Can I Get a Same-Day Cash Advance?

LOS ANGELES, July 12, 2021 (Newswire.com) - If you find yourself in a financial bind and need cash fast to cover expenses, you can get a same-day cash advance. Many cash advance lenders can get you same-day funds if you apply early enough in the day, and others can take 24-48 hours. Before you take out a cash advance online, here are some pros and cons you can consider to make sure this type of loan is right for you.

Pros of Same-Day Cash Advances

• Fast cash when you need it most: With cash advances, you can receive the money you need right away to cover expenses. This feature is a big reason that many borrowers choose this loan option.

• You don't need collateral: You don't need to provide any collateral for a cash advance other than a guarantee that the loan payment will come out of your bank account on your next payday. Lenders may require that you have direct deposit set up, or you can write a post-dated check.

• Bad credit is OK: Unlike many loans, which require you to have good credit to be approved, you don't need the best credit score to get a cash advance. Many lenders have lenient requirements and may consider other factors, like your income and employment history. You may get approved for a cash advance even if you have poor or fair credit.

• You can apply online: Many lenders let you apply for a same-day cash advance online. This means you can easily apply from the comfort of your home and shop around online for the best deal. 

Cons of Same-Day Cash Advances

• High fees and interest rates: Getting instant access to cash before your payday can come with a cost. Cash advances have high interest rates attached to the loan, not to mention you'll have to pay it back on your next payday.

• Risk of getting caught in a debt cycle: Borrowing against your paycheck may mean you'll have less to work with on your next payday, and you might have to borrow again. This may get you caught in a "debt cycle" that can be tough to get out of.

Alternatives to Cash Advances

After weighing the pros and cons of same-day cash advances, here are some alternatives you can consider:

• Use a credit card: If you need money to pay a bill, find out if you can use a credit card for it. This way, you may be able to space out the credit card payment over time. 

• Take out a credit card cash advance: If you have to cover an expense in cash, taking out a cash advance on your credit card may be an option. You'll still get the money same-day, and you won't have to apply for it. Just keep in mind that this can be an expensive option, and you'll have to pay high interest rates.

• Apply for a pawn shop loan: You can apply for a pawn shop loan using an item of value as collateral, such as a watch or jewelry. The pawn shop will give you a percentage of your item's value, and you can get the item back once you pay off the loan.

Cash advances offer an easy way to get money fast if you need to cover expenses right away. If you plan on taking out a cash advance, just make sure you can afford to pay it back on your next payday. This way, you'll avoid accumulating more debt.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.

Source: iQuanti, Inc.