Sometimes we all need a little cash advance between pays to see us through the week. Or maybe you want to get your passport sorted and start exploring the world again! With a cash advance loan, you can get the money you need fast. Read on to learn about what exactly cash advance loans are, how much you can get, and where you can apply.
Overview
- What are advance cash loans?
- How do cash advance loans work?
- Difference between cash advance and payday loan
- Cash advance vs payday loan: which is better?
- How to get a cash advance loan
- Apply for cash advance loans online
- Getting the best cash advance loan
- FAQs
What are cash advance loans?
Like payday loans, a cash advancement loan gives you a small amount of money to spot you in between paydays. The application is generally quick to complete and is followed by fast approval. Once you’re approved, the whole amount will be transferred to your bank account. You then repay the loan over a set period of time. Along with other fees and interest associated with the loan.
How much can I borrow?
You can apply for a cash advance loan up to $5000 with Swoosh.
Purpose of a cash advance loan
When you need an instant cash advance, look for same day approval loans. You can use your cash advance money for anything you need. Like other types of small personal loans, you are not restricted in what you can use the money on.
Some common reasons people apply for cash advance loans include:
- Unexpected bills
- Medical costs
- Rent
- A bill-heavy time of the month
- Weekend away
- Car repair costs
- + many more!
How do cash advance loans work
When you apply for a payday advance loan you receive the full sum of money upfront. With Swoosh, you can apply for up to $5,000 with a quick cash loan. Once approved, the cash will be transferred into your bank account immediately.
Swoosh cash advance loans are flexible, so you can opt for the following repayment schedule to line up with your payment schedule:
- Weekly
- Fortnightly
- Monthly
Often a lender will allow you to refinance your loan after a certain amount of time has passed and/or you have repaid enough of your current loan. That way you can get a cash advance top-up to cover any other costs that pop up.
Difference between cash advance and loan
If you’re wondering if a cash advance is the same thing as a loan then we have the answer. Read below to understand the difference and find out what option is better.
Cash advance on your credit card
A cash advance against your credit card limit means that you withdraw, or transfer, cash from your credit card. It’s like when you use a credit card to pay for a good or service, only you’re ‘paying’ for money.
You need to pay off the amount borrowed plus the cash advance fees and interest rate. These fees can be different, and often more expensive, than using your credit card to buy goods or services.
Cash advance payday loans
On the other hand, a cash advance loan is when you borrow a set amount of money from a bank or lender. The money is then repaid in instalments over a set period of time.
With a loan, you only pay one set of fees and interest. But with a cash advance on your credit card, you will be charged for each transaction.
Cash advance vs payday loan: which is better?
If you’re going to take out cash advances against your credit card limit multiple times, it might be better to look into a loan. The fees and interest you get charged for each transaction on your card add up quickly. Plus, that extra cost is taken out against your credit limit, which limits your purchase power for other credit charges. You might find you have maxed out your credit card before you even have a chance to pay for your usual day-to-day expenses.
It’s easy to build up a lot of debt quickly with a cash advance because it can be tempting to keep taking an advance out once you’ve started. But with a small personal loan, there are more boundaries that help you keep your debt under control. Like the responsible lending obligations that lenders are required to follow.
Often you will be able to borrow more at once with a small loan, at a lower fixed interest rate, with easy repayments. And if you need cash now for an emergency, you can also opt for an emergency loan.
How to get an online cash advance loan
The exact process will depend on the lender you choose to go through. With Swoosh Finance, there are only 3 simple steps involved in getting your money advance loan:
