Financial difficulties, bank overdraft, urgent need for cash, unexpected costs, payment of taxes … Sometimes, for unexpected reasons, it is difficult to wait until the end of the month to receive your salary. By definition, wages are paid in return for work performed. However, to respond to this type of problem, such companies as Approved Cashed introduced a service of the payment of advance wages. There are two types of it, which must be distinguished: payday loans and cash advance. What to choose?
While talking about short-term loans, payday loans and cash advance are two types of options that are used most often by customers. They provide applicants not only with a quick access to the money lent, but they also come with rather moderate lending requirements.
Therefore, even if you are an owner of a bad credit history and cannot apply for other types of online loans, these two variants might be open for you. Considering the fact that people with poor credit usually need money more frequently, these two types of cash loans online are a real godsend.
But which type is better for you in the case “I need a loan” urgently? Let’s take a closer look.
A payday loan is a credit for your forthcoming salary. For instance, you need to repair something in your house, but cannot afford buying the necessary materials, because your salary will be only in 2 weeks. Here, payday loans online come to help you.
Such a service was specially introduced to give you money for a short period of couple of days and no longer than a few weeks. If you cannot fulfill the obligations, be ready to pay rather high interest charges. Nevertheless, if you succeed to adhere to all the terms of the agreement, it might be a great possibility to access cash fast prior to clearing the debt quickly as well.
A cash advance is a bit different, but it is also given for a short timeframe. Generally, it is handled by credit card issuers. They permit users to withdraw money by credit card directly. It provides quick access, but do not mix this type of loan with conventional credit card lending.
Cash advance near me can also be provided in some varieties, like merchant cash advances. This offers customers a lot more possibilities, for instance, when you need money for business purposes.
How Do A Cash Advance At Approved Cash Function?
Thanks to online cash advance and pay day loans, lending service has become more accessible. Although the requirements are not so severe here, it is still better to be aware how they operate.
Cash advance consists of transferring money from the credit card to the current user account, up to the limit of the credit card. If you need to have money on hand or in your account, this is a solution you can adopt.
In payday loans online you will receive cash in exchange for writing a check to the lender, usually for your next salary. The check includes the loan amount plus the financing fee. For example, if you borrow $ 100, the lender may ask for a post-dated check for $ 115, an additional sum of 15 represents a borrowing fee. If all goes well and you don’t experience another financial setback before payday, the lender will collect your check that day and the loan will be paid.
Unfortunately, many customers are unable to fully repay the loan by its due date. After the insolvency, borrowers get imminent calls and letters and are charged with extraordinarily high interest.
How Can You Get Approved For A Cash Advance At Approved Cash?
If you wish to improve your chances of be approved for cash advances by direct lenders, you should be careful while submitting your application. Here some best tips on how to get a loan online.
- Never lie, hiding some info from a lender;
- Consider the loan amount that will be affordable for you to repay in term;
- Mind the amount of loans. If you already have other loans lick a personal one or an installment one, think whether you will be able to pay them on time.
- Be attentive while filling in an application form. The info given in it should correspond to the one in your documents.
Do I Need To Wait For Long To Get Approved For A Cash Advance At Approved Cash?
To apply for a loan or cash advance takes only a couple of minutes and to get an approval will also occupy not less time if you meet all the requirements the company might have. This is quite a common practice that the money are transferred to your bank account or card as fast as the following day. A payday loan online cash advances are usually processed faster than other types of loans.
The majority of applications are generally solved within a couple of minutes, as no credit check is held.
What Is The Number of Cash Advances That I Can Get?
Really, today the law permits you to get a second loan or cash advance even if you have already taken one. However, this does not signify that a lender will agree to provide you with the second loan.
What About Additional Fees For A Loan or Cash Advance?
There are fixed and variable charges to be paid for the operation with cash advance, so you should consult your bank’s pricing. Apart from the standard fees, you will have to pay interest on your cash advance.
As to the payday loans, the fees are hefty if you fail to pay off the loan on time or in case the retrospective check did not clear the financial institution. The best variant is if the lender prolongs your loan for two weeks more to charge another $ 15. As a result, your total interest comprises $ 30 on a $ 100 loan for less than four weeks. The majority of lenders add on late fees and fines that can easily double the sum you owe or the sum you taken at first.
What Things Are Essential For Getting Cash Advance At Approved Cash?
While applying for a loan, you are to meet the following requirements:
- Be not less than 18 years old,
- Be a US resident,
- Has a stable income,
- Has a banking account,
- Valid ID.
Taking into account that you will have already a financial history with the credit card issuer, it is easier to get access to the borrowed money through cash advance. The necessary ID checks have already been made. And as the instant money is not connected to your salary, you can bypass those issues as well.
Why Can I Be Denied In Cash Advance?
There are several things that can prevent you from getting your credit. The most typical case are:
- Incorrect information;
- Unemployment;
- No checking account.
What Is The Charge Of Cash Advance?
In case with cash advances, you will be charges an upfront fee, for instance, $10 or 5% of the sum taken. After this, you are expected to pay interest of about 24% APR. In the payday loans, an upfront fee is dependent on the amount borrowed – generally, from $15 to $30 for $100 lent. As the repayment frame is about two weeks that come with an APR of near 400% or more.
You are to pay a definite sum in interest in case with a payday loan, but if you deal with a cash advance, the interest is based in the duration of your debt.
How Can I Pay Off Cash Advance?
Various lenders might introduce a number of repayment possibilities, like:
- By cash;
- By a debit card;
- By an automatic payment from you banking card;
- By a post-dated check.
Are There Any Cash Advance Alternatives That Is Better To Avoid?
No one doubts that debts are not a very pleasant thing, but in some cases, you simply cannot do without additional financial help in the form of some loans. Nevertheless, there are still some types of loans that it is better to pass by them. Among them are:
- A car title loan that comes with a high interest rate, and you are risking to lose your vehicle in case you fail to repay the loan.
- A casino loan, as the casino can put a lien on your home in case you fail to repay the loan.
- An installment loan that also has a high interest rate and the timeframe they comprise may be from 6 months and up to a year.
- A pawnshop loan that often imposes service and storage fees for the goods serving as a collateral apart from high interest rate.
Do You Need Approved Cash Help?
Turn any day into a payday thanks to confidential and fast loans and cash advances at Approved Cash. You get a possibility to receive money in no more than 15 minutes. The company realizes that it is impossible to be ready for any unforeseen emergencies, so they offer a helpful and easy to get financial help in the form of cash advances or payday loans.