In times of unforeseen expenses, like a medical bill, car repair, or mortgage payment, there are limited options available to acquire urgent funds. However, fortunately, cash advance loans present themselves as a noteworthy loan alternative to tackle such circumstances.
An ideal solution for urgent needs
What is a cash advance?
Cash advance loans are typically utilized as a brief financial solution to manage unforeseen costs, overdue fees, credit card or mortgage grace periods, or to fund an account and avoid service disruptions. As well as other situations like unpaid levies or bounced checks.
The loan amount can range from several hundred to several thousand dollars, enabling you to address urgent situations such as hospital bills, car repairs, electricity bills, mortgage payments, or credit card bills, thereby protecting your credit rating.
Fast process for fast cash
When it comes to cash advance loans, the review process for applications is prompt and usually completed within an hour. Additionally, the funds are disbursed quickly, typically on the same day or within 24 hours. In some cases, the lender may even make a direct deposit to the borrower’s bank account within just 15 minutes of receiving the signed contract.
This stands in stark contrast to the conventional banking system, where the average processing time is approximately two weeks. The ability to access additional funds rapidly is a crucial factor when dealing with unexpected circumstances.
An accessible loan
No profile is left behind
Apart from its quick turnaround time, cash advance loans are a viable option for a broad range of applicants. While full-time employees are typically eligible for this type of emergency loan, individuals with profiles that are often overlooked by traditional financial institutions can also apply. These profiles include:
- self-employed workers,
- retireds,
- students,
- people on maternity or parental leave, a work stoppage, sick leave, or social assistance,
- unemployed people,
- beneficiaries of CSST, disability, or pension plan programs.
Some informations are still needed
To be eligible for a cash advance loan, applicants must meet certain criteria: Having a bank account that has been active for at least three months, not being subject to wage garnishment or bankruptcy, having resided at the same address for a minimum of six months and demonstrating full-time employment for at least six months. If these requirements are met, applicants can receive the direct express emergency cash advance promptly.
A simple process
Obtaining a cash advance loan is a simple process, as all you need to do is fill out an online form and provide the last three months of bank statements to submit an application. You’ll need to submit two pieces of identification, the last two pay stubs (for employees), a voided check and proof of residency, such as a recent phone or utility bill.
With an online cash advance loan, there is no need to fill out additional paperwork, making it more convenient to access the funds.
An advance without a credit check
Credit Rate is Not Reviewed Before
When evaluating a loan application, private lenders typically require minimal supporting documentation, in contrast to traditional financial institutions, which typically require a plethora of documents in addition to a meeting. Moreover, private lenders do not base their approval or rejection of the cash advance loan on the applicant’s credit history. Instead, they consider factors such as income, outstanding debts, and the borrower’s track record of managing their finances.
The lenders make sure that you are able to pay your loan back
To assess an applicant’s creditworthiness, private lenders scrutinize their account statements to verify the absence of any existing microloans or debts during the relevant timeframe. They also evaluate whether the borrower will be overextending themselves financially by taking out the new personal loan and whether they will be able to repay it. Notably, private lenders do not require any collateral in exchange for granting cash advances.
You should still be aware of the use you do of cash advances
Cash advance loans are readily available to many borrowers and provide a quick solution to unforeseen expenses that cannot be postponed, thereby averting service disconnections and unpaid bills that may otherwise impact credit scores. However, given the high interest rates associated with these loans, they should be used exclusively for emergency funds and not for regular purchases. If you require a more flexible loan, you may wish to explore other types of online loans.
