What is a Cash Advance?

There are actually more than one kind of cash advance. There
are the cash advances that you might get on your debit card, there is also the
type of cash advance you might get from your credit card and the third type is
the type that is actually a small short term loan that is meant to be able to
cover any emergency expenses you might have run into. Usually this type of loan
is just enough to cover the unexpected bill and is required that it is paid
back with your next paycheck.

 

The cash advance does not work the same was as the longer
term loans you might get from a bank or a finance company. The borrower will
pay a flat rate for the amount of cash advance that they have requested. Unlike
the loans from a bank or a cash advance from your credit card, you do not accumulate
fees or any type of interest that is charged annually. The repayment of the
loan is also solely based upon the borrowers paychecks and their financial
capability.

 

Often people will need a small amount of money just in order
to be able to tide them over until they get their next paycheck, this is why
cash advances are so convenient for a lot of people. For example if something
has happened to where you can’t pay your rent on time and you don’t want to pay
late fees or you don’t want to take the chance of getting overdraft fees, a
cash advance would be ideal for this situation.

 

The process for getting a cash advance is very quick and
uncomplicated, especially if  you decide
to apply online for one. You just fill out their application and usually you are
approved in about 30 minutes or so. Then you have the choice of either having
it deposited directly into your bank account or you can simply pick the money
up at one of the company’s offices in your local area.