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Is It Possible to Get an Online Cash Advance?
Cash advances are often regarded as a withdrawal from a line of credit, such as a credit card. Getting cash from your credit card is easy since you only need to go to the nearest ATM. If you own a credit card, you may have used the cash advance feature of your card to obtain cash for immediate expenses.
The sad reality, however, is that most people who use the cash advance facility of there are not aware of how expensive a credit card advance is. The costs that add up include a cash advance fee, an ATM usage fee, as well as the finance charges that are associated with the revolving interest rates of credit cards. The amount that you advanced will be added to your credit card’s outstanding balance and will continue to accrue interest unless you pay for your balance in full.
Credit card cash advances are expensive because the fees and interest rates associated with it are usually higher than the normal purchases charged to your account.
The good news is that you can actually enjoy the same convenience with an online cash advance loan and forget about the exorbitant fees from a credit card cash advance.
Why do online loan providers offer cash advance loans?
Numerous online lenders offer cash advance loans to their borrowers. The entire process is also done online and you may be able to receive the money that you need in just a short time.
In the lending industry, a cash advance is also a type of short-term loan. Most cash advance loan amounts are smaller than personal installment loans so you have to pay back the loan in one or several payments. Cash advance loans are the same as payday loans but the main difference between the two is that the latter requires a single repayment, usually on the borrower’s next payday.
When you take out a cash advance loan from an online lender, you can expect that the process is similar to how online payday loans are obtained. This is one of the reasons why many borrowers prefer to take out online loans – there is no need to go to the lender’s office to accomplish and submit the loan request. By filling up the lender’s online application, you can receive immediate feedback from the lender and receive the proceeds of the loan directly to your bank account.
Why should you apply for a cash advance?
Getting a loan can be challenging and stressful, but online loan providers make it easy to obtain a cash advance without leaving your home. To be eligible for a cash advance, you must be 18 years of age or older. You should also be able to meet the lender’s income requirements. Loan applications online can be accomplished in several minutes. Most online loan request forms will ask for the following:
Your contact information especially your phone number and email address
Your permanent address
Your bank account information (for transferring of funds)
It is important to be able to provide your work information and income details. You can expect to receive an immediate response from the lender. Most non-traditional lenders do not rely on hard credit checks to determine the borrower’s eligibility, which means you may be able to take out a cash advance even if your credit score is bad.
Another advantage of requesting a cash advance from an online lender is that there is no need to submit a lot of documents. You also don’t have to wait for days to get feedback. First-time borrowers are usually approved a small loan amount, especially if he or she is struggling with bad credit. However, by paying your loan dues on time, the lender may grant you a higher loan amount for succeeding borrowings.
An online lender may ask you how you prefer to get the money from the loan. Most lenders transfer the loan amount to the borrower’s bank account with a small fee.
Get a Cash Advance Now
Borrowers can utilize the loan granted to them for whatever purpose. As soon as the cash advance money is transferred to your account, you can use it as you please. It is best, however, to avoid getting a cash advance if you do not really need the money. Use the loan proceeds from a cash advance responsibly. Remember that handing your loan payments properly helps improve your credit so that you get better loan deals in the future.
There are several reasons why someone will want to get their hands on a cash advance loan: home repairs, school expenses, a medical emergency, or a sudden out-of-town trip. In a nutshell, once the money is in your account, you can utilize it for anything that you need. Before getting a cash advance from an online lender, always read the terms and conditions first and clarify any questions that you may have.