CASH ADVANCE LOANS: GET CASH IN 4 EASY STEPS
CASH ADVANCE LOANS: APPLICATION REQUIREMENTS
GET CASH ADVANCE LOANS NOW BASED ON YOUR NEXT PAYCHECK
Pay Back Once Your Expected Income Arrives
What are Cash Advance Loans, and How Are They Different from Other Types of Loans?
In simple terms, a cash advance loans mean you are getting cash now, on credit, based on future income. If you have a paycheck or income on the way, but there’s an emergency and you cannot wait — cash advance loans are a way to access your future funds now to give you cash-in-hand when it’s most needed. But why is a cash advance unlike other kinds of loans?
A cash advance loans are unlike most other types of loans because you are essentially borrowing against your own money. You don’t need collateral or an extensive credit history to secure a cash advance; instead, the lender relies on your steady income to show you can pay off what is owed. If you have consistent income, but you need some cash between paydays, a cash advance loan is a great way to obtain a financial tide-me-over until your next paycheck arrives.
Additionally, while traditional loans are paid back over a longer period of time with an interest rate, cash advance loans are typically paid back once your expected income arrives and you pay back the original amount plus the lender’s fee. This also means that cash advances are more short-term than many loans, which makes them a fantastic choice if you are trying to avoid long-term debt.
What is Cash Advance Loans Fee?
The cash advance loans fee is the amount the lender charges for the service of providing your cash advance. This is in place of the interest rate you find with most loans. An interest rate is amortized monthly or annually over the lifetime of a loan, but since a cash advance term is so short, the cash advance fee is more of a flat fee. Rates can vary, depending on the amount and other factors, but they are easily affordable and generally lower than with many alternative loans.
Why Should I Get Cash Advance Loans?
There are so many ways of borrowing money that sometimes it can be a little daunting to determine what type of loan you should apply for to match your specific needs. There’s a time and place for everything, but while other loans have their own advantages, here are the 3 main benefits of getting a cash advance:
They are Fast
Application can put money in your bank account by the next business day. The process is simple: apply, get approved, sign the loan documents, and receive your money. From start to finish, the whole process can be completed within 24 hours.
They are Simple
It involves less hassle and a smaller commitment than many traditional types of loans. Cash advances are typically smaller amounts, under $5,000, that don’t take years to pay off. You are borrowing against your next income cycle, so once you get paid, you could pay off the advance, and the cash advance fee, and you’re done!
They are Convenient
Try to remember a time when you were temporarily in a tight spot financially. Maybe you had to catch a pricey flight for a family emergency, or had to take some unpaid time off from work. You knew you had a paycheck coming, but money on the way doesn’t help with expenses now. Wouldn’t it have been convenient in that situation to have somebody just hand you your paycheck early? That’s the convenience of a cash advance: you don’t have to wait for your money.
When Should I Get Cash Advance Loans?
Regardless of their financial situation, nearly everyone will find themselves in need of a cash advance at some point. Unexpected expenses happen all the time — they are a normal part of life — but why should you let a sudden cash shortage put you behind on your rent or other financial obligations? Falling behind on payments can cause even more severe problems, and sometimes there are emergencies where you simply cannot wait until your next payday. While there’s virtually no limit to what you could spend your cash advance on, here’s a short list of some of the best times to get cash advance loans:
Cash advance loans can go a long way towards covering your medical bills. Your health and the health of your family is always top priority, and cash advance loans can provide some much-needed breathing room when the worst happens.
Most people have a long list of things they want to do around the house, but when important repairs need to be made, you don’t always have the luxury of waiting for the “right time”. Whether it’s a damaged roof or new tires for your car to replace a blowout, some repairs can’t wait. To avoid these issues in the future, use this calculator to save for future emergencies.
Even the most conscientious borrower might get behind on payments now and then, but if missing a payment will cause you serious problems (such as defaulting on a loan or facing expensive penalties), maybe it’s time to consider taking a cash advance instead.
What are the Requirements for Cash Advance Loans in Canada?
The requirements for cash advance loans in Canada are simple and straightforward. To apply with Loan Away Inc. for cash advance loans in Canada, you will need to be:
- At least 18 years old
- A citizen or permanent resident of Canada
- Employed for at least 3 months
The only other requirement you need to keep in mind is that you cannot currently be in the process of a bankruptcy or consumer proposal. If you meet the above requirements, you are ready to apply today!
Can I Apply for Cash Advance Loans with Bad Credit?
The short answer to this question is: yes, you can. Loan Away Inc. approves the majority of loan applications, and that includes cash advance applicants with bad credit. As long as you meet the requirements listed above, you can apply for cash advance loans regardless of your credit score. As an alternative lender with competitive rates, Loan Away Inc. has more flexibility when it comes to finding solutions for applicants with bad credit — so don’t let a low credit score or past negative experience keep you from applying.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.