Get a cash advance to stay financially on schedule

A couple viewing a financial statement.A cash advance is exactly what it sounds like. When someone is expecting a paycheck or other form of cash but needs money now instead of on the scheduled pay date, a lender can provide a cash advance. In the case of online cash advance lenders, the cash advance is directly deposited into the borrowers bank account. Lenders charge a service fee, but cash advances from most lenders never appear on a borrowers credit report.

Find a cash advance lender

Financial transactions online should be approached with caution. Match Financial is not a lender; our objective is to protect people from going through the wrong cash advance lender. Keeping a borrowers personal information private and safe is a top priority, as is finding the best available prices on cash advances. We also aim to keep borrowers informed about what they should expect and accept when it comes to getting a cash advance. Match Financial stays in business by making sure customers have a good experience.  We thoroughly research online lenders to make sure they are legit and in compliance with federal and state financial regulations. Match Financial acts as a shield to protect customers from taking out bad loans, a researcher to save customers time and a financial adviser to make sure customers can afford a cash advance.

Basics of a cash advance

Applying for a cash advance online is like applying for any loan. The borrower requests a loan amount and provides some personal and financial information for the lender to evaluate. The lender makes an offer that includes cash advance amount, the fee for the loan and the date when the cash advance will be repaid. A bank loan can take weeks, but online cash advances happen fast. Application, agreement and approval happen within minutes, and the borrower gets cash fast.

General terms of a cash advance

Cash advances between $100 and $1,000 are available online. Lenders do charge fees. Fair prices for cash advances range from $15 to $30 per $100 borrowed, depending on the situation. The term of a cash advance loan is usually two to four weeks, and the cash advance and fee must be paid back in one lump sum. If you need more time to repay the amount you need, check out installment loans.

Cash advances versus traditional loans

Applying for a loan through a bank is a lengthy process, which means potential borrowers who need money right away don’t benefit from bank loans. Banks also set loan terms and interest rates based on the customers credit report, so its difficult for people with black marks on their credit to qualify for loans.

Other names for the cash advance

Cash advances are known by many other names, including short term loans, personal loans and payday loans. A negative stigma has been attached to these financial products. Before the short term lending industry became more tightly regulated, a few bad apples tried to take advantage of the lack of regulation, and some even engaged in harassment when trying to collect repayment. Now that the industry is more heavily regulated, the bad lenders are easier to weed out, and that’s part of what  MatchFinancial does.

History of cash advances

The concept of lending dates back to Ancient Rome. In Roman society alternative financial service providers were called “argentarii.” The first examples of cash advances in America started appearing in agrarian society. Farmers would often borrow money for seed and repay the debt either with profits from the crops or the crops themselves. In the 19th century lenders began practicing short term lending in much the same way modern short term lenders do, giving cash advances and charging a fee for the service. Back then the business of short term lending mostly existed underground. In the late 1980s modern cash advance stores started popping up, and the legislation and regulation followed. By the time online cash advances came to be, fees, loan terms and collection practices were already heavily regulated.

Demand for cash advance lenders

The cash advance industry has received a lot of bad press and been through a lot of changes. Big banks and anti-short-term-loan lobbyists, who usually have a stake in the banking industry, have tried several tactics to stamp out the competition. However, the need for cash advances has never gone away. No matter what rumors have been spread about cash advance lenders and their customers, financially responsible people know that using cash advances can save them money by helping them avoid late fees and overdraft charges. Cash advances can also protect customers’ credit reports by allowing them to make payments on time.

Using cash advances responsibly

Because cash advances do come at a price, they should only be used for necessities. Cash advances are great for keeping the power on, making rent to avoid getting evicted or purchasing food. Saving money or protecting credit are also appropriate reasons to use them. Cash advances should not be used to purchase non-necessities. When taking out a cash advance, make sure you consider the other expenses that will come out of your next paycheck and only borrow an amount you can afford to pay back with that check.

Get a cash advance today

A cash advance can be directly deposited into your bank account soon after you and an online cash advance lender reach an agreement. MatchFinancial can find a lender for you in just a few minutes.

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