If you have ever needed your paycheck before you received it, you may have considered cash advance payday options. If you’ve never gotten one before, or aren’t sure if it’s worth it, we’re going to give all the information you need about cash advance payments online.
Table of Contents
- What is a Cash Advance Payday Loan?
- How to Get a Cash Advance Online
- 4 Best Online Payday Loan Providers In 2021
- What are the Qualifications to Get a Cash Advance Payday Loan?
- How Long Do I Have to Pay Back My Cash Advance Payday Loan?
- How do I Know a Company is Reputable?
- Warning Signs to Watch Out For
- Reputable Companies for Cash Advance Payments Online
- What Other Options Do I Have If I Don’t Want to Get a Cash Advance Payday Loan?
- Final Thoughts
What is a Cash Advance Payday Loan?
A cash advance is when you borrow money from a lender that you need in a hurry. Some cash advance options will lend you money within just 24 hours if you get approved.
The amount of money for a cash advance is low and is due back within a short timeframe. It is a short-term loan and, unfortunately, does also come with some hefty fees. Hey, that’s the price of convenience!
VIDEO: How Cash Advance Payday Loans Work
How to Get a Cash Advance Online
We can do just about anything through our laptops or mobile devices from the comfort of our own homes nowadays. Getting a cash advance payday is no different. You have options now to get cash advance payments online.
The first step in getting cash advance payday loans online is to apply. Seems pretty easy, right? On the application, you can expect to include your general personal information first. You will provide things such as your name, address, and phone number.
Next, you will move on to the income section of the application. This is basically where the company providing the loan figures out if you are a trustworthy person to loan it to. Nobody wants to loan out money if they believe they are going to have trouble getting it back!
You will also have to provide your banking information to get a cash advance. Since you’re doing the process online, all funds transfer electronically.
The last thing you’ll do is sign a statement, agreeing to the terms of the loan. You will get information like when the loaned money is due back and what kind of fees you will be required to pay.
4 Best Online Payday Loan Providers In 2021
What are the Qualifications to Get a Cash Advance Payday Loan?
Since the amount of money loaned in cash advance payday loans is relatively small, the requirements aren’t too strict to qualify for one.
To qualify for a payday loan, you have to be of legal age and show your identification (18 years or older). You also must have a checking account as well as something to prove you are making an income.
The application process is quick and pretty straightforward. If you meet the above qualifications, you will most likely get approved. After that, you should receive your loan shortly.
There are cash advance payday loans online that lend high-dollar amounts, but these companies require some more in-depth information before you get approved for a loan.
For lenders that offer cash advances in higher amounts, it is usually necessary to have a credit check. The approval process for higher amount lenders is not as easy and have more qualifications for borrowers to meet before obtaining a loan.
How Long Do I Have to Pay Back My Cash Advance Payday Loan?
The exact time can vary by lender, but the time you have to pay back a loan is usually a few weeks to a month, maximum. The amount of the loan is due to the lender back with the agreed-upon fees at that time.
For companies that loan out large sums of money, the return time is usually extended quite a bit more than small cash advance payday loans.
VIDEO: What Happens If You Don’t Repay A Loan
How do I Know a Company is Reputable?
The best way to figure out if your payday advance loan company is legit is to check with the Better Business Bureau. When you do this, you’ll see if the business is reputable and any complaints that have been filed against that business.
Another way is to check what kinds of reviews other people have left. Seeing how other people’s experiences have gone is always a great way to get a better idea of how your own experience will be working with that loan company.
As always, you should be cautious when doing financial business online. Sometimes even when a company might seem legitimate, it could not be. Doing your research and practicing caution will help you avoid getting into a headache of a situation with an online scam.
Warning Signs to Watch Out For
Unfortunately, some people will try to scam you with payday loans. Internet scams are increasingly likely when it comes to things like cash advance loans.
A common scam with cash advance loans is fake loan companies, who have no intention of lending you any money, get you to complete an application, and then demand you pay back the money. The money they never lent you, that is.
Even in times of desperation, make sure you do your research before hopping into a payday loan with a company that you aren’t sure about.
If anything seems sketchy in the process of working with a cash advance loan company, you should not continue to work with them. You should also make sure you report the experience you had with the Better Business Bureau.
Reputable Companies for Cash Advance Payments Online
A newer and popular reputable lender is Earnin. Earnin is a mobile application that offers small cash advance payments online. The amount you can borrow with Earnin increases the more you use it.
1. Earnin App
The Earnin app is a great option for small cash advance payday loans. They do have some requirements for borrowers.
- A minimum wage of $4 hourly for the borrower
- No less than half of your paycheck has to go to a checking account (the same one each time)
- You have to report your hours and receive your paycheck at the same times every month
Earnin is an especially nice option for cash advance payments online because there are no mandatory fees attached to the payday loans you receive.
VIDEO: How Earnin Works
2. Money Mutual
Another reputable payday loan company is Money Mutual. Money Mutual is a short-term cash advance loan company that offers loans up to $2500. They pride themselves on the security of their site; so borrowers like you can feel peace of mind when filling out those cash advance applications.
Money Mutual is well-rated and has been doing cash advance loans for a long time. They also have a speedy return process, and many people receive their money the same day they fill out the application.
3. Bills Happen
The third company you can trust for cash advance payday loans online is Bills Happen. Bills Happen is a lender that loans borrowers up to $5000 in cash advance payday loans. They pride themselves on giving their borrowers different loan options after filling out their applications. They also try to serve borrowers with all kinds of credit history.
What Other Options Do I Have If I Don’t Want to Get a Cash Advance Payday Loan?
Your options can vary depending on how urgently you need the money. If you feel comfortable, borrowing a small amount of money from someone you know is an idea to consider. You can even make a lending circle with a group of trusted friends or family members.
When you have a lending circle, you have an agreement that each member is going to be able to help others if an emergency should arise where funds are necessary immediately.
You may also want to consider putting the expense on your credit card if you have one. You will still end up paying interest. However, you will be able to make minimum payments at your own pace.
Another option to avoid getting a cash advance payment is getting a loan from your bank. This is a bit more lengthy of an option, but it can still be useful in situations that allow a little more flexibility with time.
These three options are great alternatives to getting a cash advance payment online. There are other options when you need money relatively quickly.
VIDEO GUIDE: Cash Advance Payday Loan Alternatives
If you are considering getting cash advance payday loans online, make sure you do your research on the lending company before giving them your information. Being smart about the payday loan company you choose will help you avoid experiencing even more money problems.
The three lenders we provided are reputable and have options for people in different circumstances. We recommend checking these three out if you have decided to pursue a payday loan.
Remember, it may be beneficial to you to consider alternative options before diving into a payday loan. Try checking out some of our suggestions and communicating with your loved ones. One of them might be able to help you. If not, one of the other alternative options may work out for you!
Our best advice? Never make a rushed decision in desperation. You probably have more time than you think you do. Doing your research and considering other options will help keep you out of more financial distress in the future.