Financial crises come in a variety of forms. For example, perhaps the faucet in your house breaks down, and the necessary repair costs too much money. Other financial emergencies may arise as a result of a job loss, disease, a funeral, or any number of unforeseeable events. If you find yourself in one of these situations and don’t have enough money to get through it, you may be in need of an emergency loan.
Emergency loans can come in different ways: personal loans, payday loans, or maybe peer-to-peer lending. However, the most reasonable option in such cases is cash advances, which are fast and easy to obtain.
During recent years, cash advances gained more popularity due to their availability and affordability. These sums are small short-term loans that are due within two weeks or a month. Cash advances range from $100 to $2500 and come with interest rates reaching up to $20 for each $100 borrowed.
Cash advances are considered easy money, as the lenders offering such loans do not perform a hard pull before approving the client’s claim. Accordingly, people with bad credit scores can apply and get cash advances to solve their small financial problems. That is why cash advances are sometimes called “bad credit loans.” According to the Pew Charitable Trust, approximately 12 million Americans use payday loans each year, and the majority of them do not have access to a credit card or a savings account. Besides, cash advances are unsecured money and do not require collateral as a pledge.
The Requirements Necessary for Emergency Loans
According to the government’s Consumer Financial Protection Bureau (CFPB), most payday lenders only require borrowers a source of income, a checking account, and valid identification as essential requirements for a payday loan. Besides, borrowers must be at least 18 years old to qualify.
How to Choose the Best Website Offering Cash Advances
It is difficult to choose between thousands of platforms that provide cash advances. Some of them offer higher interest rates; others are not so reliable to work with. Thus, there are certain signs that are important to pay attention to before choosing a website to work with.
The first step is to look up the website’s legal address. It is not advisable to work with a website if there are no legal addresses on the page that is registered in the United States. Furthermore, a phone number and an email address indicate that the platform is a reliable payday lending platform.
Customer reviews are another crucial indicator of the quality of the website. Read the clients’ feedback carefully, and you will find out whether the website is real or a fraud.
How to Get an Online Cash Advance
You should fill out the quick and easy application to get a cash advance. Lenders may provide you with an approval decision within minutes of submitting your application. Online approvals received before 10:30 a.m. are usually funded to your bank account by 5 p.m. the same day. At the same time, approvals received after 10:30 a.m. are typically funded in the morning of the following banking day.