Life is unpredictable, and this fact must be accepted. Sometimes it is simply impossible to calculate everything in advance and stock up on money and everything you need. Sometimes life takes such sharp turns that shit is to stay on them-everything else we have to figure out as we go.

When it comes to money, it may be required at the most unexpected moment when we don’t have them and simply have nowhere to get them from. In this case, in our country, there are many loan offers that are ready to help out. But the fastest of them remains, perhaps, a cash advance.

What is a Cash Advance?

A cash advance is a short-term loan with which you can get a limited amount of money. Most often, with the help of a cash advance, you can get up to $ 500, and less often, up to $ 1,000. Typically, the terms of such a loan are short, up to a month. The amount owed must be repaid in one installment, including interest and fees.

The main advantage of a cash advance is its speed. Applying to access the money usually takes one business day, often even less. Most often, if the application is submitted before 11 am, the money can be received on the same day.

How does Cash Advance Work?

Often, cash advances are called not only the fastest loan but also the easiest. The mechanism for obtaining a cash advance is simple:

You fill out an application. This can be done on websites, mobile applications, or stores. We need to make sure that you have entered all the required data, after which the application can be sent.
The lender receives your application and reviews it. This usually happens within a couple of minutes, so you won’t have to wait long.
If approved, you will receive an email notification. After that, you will need to read the loan agreement and sign it.
Receive money to the account you specified.
Pay the full loan amount, plus interest and fees, on the due date. The total amount will be noted in your loan agreement.

Does Cash Advance Affect Credit History?

The answer to this question is negative. No, it doesn’t.

The thing is, private lenders usually don’t do hard credit checks like traditional lenders as banks do. Lenders are more interested in your present than in your past; they check your income level. It is important to them that you can pay off the loan.

For this reason, cash advances are also available to people with bad credit. Again, there are no hard checks and no hard limits. All lenders need is the confidence that they will get their money back.

What are the Disadvantages of Cash Advance?

Of course, everything cannot be perfect. A cash loan is affordable, simple, and fast. It can be taken by people with bad credit history. But there is a fly in the ointment in this barrel of honey. And these are interest rates.

It isn’t easy to give an exact figure because the interest rates for cash advances vary widely. They typically range from 17.99% to 29.99% APR but can be significantly higher. In addition, APR is affected by many factors, such as your income, your credit history, and even the state you live in.