Online Cash Advance

Online cash advance companies are found on the Internet, and are companies that allow individuals to borrow money for a fee. They are a great idea when an emergency arises and you are strapped for cash. Since you do not need a credit check to get an online cash advance, even people with little or no credit, or poor credit, can qualify to receive a cash advance.

1. What is an Online Cash Advance?

An online cash advance is a great way to get a quick and easy loan for people whose credit may not be good, or who have none at all. Getting a cash advance means getting a relatively small, short-term loan that is meant to give you enough cash to hold you over to your next payday. An online cash advance is perfect for customers who may have bad credit and are unable to get a traditional loan from the bank. Online cash advances can be taken out conveniently online through a variety of companies, and you may have the cash you need within 24 hours of approval.

Getting an online loan requires a few simple steps, and the good news is that most people who apply for a loan qualify. An online cash advance is a good idea if you have an emergency arise, such as car trouble or a doctor's visit, yet you have no cash on hand to take care of it. A cash advance company charges a fee for money that you borrow, usually in increments of 10-15 dollars per every hundred taken out. You then pay the loan back when you receive your next paycheck, within two weeks. Payment is made automatically, by withdrawal straight from your bank account.

2. How do you qualify for an Online Cash Advance?

Qualifying for an online cash advance is easy. First, most companies prefer that you have been employed for at least 6 months at the same job. They will want your most recent pay stub, usually one within the last 4 weeks, faxed to them. You must have a checking account, although some companies will allow a loan to go through with only a savings account. Online loan companies will require current identification as well. Some may want recent utility bills to prove where you live, although this is normally not the case for most online cash advance companies.

Having a checking account is the most important step, as this is how you will receive your online cash advance. Your cash advance, if you qualify, will be deposited into your account, sometimes within hours, although most likely within days. There are virtually no other restrictions, as online cash advance companies do not run credit checks.

Finding an online cash advance is as easy as searching on the Internet. Many companies offer quick and easy cash in the form of a payday loan, for almost anyone who is in need of one.

3. Why is it so Easy?

Many people wonder why a large number of people opt to get an online payday loan. It's simple, really. Everyone falls into some financial burden at one point or another, but many people do not have good credit, or they have no credit. A traditional bank loan may be either out of reach for those people, or even they may only offer very high loan amounts. Some people only need a hundred or two to tide them over until their next payday, although some people need more. That is why an online payday advance can offer quick cash easily.

Since online cash advance companies do not require a background or credit check, virtually anyone will qualify. A company will only require proof of current employment, in the form of pay stubs, photo Identification that is current, and a checking or savings account. It can take just minutes to apply online for a cash advance. Most lenders offer amounts ranging from $100 to $1500, so it is always easy to get the amount you need. The money is then deposited within 24 hours of applying, right into your bank account. Some companies offer, for a fee, the ability to receive your money within hours. Whatever the case, it is as simple as then going and withdrawing the money from your personal bank account.

4. What's the catch to getting a Cash Advance?

It's easy to get an online cash advance. Since mostly anyone with a job and bank account can receive one, it seems like it may be "too easy." Really, it's not. Anyone who can get access to a computer can apply for a cash advance, and usually get one. When you get an online payday loan, however, there are fees associated with your loan. Generally, you will pay anywhere from $10 to $20 on every $100 that you borrow. If you opt for the fastest payment to your account as possible, then there may be other fees, as well. Banks typically charge a money transfer fee, if you have your loan wired quickly to your account.

There is no catch when you get an online cash advance. Most reliable companies will explain their fees, terms, and conditions up front, so you are well aware of what you are getting into. Most companies will also call you, so you always have the chance of asking questions and finding out more information. There are also no restrictions as to why you need an online payday loan. No matter what you need money for, from an emergency hospital visit or simply for spending money, you can get it with no questions asked. Since virtually all banks want a reason as why you need money, online cash advance companies are easier to deal with.

5. How much can I get and when?

The amount you can receive for a payday loan depends on a couple of different factors. First, it will depend on how much you make at your place of employment. The more you make at your job, the more you should be eligible to receive on a loan. The amount that you can get will vary from usually $100 to $1500. Some places may allow you to take out as little as $50, and some may have a higher maximum. The fees will vary and get higher as you borrow more cash. Most online cash advances charge anywhere from $10 to $20 per $100 borrowed.

When you receive your payday cash advance depends on a few factors, as well. Once you fill out all your online information, you will have to send in the necessary paperwork, usually by fax if possible. This is the quickest way. Once the company receives that, and you are approved, your money is deposited into your account between 24 and 48 hours. Many places offer the option of immediate deposit, or within hours, for an extra fee. This is because the money is wired directly to your account fast, instead of waiting for a general deposit. Just be careful, as your bank may also charge an extra fee for accepting a wire transfer. Generally, getting a cash advance is a quick process, as companies want you to get your money as fast as possible.

6. When does a Cash Advance need to be repaid?

Time frames on paying back your cash advance vary depending on the online loan company that you borrow money from. Generally, however, an online cash advance company will want you to repay them within two weeks, or by your next paycheck. The way they will do this is simple, and does not require much effort on your part. Make sure that the day you promise to repay the loan is the day you will have money in your bank. Most companies prefer that your paycheck be a direct deposit, as this assures them that your money will be there. However, it is not a requirement.

When the day of repayment comes, the online company that has given you your cash advance will automatically deduct the amount owed from your bank account. They will take the full amount borrowed, plus any applicable fees they have charged for the loan. Some places may agree to only take the fee as payment if you are unable to repay the full amount. Then, they will roll over the remaining balance into a new time period. It is advised to check with your lender up front, as many will automatically do this, and you will automatically incur new lending fees. They will be taken directly from your bank account when the new time period is up.

7. Advantages of an Online Cash Advance

The advantages of getting an online cash advance are many. First of all, almost anyone can apply. It is quick and easy, and can be done from the comfort of your own home and computer. There are literally hundreds of online companies that can be used to receive a cash advance, so your options are limitless. This way you can shop around for the best deal for your cash advance. Since online cash advance companies do not do a credit check, even people with a bad credit history can apply and probably receive a cash advance.

Other advantages of getting an online cash advance are that the money is directly deposited into your bank account. It will be as easy as pulling the money out of your local bank, ATM machine, or even using your debit card online. Fees to borrow money are generally low, and if you are in desperate need of cash, it is an easy option to get a payday loan quickly. Most online loan companies allow you to borrow immediately after you have repaid your previous loan, so even if you are in need of more cash, you always have an option.

8. Disadvantages of an Online Cash Advance

There are not many disadvantages to an online cash advance; however, there are a few things to be careful of. Fees for borrowing money can become higher as the amount you borrow increases. If you borrow a very large amount, you may end up paying a hundred or more dollars in loan fees. When you do receive a payday loan, you are actually repaying the loan with a financial fee instead of a typical interest rate that a bank would normally use. If you look at the fees like an APR, they become high - if you had borrowed $100 with a fee of $15, the APR would equal 391.07%. Fees may also increase the longer you keep your loan out.

It is possible to have multiple loans going through different online cash advance companies, and many people run into trouble doing this. When companies take the amount that you borrowed out of your bank account, plus their fees, it can add up quickly. When you have multiple accounts doing this all on one payday, you may end up needing money again. Some people fall into the trap of always needing a cash advance, so it is advisable to only use them in the case of a true emergency.

9. Business Cash Advances

Small businesses may consider applying for a business cash advance. Many online lending programs allow a person to bypass using a typical loan from a bank or taking on a partner by offering a business cash advance. Business cash advances will work for businesses that also have less-than-perfect credit ratings. Qualified businesses may take loans up to a higher amount than most regular online cash advance companies.

You will typically be approved for a loan within 48 hours, and there is no cost or obligation to apply. The process is generally simple and can be done from the comfort of your own home or business. If accepted, you will receive your cash advance directly to your bank account, and you will have a guaranteed interest rate for the life of your loan with most companies. A business cash advance can be a great idea for those starting a small business with little money and/or bad credit.
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