Managing your money can be a challenge. There are expenses to cover, unexpected emergencies, changes in your work schedule, vacations and more. In the midst of all these problems, you might find yourself a bit short of cash. Seeking cash advances is a good way to balance your budget without taking on massive loans or incurring even more debt.
What is a cash advance?
A cash advance is a financial product that provides you with available cash on the basis of a pending payment or a permanent line of credit. You can even get a cash advance on work you haven’t yet completed for your employer.
Generally, a cash advance is subject to fees and interest rates depending on the platform. Since the platforms offering cash advances vary, you should review the terms and conditions of the program before proceeding. A company can provide the amount of money you need on terms you cannot afford. Another may be cash-starved while offering low rates and terms.
Where can I get a cash advance?
You can obtain a cash advance from:
- Your bank
- A credit card issuer
- A lender
- A virtual payment service
- An alternative financial platform
When you approach your bank for a cash advance, you can avail of several types of cash advances. Credit card issuers, lenders, financial platforms and virtual payment services often provide small advances based on traditional loan requirements.
What types of cash advances are available?
Your selection of cash advances varies depending on where you look. Review your options before continuing your search or contacting a financial institution for assistance.
Get paid early
A new industry standard requires your financial institution to pay you a few days before your paycheck arrives in your account. When you sign up for such cash advance applications, the bank wants to know how much your weekly, bi-weekly, or monthly salary is typically. The bank wants to know when you traditionally get paid, and the money is deposited into your account a few days before payday.
When your paycheck arrives, the bank holds the check to reconcile your debt. In most cases, you won’t pay any fees or interest to get paid early.
A quick cash advance
Some banks or financial platforms offer a small cash advance (around $250) for customers in good standing. You might call it a personal loan, but a personal loan requires a lot more paperwork and verification. For a fast cash advance like this, you simply request the cash advance, the money is deposited, and you follow any other rules imposed by the bank, such as how often you can request a cash advance each year.
Repay the advance when you can, making sure to follow the bank’s guidelines. In these cases, getting a cash advance online is much easier than going to a bank branch or office.
Credit card advances
When you get a cash advance with a credit card, you are borrowing money from your card balance. If you don’t have enough space on your card to fund the advance, you probably won’t be able to complete the transaction.
Some consumers are familiar with credit card checks which allow them to pay cash with a credit card. However, a cash advance allows you to withdraw money for yourself, by depositing that money into your bank account or via a paper check.
Advantages and disadvantages of a cash advance
When considering your options, remember that cash advances have both advantages and disadvantages. Review your options and consider:
Benefits of a cash advance
- Immediate or near-immediate funding
- Quick Approvals
- Get paid before payday
- Get the money you need without the hassle of a traditional loan
Disadvantages of a cash advance
- You may need more money than the bank or card can provide.
- Some cash advances are subject to higher fees than normal.
- Refund terms may not be favorable.
One thing to consider when considering cash advances is that the advance should match your situation. You may have a credit card that offers low or zero interest rates for cash advances. You may be dealing with an institution that offers low or zero rates on cash advances. At the same time, you may be in the unfortunate position of having to pay high fees or interest rates on these advances.
However, you also need to consider your ability to repay the advance. Some consumers should buy the best deal, but others can take the first advance they find knowing it will be paid off fairly quickly.
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The services offered by MoneyLion include:
- Mobile banking
- Cash back
- No hidden fees
- Financial tracking services
- Buy it now, pay later options
- RoarMoneySM helps you get paid sooner
- Investment accounts
- Credit Plus Loan Creator
- InstacashSM advances
- MoneyLion crypto trading
Learn more about cash advances today
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Frequently Asked Questions
How can I get a cash advance immediately?
You can get a cash advance immediately from a bank, financial platform or credit card issuer. Depending on the program, you may be subject to fees and interest.
Can you get a cash advance online?
You can get a cash advance online if you work with an online lender. You can also use the mobile app for your credit card, financial platform, or bank that offers cash advances.