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Good question. "Cash advance" and "trustworthy" don't tend to be said in the same breath. Unfortunately, there's a lot of truth to that: cash advances often come with extremely high interest rates and short payback periods. They should be the last resort you consider if you're strapped for cash.
You may spend much more in interest than you borrowed to begin with. But, with more than 2.5 million Americans each year who take out a cash advance, it's important to know how to find a lender that's reputable.
Wednesday, August 4th
Check Into Cash should be the first resource you turn to if you need money fast. The company offers a range of loan products, including cash advances and installment loans. With more than 650 brick-and-mortar locations, you even have the option of applying online and picking up your funds in person. The BBB gives Check Into Cash a perfect "A+" rating and accreditation over almost 30 years in operation. This service is the clear winner among providers of cash advances.
Blue Trust Loans doesn't make you pay back your entire cash advance loan in a lump sum on the date of your next paycheck. Instead, they break it down into weekly, biweekly or monthly repayments - but with sky-high interest rates from 472% to 842%! The service is operated by a Native American tribe and your loan is governed by tribal law, not federal, so keep that in mind. The BBB gives Blue Trust Loans a respectable "A" rating, and they're an option to consider if you prefer to pay back your cash advance over time.
Jora Credit is one of the most transparent options out there for quick cash advance loans. You can easily see exactly what you can borrow and how much you'll pay in interest on their website, before you even apply for a loan. Repayments are scheduled over time but can be paid in full whenever you choose. The BBB gives Jora Credit a fantastic "A" rating, but because this lender has so many states where they don't offer loans, they can't compete with higher-ranked providers that are available to more people.
Honest Loans is a referral website that takes your cash advance loan application and tries to match you with a network lending partner to get you the money you need. Because this company doesn't fund your loan directly, there are very little specifics about how much you can borrow or how much you'll pay in interest. There's also not much feedback about Honest Loans out there: no rating from the BBB and no customer comments. It may not be a bad place to connect with a cash advance company, but you have much more direct options available.
Zoca Loans is owned by Redbud Lending and offers quick cash that is repaid in installments instead of all at once. They don't come out and tell you how much you'll pay in interest on your cash advance loan of up to $1,500, but their sample rate quote shows an APR of 795%! Combine that with a disappointing "B" rating from the BBB and numerous customer complaints, and it's easy to see why Zoca Loans gets a low ranking here.
How do cash advances work? They're meant to be short-term loans to hold you over until your next paycheck. You'll either have to repay the cash advance and all of the interest right at the time of your upcoming, scheduled payday, or you may be able to set up your loan with weekly, biweekly or monthly repayments. If you happen to get paid earlier than you expected, or come into extra money, most cash advances can be repaid ahead of time, which will save you some money in interest fees.
Why are cash advances so popular? First off, you rarely have to have good credit; many cash advance companies only ask for identification, a bank account number, and proof of a steady paycheck. Cash advances are also easy to get: some states have more in-person loan "stores" than McDonald's locations!
What are the downsides of a cash advance? Besides extremely high interest rates, many borrowers find these loans hard to pay back. Up to 20% of cash advances go into default, and as much as 80% of these loans are "reborrowed" again within 30 days. As you might imagine, that racks up huge fees - translating into big profits for the cash advance lender and less money in your pocket.
Now that you know the drawbacks of cash advances, how can you increase your chances of getting the money you need from a lender you can count on? Look for these things when you're choosing a service for a cash advance:
TopConsumerReviews.com has evaluated and ranked the most popular sources of cash advances available today. We hope this information will help you choose a lender that will get you the money you need with terms you can afford.
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Nucleus Commercial Finance Enhances Business Cash Advance to Support ...
Nucleus Commercial Finance, one of the UK’s leading fintech lenders, has today announced enhancements to its Business Cash Advance (BCA) to support more SMEs as England eases Covid-19 restrictions.
Thu, 22 Jul 2021