Photo by Alexander Grey on Unsplash
These days, there are a few ways you can apply for and receive a cash advance. Thanks to technology, you don’t have to visit a lender in person if you don’t want to. You can apply for and receive cash advances from the comfort of your home. Of course, if you prefer face-to-face interaction, you can always stop at a branch.
Here’s what you need to know about cash advances and how you can apply.
What is a cash advance?
A cash advance is a personal loan given to people who need money before their next payday. It’s usually smaller than a traditional loan, which means lenders might not rely on your credit score as heavily when reviewing your application. If your credit score is poor, a cash advance can give you access to funds even if you wouldn’t qualify for a traditional loan.
Cash advances can be used for whatever you need, although many people use them to cover rent, bills, or unexpected emergencies.
When the loan is due, you pay back the borrowed amount plus interest and fees.
No matter how you apply, you’ll need to show proof of age, identification, a Social Security number, and income. You’ll also need to show that you have an active checking account.
How can I apply for a cash advance?
Online
Many people like the convenience of applying for a cash advance online. This enables them to fill out an application any time of day or night and gives them quick access to the funds. In addition to the above documentation, if you apply online, you’ll have to provide a valid email address.
Suppose you’re approved for a cash advance. In that case, the money is deposited directly into your account, meaning you have access to the loan almost immediately and without having to leave your house.
Through an app
Many cash advance lenders have an app that allows you to apply from the comfort of your home or anywhere in the world you might be. You’ll still be required to give the same information, but you can apply from your smartphone, tablet, or any mobile device available.
Like an online application, if you’re approved for the loan, the money will be directly deposited into your account and accessible to you very quickly.
In-person
If you prefer meeting with someone face-to-face so you can ask questions and have a more personalized experience, you can always go into a physical location. When applying in person, you may need to bring a personal check with you.
Also, remember that you’ll have to wait until the hours they’re open, which means you can’t apply any time of day, but you’ll still have your application reviewed quickly and can still access your loan easily. It’s possible that you may even leave with cash in your hand.
The bottom line
Whether you prefer applying for loans from your home or going to a physical location to speak with a person, there are many options available to you.
