When emergencies or unexpected expenses arise, it can sometimes be difficult for us to get the cash we need. This is particularly true for people who live on a strict budget every month. Some people also rely heavily on their salary to survive. So when emergencies happen, they tend to borrow money from friends and family. The problem is that there is no guarantee that someone will lend them the money every time they need it. So what can be the next option? You can choose to apply for cash advances.

Personal Cash Advances

This is a form of short-term loan that aims to offer loanable cash to people who urgently need it. It can be in the form of a payday loan that makes it payable in a short period of 14 days or until the next payday. Some cash advance providers may offer a longer payment cycle, especially for non-newbies. The amount of cash you can borrow may vary based on state spending practices.

Advantages of using cash advance services

• Money can be obtained within 24-48 hours.

• No need to worry about stringent background and credit checks. As long as you can prove that you are employed or have a stable income, you can apply.

• Queries can be made through the web, by phone or by email. Most companies that offer this service accept initial consultations online.

• No display or warranty required. You just have to make sure that you can repay the borrowed amount on time.

• Even those without a bank account can take advantage. Instead, they can have their money through prepaid cards.

• For people who are still in good standing, applying for loans a second or third time would essentially be a breeze.

• Most companies also offer referral bonuses to people who can convince others to apply for a loan. Referral bonuses can be up to $500.

• These services are also linked to other money services. Being a good payer can automatically help you take advantage of other forms of loans.

Requirements

So if you’ve finally made up your mind and plan to apply for a cash advance soon, you need to meet the following basic requirements to qualify:

• Are you at least 21 years old? Some companies also offer short-term loans to those over 18 years of age. This will largely depend on your proof of income.

• You have work? Submit your proof of income and make sure the documents are authentic.

• Having a bank account can also be an advantage. However, there are now establishments that use it as a secondary requirement.

How to take advantage of cash advance

There are generally two ways to take advantage of this service:

1. Going directly to money service establishments. These companies are designed to offer fast cash loans through various means: cash advances, check cashing, payday loans, secured loans, etc. There are also those that charge digital money like PayPal or Bitcoins. Because they provide a hassle-free loan application with minimal requirements, you can expect to pay staggering APRs or interest on your loan. Most of these services will also require borrowers to have an active or existing bank account.

2. Another option is with the use of a charge card or credit card. Credit cards authorize card owners or users to withdraw cash directly from ATMs. Keep in mind that there is always a limit when it comes to withdrawing cash from credit cards. Most cash advance providers charge 3-5% interest and will require users to pay the amount back within 30 days. The advantage of using this method is that it is possible to withdraw cash in any state. On the other hand, cash advance services are only available in certain states.

Important factors to consider before applying for any type of loan

Cash advances, like all other types of loans, are not ‘free money’. They are accessible, but must also be reimbursed. Before you apply, you must understand the financial responsibilities you have. You need to understand that cash advances require a massive interest and fee that must be paid in a very short period of two weeks. Please note that both federal and state laws apply in terms of requirements and penalties.

Each state has its own law regarding unpaid debts, bad checks, or returned checks. Most merchants will initially contact you in the event of insufficient funds in your account. If you still don’t pay off your loan, a collection agency may pick it up. This will also greatly hurt your chances of renewing your loan. Also, it can tarnish your credit score, which will have an impact on your ability to get loans directly from a bank, buy a house, etc.