Cash Advance Loan
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What Does Cash Advance Mean?
It means a service offered by credit or charge card issuers that allows cardholders to withdraw cash from their available credit limit. A cash advance loan is a short-term loan taken from a lender or a bank, online or offline.
Common Types of Cash Advance
There are many different types of cash advances, and the terms can vary from lender to lender Some common examples of cash advance transactions include:
Credit Card Cash Advance
A credit card cash advance is a payment from your credit card issuer for an amount of cash. The cash advance is added to your credit card balance. You can borrow up to 30% of your available credit limit. And interest accrues immediately you take out the money.
Merchant Cash Advance
A merchant cash advance, or MCA, advances money to a business in exchange for a portion of the business's future credit card receivables.
The MCA provider will pay you an amount based on your sales volume. You will then repay it with a percentage of your credit card sales. This cash advance does not require collateral.
A payday loan works by using your paycheck as collateral. It is often called a payday advance because you borrow until the next payday. This loan should only be used as a temporary bandage until you get paid again. You pay the amount of the loan plus the interest on your next payday.
Pros and Cons of Cash Advance
- It's available to anyone with a credit card, even those with bad credit.
- Fast cash. You can often get the money within a day of applying.
- The amount you can borrow is tied to your credit limit, so you don't need excellent credit to qualify.
- Convenience. Cash advances can be made at any time. If you don't have money on hand and need to buy an item, you can use a credit card to get cash from an ATM.
- Flexibility. You can choose to get a small or large amount of money depending on your needs.
- Cash advance fees are high and even higher if you take out money at an ATM.
- Cash advances have very high-interest rates.
- It won't help build your credit history. Cash advances don't count as "revolving credit". They aren't reported to the three major consumer credit bureaus.
Ways to Find Cash Advance Near Me
When you want to search for cash advances near you, there are several places you can look to. Some of the most common ways to find this type of lender are:
A direct lender is one of the most popular ways to find a lender near you. You simply fill out a form online and submit it. The lender will review your information and approve or deny your loan based on the information listed. If you are approved, you'll have access to your funds within an hour or so.
Broker Specializing in the Industry
Finding online cash advance loan services that are reliable and trustworthy while also having low rates is not exactly the easiest thing to do. The most effective way to find one is by working with a broker.
CocoLoan is a broker who specializes in the industry. We have partnered with a vast number of leading lenders. With CocoLoan, you will not have to waste time looking for cash advance lenders. We offer you all the Cash Advance Near Me information you need. Simply click to view more details.
Benefits of Working with CocoLoan
1. Easy and Straightforward Submission
We've made the entire process fast and easy. We have an online form that takes only minutes to complete so that you can get on with your day. And once you submit your information, we will find you a list of suitable lenders.
2. Connection with Industry-Leading Lenders
We work with 100+ lenders who compete to provide you with financing. This means you can get multiple rate quotes and find the perfect lender for your needs. This can significantly reduce the time you need to wait before receiving your approved funds.
3. Transparent Service without Hidden Charges
At CocoLoan, we believe that transparency is the best way to provide you with great service. Our lenders never surprise you with hidden charges. They are open about their pricing and fees, and will always give you the total cost upfront.
Frequently Asked Questions
Is a Cash Advance Right for Me?
A cash advance mainly covers unexpected expenses, such as car repairs or medical bills. Or it might be used to help you meet your daily needs when your cash flow falls short. Or if you have to pay for something right now and don't have enough cash on hand.
What Can a Cash Advance Be Used for?
You can use a cash advance for anything you need in most cases. It is one of the reasons why cash advances are so popular among people who need emergency funds.
You can use a cash advance to cover a variety of expenses. This includes medical bills, car repairs, and travel expenses.
Are There Any Alternatives to Cash Advance?
Yes! If you need money to cover a financial emergency, there are alternatives to a cash advance that won't put you further in the hole. You can:
- Consider a balance transfer credit card.
- Ask for help from friends or family.
- Sell an item you own but don't use often.
- Consider a personal loan from banks and online lenders.
Why are Cash Advances So Expensive?
A cash advance is one of the costliest ways to borrow money. This is because cash advances can come with a variety of expenses, including cash advance fees, ATM or bank fees, and interest. With a cash advance, money comes out of your account as soon as you take it out, which means you need to pay more in return.
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