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Cash advances are the way to go if you want to surprise a loved one with a nice gift or have recently discovered the best online deal you’ve long been looking for but don’t have enough money in your account. Whatever the issue may be, a cash advance may always come in handy.
Common Q&A About Cash Advance
Every borrower in the United States may have burning questions running through their mind while requesting a cash advance. Here is a list of such questions and answers that might assist you in deciding whether these lending tools are a good option for you.
What Is a Cash Advance?
Though the term “cash advance” refers to a service offered by credit card issuers to their cardholders, it also refers to a type of short-term borrowings available online through numerous lenders. Cash advance goes by different names embracing payday advances, paycheck, quick cash loans, etc.
At Shinyloans, we help to get cash of up to $2500 following Federal and state regulations, and the loan request is dependent on the borrower’s paycheck status rather than the credit history.
How Can I Request Cash Advances?
Cash advances function differently as compared to traditional lending options. You can search for a “cash advance near me”, request and get the funds online from anywhere, anytime. Filling out a request to get quick cash is straightforward and doesn't require additional skills and efforts. As soon as your request is approved by one of the lenders working with us, the money will be transferred into your bank account within one business day or even less. You must then repay the debt in full, plus the financing fees (if any) and interest by the loan’s due date, which is usually within 14 days or by your next paycheck.
How Much of Cash Advance Can I Take?
These small credits can range from $100 to $2500, with the limit varying by the state due to the rules governing these types of online lending. Because of their modest amounts and short payback periods, these loans are sometimes referred to as small-amount borrowings.
The Advantages of Cash Advances
Easy to qualify for:
The easiness of getting approved for quick advances is one of the main advantages of these borrowings. While traditional lenders pose several strict requirements on the borrowers, online lenders don’t. Some background checks may be performed, but these online lenders are primarily concerned with determining your ability to repay the debt. You have a considerably higher chance of being accepted for a quick advance than a traditional bank loan.
When you need quick cash, you don’t have to head to the lenders’ offices to request some cash. Instead, you may finalize everything online from anywhere you want. In addition, the repayment is also online and the lender automatically withdraws the debt when the date is due.
Another good point about these small borrowing is that the lenders place no limits on spending the money you get. So these multipurpose financial instruments can assist you to tackle any small money problem.
Requirements to Get a Cash Advance
The requirements for getting a small advance are not strict, and all a client needs to get a cash
advance is an open bank account in comparatively good standing, US residency, and some data. However,
know that the lenders will identify the information you provided, so make sure to give legal data, or
otherwise, the lenders will take longer to reject your loan request.
The lenders don’t carry out hard credit checks to determine if the borrower can repay the debt, which in turn may affect your credit score as harsh credit inquiries stay on your credit report for nearly two years.
Not That Bad for Getting Cash Advances
Credit score usually ranges from 350–850, according to FICCO, the most common scoring model. A low credit score (less than 650) frequently makes it difficult to find a possible lender that can offer even a small amount of money for a short period. However, you do not need to be concerned since Shinyloans works with lenders ready to provide you with the requested money regardless of your past credit blunders. Thus, bad credit is not that bad if you work with trustworthy lending platforms; just shop around for the best deal.
Are Cash Advances Secured?
require a particular asset (house, car, boat, jewelry, or even stocks) to be set as collateral for getting the required funds. If you fail to repay the loan, the lender has the legal right to seize and sell your loan collateral (property). The most common types of secured credit are mortgage loans. Along with the disadvantages of secured loans that embrace the risk of losing the property set as collateral, these lending tools also offer some benefits such as more significant amounts and lower interest rates.
do not require the involvement of any specific property as collateral. However, you may be required to disclose information about your earnings, savings, salary, or credit history. These borrowing tools may be a prominent example of unsecured loans. The most prevailing advantage of an unsecured loan is its availability, as not everyone may owe a particular asset to put up as collateral. Besides, the processing of unsecured loans goes much quicker as compared to secured ones.
Thus, a cash advance online is an unsecured loan that does not expose you to the danger of losing your assets in the event of a credit failure. However, if you fail to repay the loan on time, it may negatively impact your credit score and make it challenging to acquire loans in the future.
Cash Advances: Repayment Terms, Costs, APR, and Fees
The following formula may be used to determine the APR of a payday loan:
((Finance charge/loan amount) *365) /term*100 = APR
((15/100) *365) /14 *100 = 391%
if you borrow $100 and do not repay it by the due date, you would owe $350–$400 at the end of the year, plus any additional costs that the cash advance may collect each month.
Remember that cash advances are only available for a few weeks, and calculating their costs based on APRs might be confusing. However, if you return the borrowed money advance on time and in a fair manner, they may prove to be a helpful approach to deal with financial problems.
Requesting a cash loan will not affect your credit score; however, failure to repay the borrowed funds may result in a fall in credit score since lenders may report your credit information to the credit bureaus (TransUnion®, Equifax®, and Experian®).
Considerations for Obtaining a Cash Advance
Before obtaining a payday advance, you should calculate all of your monthly costs and revenues and ensure that the additional amount payable on your next paycheck is within your means.
When examining financing choices, it is critical to understand all of the loan’s charges ahead of time. Any hidden cost in your paycheck might jeopardize your financial stability.
The digital era is fraught with potential threats, such as data theft and its use for evil purposes. First and foremost, while looking for a payday cash advance, you should ensure that the website you are working with is legitimate. There are several ways to identify a secure website:
- The URL should contain “s”- HTTPS instead of HTTP;
- The website should have a social media presence;
- The domain name should not contain any errors or typos, like Yaho0.com, AmaZon.com;
- A legit website looks professional and does not contain excessive errors;
Reviews may also play a crucial role in determining the legacy and trustworthiness of the website.
The authenticity of the Loan Agreement
You can proceed to the loan agreement after ascertaining that you are dealing with a legitimate website, such as Shinyloans. After thoroughly reading the loan agreement and ensuring that you are satisfied with the loan terms and interest rates, sign it. You should be aware that you have the right of contract withdrawal at any moment before signing it if you find any inconsistency in the points stated.
A Handful of Tips to the Borrowers
Reach out to Friends and Relatives
Even though asking for money from friends and family members is an awkward conversation, it is a cheaper way to deal with financial difficulties. Don’t forget that this interest-free borrowing option may negatively influence your relationship, so be sure you decide on terms that you can fulfill.
Compare Your Borrowing Options
Take a step back before requesting quick online loans to analyze your borrowing alternatives and conduct some research. If you cannot afford to repay the loan in one lump payment, you may seek an installment loan instead. The latter has a longer payback time and requires you to pay back the loan in monthly installments. These online installment loans are also offered to people with bad credit. Consider additional ways to generate extra money if you have the time to do so.
Shinyloans works with various lenders, each with its own set of terms, so take the time to examine the offers you get and make sure you’ve found the right person to work with before signing the contract.
Borrow Little, Repay Speedily
Even if you have the option of borrowing more, borrow just what you need. Remember that the greater the amount borrowed, the higher the interest rate. In addition, late payments may result in further fees, trapping you in debt. Thus, the borrowed amount should be repaid as soon as your next paycheck arrives, as the sooner you pay off the debt, the quicker you will get rid of the burden of debt.
Don’t Spend Cash Advances Unreasonably
Cash advances are becoming increasingly popular, but this does not mean that everyone should take out one of these credit types. These internet lending options are intended to help with unexpected needs rather than purchasing a concert ticket or a new outfit for a special event.