A cash advance is a type of small loan designed to help borrowers get the cash they need as quickly and easily as possible.
In finance, getting an advance on something is usually a way to get something sooner than you normally would. A cash advance loan helps customers get cash from their paycheck sooner rather than later so they can have the finances they need today.
There are many kinds of loans. Cash advances are another way of referring to payday loans. Instead of waiting for a paycheck or a payment to come through, a cash advance helps you get those funds sooner.
Since cash advances are small, short-term loans, they are much easier and quicker to take out than larger loans with longer repayment plans.
Getting a cash advance is simple and easy to do. The person taking out the cash advance gives a post-dated check to the cash advance lender in the amount they would like to borrow. On their next payday, the borrower pays off the loan amount and the lender’s fee.
There are a few different types of cash advance options that borrowers who need money can use.
One type of cash advance is a payday loan. These are small, short-term loans that are borrowed only for the time until a borrower's next payday. This is where the term “payday loan” comes in.
These types of loans are designed to get a person to their next payday and they are paid off with their next paycheck. They often have loan amounts that are only a few hundred dollars and loan terms that last only a matter of weeks.
Another useful cash advance option that some lenders provide is a tax refund advance.
Taxpayers don't generally receive their tax refund until after their taxes are filed and after the IRS is finished processing those filed taxes.
Instead of waiting all that time for your tax refund money, take out a tax refund advance and enjoy those funds sooner.
The third type of cash advance is an advance on your credit card. If your credit card provider allows credit card cash advances, then you can take out cash at a bank or ATM with your credit card.
Fees and restrictions may apply for each cash advance transaction taken out using a credit card.
There are many reasons to get a cash advance. The primary reason is to get your money sooner rather than later.
Many borrowers take out cash advances because they need those funds sooner rather than later in order to pay bills or make time-sensitive purchases.
At Check City, you can take out a cash advance to get your paycheck or tax refund sooner.
Here are a few specific examples of when someone might want to take out a cash advance.
Cash advances are an important and useful tool to help control your own finances. They help you finance on your own schedule and get your funds in time to stick to your financial plans.
Your cash advance funds will then be directly deposited into your account or given in cash within 24 hours.
Cash advance loans should be used for short-term financial needs only, not as a long-term financial solution. If you are experiencing credit difficulties, we encourage you to seek credit counseling. Although we strive to assist every applicant, not all loan applications will be approved.
If you are looking for an alternative to cash advances, you could try taking out a personal loan. Personal loans are another great option when you are tight on finances and need some help.
Personal loans are a flexible loan type that can be taken out for any personal reason. For example, unlike a business loan, personal loans don't have to be used for a set, official purpose.
This makes personal loans a great additional option for borrowers who need quick personal funds.
You could also borrow money from a friend or family member. This is an especially helpful option when you only need to borrow a little and have someone in your life that you trust as a lender.
But borrowing money from people we know can also get complicated, which is why options like personal loans and cash advances might still be your best option.
Cash advances are an important small loan solution that many people need and use. When used responsibly, a cash advance can be the perfect, short-term solution for a short-term financial problem.
Payday Loans are also commonly referred to as Cash Advances, Payday Advances, Payday Advance Loans, and Fast Cash Loans. Check City does not usually utilize traditional credit checks as part of the payday loan approval process. However, Check City may, at its discretion, verify application information by using national consumer loan underwriting databases that may include information relating to previous cash advance transactions that Check City may take into consideration in the approval process. Actual loan amounts vary. See Rates and Fees for specific information and requirements. Products or services offered to customers may vary based on customer eligibility and applicable state or federal law. Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria. CheckCity.com provides loan services in: Alabama, Alaska, California, Hawaii, Idaho, Kansas, Missouri, Nevada, Texas, Utah, Washington, Wisconsin, and Wyoming. Customer Notice: A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions. Loan proceeds issued through our website are generally deposited via ACH for next business day delivery if approved by 8pm CT Mon. – Fri.
Check City acts as a credit services organization/credit access business (CSO/CAB) in Texas.
This is an invitation to send a loan application, not an offer to make a short term loan. This service does not constitute an offer or solicitation for payday loans in Arizona, Arkansas, Colorado, Georgia, Maryland, Massachusetts, New York, Pennsylvania, or West Virginia. Tosh of Utah, Inc. dba Check City Check Cashing, a payday lender, is licensed by the Virginia State Corporation Commission. License #PL-57 Anykind Check Cashing, LC. dba Check City, a payday lender, is licensed by the Virginia State Corporation Commission. License #PL-21 Maximum funded amount for payday loans or installment loans depends on qualification criteria and state law. See Rates and Terms for details. Utah Customers: For consumer questions or complaints regarding payday loans and/or title loans you may contact our Customer Service Department toll-free at (866) 258-4672. You may also contact our regulator The Utah Department of Financial Institutions at (801) 538-8830.
Please see Rates and Terms to check the availability of online loans in your state. Check City does not provide loan services in all states.