TopConsumerReviews.com is a world-leading consumer product review site. We provide detailed reviews and ratings for thousands of products and services.

 

Go To Reviews >

Fast Cash Cash Advances vs. Traditional Loans

Although cash advances are somewhat like traditional loans in certain respects, there are many differences than similarities between the two. Like conventional loans, cash advances must be repaid according to the agreed upon terms but, seemingly, this is where the likeness ends.

When you think about a conventional loan, you probably think about a lengthy and detailed application, along with a complete review of your financial status and credit history. Following that, a lender will review the application and decide whether or not to approve the loan within several days. Cash advances, on the other hand, offer applications that typically take less than 5 minutes of your time, offer fast results and equally fast cash. In addition, the majority of payday lenders do not review your credit file, which means that an absent, limited or poor credit history will not likely hinder your ability to qualify for cash advances. In most cases, the funds from cash advances are transferred into your bank account within 24 hours.

When it comes to fees, the costs associated with cash advances are often more expensive than conventional loans. Cash advances often include the actual loan amount plus a fee based on the same. Most lenders charge anywhere from $10.00 to $30.00 per $100.00 loaned. In most cases, cash advances are available in amounts up to and including $1,500.00. Conventional loans, on the other hand, are issued with a preset interest rate and no additional fees. Without a maximum loan amount, conventional loans often provide for larger funding.

If you are trying to choose between a conventional loan and cash advances, your first consideration should be the amount of money that you need to borrow. If you need $1,500.00 or less and need this amount on a temporary basis and you have the ability to repay it quickly, cash advances may be the answer you need. If you need fast cash, payday lenders specialize in these types of loan requests.

When applying for cash advances, you will need a checking account, a regular job with steady income and you must be at least 18 years of age. When you apply for a conventional loan, you will still need a job with regular income and be at least 18 years of age, but you may also need collateral for the loan. Depending on the amount requested, you may be asked to provide tax returns, proof of assets and a host of information relating to your current net worth. When it comes to cash advances, your paycheck is your credit and no other collateral is needed to secure the loan.

The type of loan that you ultimately request will depend on a number of factors, including the desired loan amount, current income, ability to repay and the desire to repay it quickly or in payments. Most borrowers request cash advances for emergency purposes, including car and home repairs, doctor visits or simply when they need additional cash to carry them over until the next paycheck.

Go To Reviews >

Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.


Cash Advances In The News

International Financial Expert, Hamid Reza Lavassani, is Paying Cash for Properties

Individuals may be relocating, have untenable loans and mortgages, or structures needing extensive repairs. Lavassani pays cash for property to owners selling due to failing health, probate and ...

Published:  Tue, 18 Sep 2018 21:30:00 GMT



COA flags delayed liquidation, excess cash advances of 33 OVP personnel in 2017

The Commission on Audit (COA) has called out the Office of the Vice President (OVP) for the delayed submission of travel liquidation reports and excess cash advances worth P465,767.17 made by 33 of it...

Published:  Fri, 29 Jun 2018 16:52:00 GMT



Settle P24M unliquidated cash advances, PCG told

Address: 2/F Sitio Grande Building 409 A. Soriano Avenue, Intramuros Manila 1002 Philippines Tel. : +63 (02) 524 5664 up to 67 Fax: +63 (02) 528-1729 Email: newsdesk@manilatimes.net opinion@manilatime...

Published:  Sun, 24 Jun 2018 17:00:00 GMT



'Johnny Cash Show' reruns remind me why I love country music

But nobody ever did it like Johnny Cash. Watching the show was a treat. And next week could be even better, as rumor has it the special guest will be Merle Haggard. Reggie Ponder is a staff writer at ...

Published:  Wed, 18 Jul 2018 21:11:00 GMT



End practice of converting loans to cash, banks urged

KUWAIT CITY, July 16: Advertisements on converting loans to cash and assisting in banking transactions have been sweeping through social media lately, targeting citizens and expatriates who desire to ...

Published:  Mon, 16 Jul 2018 13:57:00 GMT



Risks of using credit card cash advance

Just because you can get cash from your credit card through cash advance does not mean you should. It entails certain risks, and it pays for you to know what those risks are. Wondering if you can get ...

Published:  Thu, 26 Jul 2018 11:56:00 GMT




- View Full Site -