Instant Cash Advance

Financial emergencies won’t let you wait around for your next payday? You don’t have to either. Get instant cash between $100 to $5,000 right when you need it through a painless application process. Get started!

$2,500
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Billy FultonFinancial Writer

Jul 27.2022. Filed under: Cash Advance Hub

What Is Instant Cash Advance?

When you need to take care of urgent expenses, one solution is to get fast cash in the form of a cash advance. If you’ve landed in a financial emergency where you can’t wait for money, a cash advance is a temporary way out of the expenditure.

A cash advance is a short-term loan with small amounts that need to be repaid within a matter of weeks. They’re quick and convenient, not to mention useful in case you need to borrow money fast to cater to your expenses.

An instant cash advance comes in different forms, giving you the benefit of choosing an option that fits your needs. However, you need to take into account the high interest rates and fees that come with them.

Types of Cash Advance

There are three primary options that allow you to take out a cash advance. Before applying for one, you should know the features and differences between each to understand which credit advance type works for you.

Cash Advance Loans

A cash advance loan, also known as a payday loan, is a borrowing option that allows you to repay it until your next payday. While banks offer cash advance loans, too, it’s more common to get one through an online lender.

Aside from convenience, online application and approval processes have a quick turnaround time. The majority of online lenders offer up to $1,000 for cash advance loans and offer APR according to credit rating, loan term, and repayment ability.

Pros:

  • Online application anytime, anywhere
  • Quick response time
  • Flexible eligibility for bad credit applicants

Cons:

    • High interest rates and fees

Credit Card Cash Advance

Your credit card can become a means of fast cash the next time you need a cash advance. Credit card issuers allow their users to apply for a cash advance and withdraw a percentage of their available credit.

You need to check first whether your credit card company has a cash advance feature. If yes, it’s as easy as visiting an ATM and withdrawing the amount you need. Alternatively, you can contact your credit card issuer and request a cash advance.

Pros:

    • Faster at times due to no application process

Cons:

    • High interest rates and fee
    • Limits amounts you can withdraw
    • Big dip on your credit score

Merchant or Business Cash Advances

Individuals aren’t the only ones in need of financial assistance now and then. If you’re a business owner with a small business and you need to tackle the expenses as soon as possible, you can get a merchant or business cash advance.

Even with repayments, instead of repaying it through your own pocket, the lender can claim percentages of the business sales through the merchant bank account or debit/credit card deposits until the debt is fully paid back.

The merchant cash advance works differently from others in that it charges the small business according to a decimal ratio, normally between 1-1.5% of the original loan amount instead of an APR.

Pros:

    • Quick, unsecured funds
    • Auto repayments from business’s holdings
    • Flexible payments

Cons:

    • Expensive means of borrowing for a business
    • Prepayment option unavailable
    • Lack of state regulations on MCAs
    • Won’t build credit

How Much Does a Cash Advance Cost?

Cash advance interest rates and fees may be higher than those for typical loans such as personal loans or credit cards. A few cash advance costs and fees to be aware of are:

Interest: Cash advances often have higher interest rates than other loans, even if you're getting a cash advance through a pre-existing credit card. For instance, if your credit card has a 15% interest rate, a cash advance on that same card could have a 20% rate.

Annual Percentage Rate (APR): This is often used interchangeably with "interest rate," but APR means the total cost of your interest and fees over a year. The average APR for credit card cash advances is a staggering 25%.

Cash advance fee: Your lender may charge a fee for taking out a cash advance, even if cash advances were an advertised feature. It is typically 3% to 5% of the advance amount.

Withdrawal fee: If you're getting your cash advance via an app, bank, or ATM, you may be charged a fee related to taking out the advance. This could be in addition to other fees — so, a cash advance fee and a withdrawal fee may both be charged.

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Benefits of Getting Instant Cash Advances

Cash advances offer distinct benefits to borrowers in need of fast cash. If you’re about to apply for a cash loan, it helps to know the benefits you’ll get with it.

Convenient Application

Besides cash advance through credit card, the application process when applying through an online lender is online. With 24/7 online application availability, you can apply anytime while relaxing on your couch. The application forms are short as well and won’t take more than a few minutes.

Quick Processing

An online cash advance doesn’t just provide ease of application, but also quick processing. Lenders can review your applications, send an offer, and work through the final steps to send the money sometimes as immediately as within a day.

Instant Deposit

After you’re approved for a cash advance and sign the official documents, the lender can send the money by the next business day. This means you don’t have to wait for days to see the money received in your bank account.

No Restrictions

Some types of loans or traditional lenders may restrict how you spend the money you borrowed. With a cash advance through online lenders, you don’t have to worry about which expenses you take care of. Weddings, vacations, utility bills, etc., cash advances allow flexibility to spend the money on any of these!

What Are Eligibility Requirements of Cash Advances?

Lenders have a list of eligibility requirements that you need to fulfill to be qualified to apply for a cash advance. The basic eligibility criteria that all lenders follow include:

Legal Age

You must be above 18 years of age to apply for a cash advance. Proof of legal age will be required through official documents like ID card, passport, or driver’s license.

US Citizenship

You must be a permanent citizen in the US. Proof of citizenship will be required through paperwork such as property ownership, utility bills, etc.

Checking Account

You must have an active bank account for the lender to check your bank holdings, deposit the loan amount, and withdraw repayments in case of auto-repayment.

Stable Income

You must have a stable income source as an employee, business owner, freelancer, etc., or through income sources like property rent. Some lenders may require proof of job history and bank statements from the previous 6 months.

How to Get an Instant Cash Advance?

The process of getting a cash advance can become overwhelming at times, even before you start out. Taking it one step at a time can make it a piece of cake.

Calculate Your Required Amount

First steps first, you need to look at the expenses you’re dealing with and figure out the amount of money you need as a loan. You can always find a lender offering that range, but some might not, for instance, lend amounts as low as $100 or higher than $1,000, which is why it’s important to have a clear vision from the beginning.

Submit an Application

Next, fill out the form and enter the required information. You can either apply directly through a lender, or a better option is to apply through a broker, who will then connect you with multiple lenders. This way, you can compare offers between different lenders instead of going with a solo lender and agreeing to their conditions.

Find a Reputable Lender

With thousands of lenders in the market, do your research before getting a cash advance from one. Look for lenders that have good reputations and customer reviews to back them up. Or apply through a broker like WeLoans that already has only state-licensed, trusted lenders in their network.

Consider the Total Costs

You need to be mindful and note down the total costs of the cash advance you’re about to borrow carefully before you go through with it. Ask for the origination fee, processing fee, and interest rates from the lender and calculate those into your repayment cost to find out how much you’ll be paying back.

Receive the Loan

This step goes by quickly. All you have to do is provide the lender with any additional documents they require before giving you the green light and sending the loan amount through. For an instant cash advance, you’ll receive the loan by the next day in most cases.

Build a Repayment Plan

Receiving the loan isn’t the end of your troubles. You need to work out a plan for the loan repayments on time to avoid getting into another debt cycle. Plus, you won’t fall prey to late fees and your credit score down the drain when you have a repayment plan to back you up.

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What Can Instant Cash Advances Be Used for?

An instant cash advance can be used in a number of ways. Whenever you find yourself in need of a short-term financial hand, a cash advance might be a saviour in disguise. Here are just a few areas where you can use a cash advance for your expense needs:

    • Medical Expenses
    • Home Repairs and Renovations
    • Car Repairs
    • Rent or Mortgage
    • Vacation Plans
    • Wedding Expenses
    • Funeral Payments
    • Retail Therapy

We’re Here to Lend a Hand Whenever You’re In Need of Fast Cash!

Got hit by an uncalled financial emergency? Get help from WeLoans and let us connect you with our partnered lenders, licensed and trusted, who will send you competitive offers for an instant cash advance loan!

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