severely damage your credit score.

Cash advances in the form of payday loans are designed to be paid back within a few weeks. If the high interest rate affects your ability to make prompt monthly repayments, it could affect your credit score.

If the cash advance exceeds your card's credit limit, then your credit report will always reflect the highest balance ever reported. This means that future lenders will see that your debt-to-income ratio was extremely high at one point, which could hurt your credit worthiness.

Is a Cash Advance Right for You?

Deciding whether a cash advance is right for you depends on the purpose you need it for. For emergency situations, getting a cash advance is a convenient option. However, you should always assess whether you really need the cash advance or not.

Even if you decide to take a cash advance, make sure that you have the necessary credit line required to qualify. After taking the advance, you should plan your finances accordingly to pay the cash advance off as soon as possible.

Remember to consider all the alternative options before taking a cash advance. In many cases, there might be a cheaper alternative to cash advances with lower APR. If you're requesting a merchant cash advance, it is recommended to read the fine print of your contract very carefully.

However, if you need money urgently, then a cash advance is the quickest option available. A cash advance is right for you when you know that you can pay it off within the next few weeks before interest starts accruing.

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