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Cash Advance Explained

When you need money fast, AmeriCash specializes in connecting borrowers with short-term lenders that offer secure, quick, and convenient cash advances online. Even if you’ve been rejected for a loan with your bank, you have options. Don’t give up hope, you may still be eligible for a cash advance obtained through AmeriCash’s marketplace of lenders.

We’ll get to “the how” in a moment, but first, let’s clear up some confusion. The term “cash advance” is an umbrella term that can be used to mean many things. Each of the phrases below can all be used interchangeably with ‘cash advance’:

  • Credit Card Cash Advance: This is the type of cash advance you can get from an ATM when you insert your credit card. Credit card companies that offer cash advances usually have a relatively low limit on how much money you can access, and charge high interest, so watch out!
  • Paycheck Advance: In some cases, employees can get a paycheck advance from their employer. This means accessing money from your paycheck, before your paycheck hits the account. When it comes time to get paid, your paycheck will reflect a difference of the amount owed.
  • Payday Loans: Paycheck advances are a rarity, due to the difficult nature of working the advance out with payroll and accounting. More often, people who need to access funds quickly will opt for a payday loan. This is a type of short-term loan where money is exchanged for a post-dated electronic transaction that allows the lender to recoup the funds owed, directly from the borrower’s bank account, on the date of the borrower’s next paycheck. AmeriCash provides borrowers looking for a cash advance with access to lenders who may be able to provide this type of loan.
  • Cash Advance Installment Loan: If you require more of an advance than you can pay back in one paycheck, you may be in the market for a cash advance installment loan. This is an advance that allows the borrower to access funds quickly, but pay it back over time in agreed upon installments. AmeriCash’s marketplace provides access to lenders that provide cash advance installment loans, if that’s what you need.
  • Business Cash Advance: For those who are entrepreneurs or are already business owners, a business cash advance may be an option to inject cash to help jump start or pay for an unexpected business emergency.

Now that we’ve covered what a cash advance is, let’s talk about how visiting AmeriCash might help you in your search to get one, no matter what your credit situation looks like.

Can I get a cash advance without perfect credit?

Your credit score is just a number—that is until you need money only to find your bank won’t lend to you. Sound familiar? At AmeriCash, people just like you are able to find a variety of lenders who specialize in helping people with low credit scores.

If you are 18 years or older, have a predictable, steady income that’s at least $800 a month, and have a bank account, you may qualify for a cash advance with a lender by using AmeriCash’s marketplace. Our job is to make the process fast, simple, secure and as painless as possible for you, the borrower. When you submit your information at AmeriCash’s website, you get a lender decision in real time. If a lender chooses to work with you, you’ll immediately be taken to their website to apply for a loan with that lender, and review the terms and conditions of your offer. The whole process can be done in minutes—good credit not required!

Remember to carefully review the terms and conditions offered by your lender as every loan offer is different. Simply submitting your information to a lender via AmeriCash’s lender portal, does not mean you have to apply for a loan with that lender or accept the terms offered. If you do choose to move forward with a loan, however, it’s possible that you’ll have access to your funds in as little as 24 hours.*

How to get a cash advance online?

A payday loan can be a valuable resource for someone who needs emergency funding, fast! These are not reserved to people with bad credit, but anyone who finds themselves in a financial bind where they don’t immediately have the funds or credit available to cover an emerging cost.

But just how do payday loans of today really work, you ask? Let’s dig in.

In days of yore, a payday loan was more like exchanging a post-dated check for cash on the spot. Consumers could walk into a payday loan store, rent-to-own company, check cashing company, or pawn shop, and hand over a personal check for the amount borrowed, to be cashed by the company on their next payday. In turn, the company would offer cash, as long as minimum requirements, like proof of income, were met.

Today, payday lenders rarely deal with personal checks. Instead, consumers walk into a store and prove minimum requirements, then authorize the lender to electronically remove funds from their account on a later date, their payday. With the advent of electronic transactions, lenders have grown their footprint in this field, as well. Payday loans are no longer only offered in brick-and-mortar locations, like pawn shops, that may carry a stigma for consumers. A robust group of online lenders can offer you a payday loan from the comfort of your living room.

By using the free AmeriCash® marketplace, you may be able to find a lender, quickly, based on the information provided at our secure website. If you qualify with a lender, you’ll be taken to the lender’s website where you can fill our the lender’s application and be given a loan offer. By using AmeriCash.com you may be able to find a lender who can get you the money you need in as little as 24 hours without having to leave the comfort of your home.*

How to get a payday you can trust

A cash advance from a short-term lender can be quick and easy, and is often a positive option compared to the alternative—bounced checks and finance charges. Finding a lender is simple, and can be done in the privacy of your own home, with the easy to use marketplace at AmeriCash’s website.

Simply follow these four steps to getting an online cash advance:

  • Fill out your information on AmeriCash.com and submit.
  • If a lender would like to work with you, that A lender will return an offer in real-time, and can be as fast as just a few moments.
  • If you like what you see, you’ll be redirected to apply for a loan and work with the lender on their website.
  • Once you have reviewed and accepted the terms of your cash advance loan has been accepted, funds could be deposited into your checking or savings account by your lender in as little as 24 hours.*

At AmeriCash, we understand sometimes life throws you a curveball. Getting a cash advance may be the only viable option for many borrowers who need money fast. Make sure you read over the terms and conditions of your cash advance and understand how it works so you can use it responsibly.

How to qualify for a payday loan

It’s likely easier than you think to qualify for a payday loan. While some lenders specify requirements that are unique to their business, in general, you must have the following:

  • Proof of regular income: Regular income can come from a job. It can also come from benefits from disability or retirement checks. Either way, you have to provide proof you receive either income or benefits.
  • $800 in monthly income: It’s possible to qualify if you make more, but generally you must make at least $800 a month.
  • Be 18 and a U.S. resident: Lenders only qualify residents of the United States that are 18 years or older.
  • A valid checking account: Most lenders will require you to have a checking account so they can make a direct deposit as well as withdraw repayment.

Be aware that other lender requirements and various terms may apply.

What are cash advance installment loans?

One option that could be available when you use AmeriCash’s online marketplace is a cash advance installment loan. This differs from other short-term loans because you pay it back over a few installments, instead of in one lump sum. If you need money fast, but the expense you are covering is greater than you can afford in a single paycheck, this may be the right loan for you.

Let’s say you need to access $900 to pay for a medical expense. A cash advance installment loan to cover the $900 expense might be paid back over three pay periods, instead of just one. It’s like a standard payday loan in that you get to access funds quickly in exchange for letting the lender schedule transactions to return the funds at a later date. However, instead of scheduling one transaction for pay back, the lender might break it up into multiple transactions, all of which fall in line with your pay schedule, to ease the financial burden of paying it back.

The length of this short-term installment loan will be agreed upon between you and your lender. As with any loan you are able to find by using the AmeriCash marketplace, please remember that we do not have a hand in the lending or collection process. It’s important you review the terms of your loan carefully to ensure you clearly understand the repayment schedule, due dates, finance charges, and any other fees you’ll be responsible for.

Do I qualify for bad credit cash advances?

Life happens. At AmeriCash, we make it easy for borrower’s just like you to access lenders who may be able to provide you with the funds you need to cover unexpected life events and emergencies. We work with a diverse group of lenders willing to work with people all over the credit score spectrum; so bad credit won’t necessarily keep you from accessing money, fast and securely.

If you’re reading this, you may be wondering, “Do I qualify for a cash advance?” Perhaps you’re concerned about your credit score, or you’ve recently felt the painful tinge of loan rejection from your bank or other financial institution? The good news is, while lender requirements vary, many lenders follow these easy to meet qualifications:

  • Must be a U.S. citizen, 18 years of age or older
  • Must have evidence of employment or another reliable income source
  • Must make more than $800 each month in income
  • Have an active checking account
  • Other lender requirements may apply

While these are excellent guidelines, the only way to find out if you qualify with a lender for sure is to get started with AmeriCash’s free online marketplace today. So, what are you waiting for? Get a fast, secure cash advance in the privacy of your home, when you choose AmeriCash.