How Can Cash Advances Benefit Borrowers?
NEW YORK, February 7, 2023 (Newswire.com) - iQuanti: Cash advances are quick and easy small dollar loans that are designed to give borrowers extra cash until they get their next paycheck. With these loans, borrowers can typically receive a few hundred dollars and repay them in two to four weeks.
A cash advance is a great option for borrowers that need to cover immediate expenses. Read on to learn more about how cash advances work and the ways they can benefit borrowers:
How do cash advances work?
Cash advances let borrowers receive extra money when they're short on funds before payday. With this type of loan, the borrower will receive funds from a lender and provide banking details or a post-dated check. When the loan is due in two to four weeks, the lender may debit the borrower's bank account or deposit the check, which includes fees and interest, to obtain repayment.
Benefits of cash advances
Here are some benefits that come with cash advances:
They offer quick funds
Sometimes, borrowers need to cover an expense that can't wait. For instance, they may need funds to buy groceries, or their rent is due. In these cases, a cash advance can come in handy. Many cash advance lenders offer same-day funding, meaning borrowers who get approved can receive the funds they need the same day they fill out an application.
They can be used for any expense
Cash advances are designed to hold people over while they wait for their next paycheck to come in. These loans can help borrowers cover any essential or emergency expenses. Here are some types of expenses a borrower might use a cash advance for:
- Utility bills
- Car repair
- Medical bill
Cash advances are quite flexible. Borrowers can get a variety of amounts, typically around a few hundred dollars. Although cash advances are typically due in two to four weeks, borrowers can often choose to roll over the loan for a fee. This means they'll have another two to four weeks to pay it back. But borrowers should keep in mind that this will cause them to pay more in interest and fees, so they should consider these extra costs before making their decision.
They don't require good credit
Many loans require borrowers to have a good credit score in order to qualify. Luckily, some cash advance lenders have less strict credit score requirements. They'll consider factors in addition to a borrower's credit score, like their income, employment history, and current debts, when making an approval decision. This means borrowers with poor credit can still get approved.
The bottom line
Cash advances are convenient and easy-to-access loans. From offering quick funds and allowing borrowers to use them for any expense to their flexibility and less strict requirements, these loans can come in handy for people who are in a financial pinch.
Advance America offers cash advances with short and easy applications that borrowers can complete online or in store. These loans also come with instant approval decisions, saving the borrower time and helping them get funds from the comfort of their own home. Good credit is not required, so Advance America invites borrowers of all credit scores to apply. Visit AdvanceAmerica.net to learn more about cash advances and fill out an application today.