A cash advance, also called a payday loan, is a kind of short-term loan that is usually taken out for emergency or other unexpected expenses. These are not based on credit, unlike traditional loans, being mainly used only for emergencies, or to pay expenses until your next paycheck.
Getting payday loans online can be very useful in times of need. When in need of cash before the end of your pay day, you can use them to help you get through the situation. This is especially helpful when you are unable to come up with the money to meet your mortgage or car payments.
There are many reasons you might have to take out one of them, and here we will talk about cash advance loans with different options, such as those that do not need any credit checks, for applicants with bad credit rating and late payment history, and online payday loans.
Cash Advance Loans without any Credit Checks
Many cash advance loans require no credit check, but you must be at least 18 years old to apply. If you meet this requirement, all you have to do is fill out an application and it is done.
To expound more, loan companies are only interested in your ability to pay money back. Therefore, if you have a solid financial history and have no outstanding loans to pay off, then these companies do not feel the need to look at your rating.
If you have been turned down for a cash advance loan in the past then don’t worry — you can qualify again. However, you must prove that you can pay the money back within the given time frame. Some lenders may even have a minimum payment requirement.
If you do have to have a credit check, it may cost you more because the lender will require proof of income and identity.
For your reference, Nerdwallet provides a more in-depth caclulation of the total payments when it comes to no-credit-check-loans, along with a personal loan calculator. Read about it here.
Cash advances are particularly beneficial for people with poor credit rating, although they may have some difficulty getting approved for them.
Nevertheless, if you have a history of late payments or bankruptcy, you may still qualify for an advance by proving that you are currently going through hardships. You can use recent salary loss as proof, but it is better if you can also provide some proof of income. In this case, copies of pay stubs would suffice.
There are also some loans that don’t require any credit checks for people who have bad credit score. But this option is usually more expensive than a regular short-term loan because there is more risk for the company. However, there are also many loan companies that do not have the same requirements as banks.
To learn more about the effect of payday loans on your credit rating, read this article. It’s also highly important to have a credit repair strategy in order to improve your credit score in the end.
Cash Advance Loan Online
If you are interested in getting a payday loan on the Internet, then you have several options. First of all, you can go directly to your bank to apply. Most banks will let you apply online so you won’t even have to leave your house. The other option is to find a reputable online lender such as Prosper or PayDay.
Both options are effective and fast. What is important is that you understand how these advances work before you sign on the dotted line. While they do not require any credit checks to be approved, it is possible that they may have additional fees. These fees can be based on a percentage of the amount that you are borrowing, although it is typically much lower than a regular short-term loan, and is completely worth it if you need money quickly.
Want to brush up on your knowledge about payday loans? Check out our article about being more financially responsible when it comes to cash advances.
For a more detailed step-by-step process on getting a cash advance, here’s a short video by the Cash Store. Watch it in this link or below: