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Common Cash Advance Terms
There are many financial circumstances that may leave an individual in need of a short term loan. A cash advance loan provides a temporary advance of credit based on an individual's wages or collateral offered. The following five terms describe different ways to secure an advance of cash quickly.
Credit Card Cash Advance - A service provided by credit card companies that allows cardholders to withdraw cash, up to their approved limit, instantly. Credit card issuers usually charge a fee for cash advances, apply higher interest rates, and do not offer a grace period for repayment. Credit card holders can receive a cash advance through an ATM or at a financial institution.
Payday Loan - A short term loan to cover expenses in between paychecks. Payday loans are often available to individuals with poor credit or no credit. They are commonly used in situations where individuals need cash quickly to cover expenses. Payday loans often have high rates of interest.
Check Cashing Service - A service that cashes payroll checks for a fee. Check cashing services are often used by individuals who have no credit or do not own a bank account. People also use check cashing services when they need cash fast and cannot wait for a check to clear a bank account.
Currency Exchange - A business that may process cash advances, offer check cashing services, and give payday loans to people who need cash fast. Currency exchanges also provide services like exchanging foreign currency and selling money orders.
Pawnbroker - A business person who buys items for resale or offers quick loans in exchange for valuables, which are held as collateral. The rate of interest on loans from pawnbrokers is determined by law or store policy.
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Short on cash? Is payday far off? Is your landlord breathing down your neck for this month's rent? Consider a check advance service for financial assistance during tough times. If you have no credit and need fast money to pay some looming bills, you may be able to get instant cash from a cash advance service. These companies will cash your checks in exchange for a percentage in fees, with many boasting instant approval.
Cash advance services offer online payday advances, quick in-store check cashing, title loans, and bill pay services. They may issue pre-paid cards, funds transfers, short-term loans, and money orders. While these providers offer a convenient way out of escaping eviction or foreclosure for the moment, and to get some extra cash for your bills, they do charge high interest rates for this convenience. As such, this can get costly over the long term for consumers who use these services on a regular basis. For those with no credit or bad credit, this could be the answer.
Cash advance services date back to the 1920s and 1930s, when times were tough economically and people needed cash to survive. Loan sharks got into this business at about the same time, as banks simply couldn't provide cash advances and loans to everyone who needed them.
Today, cash advance services may help you out, with the right collateral, when banks and other lenders won't. Some companies operate online, while others have store fronts. Customers may be able to get instant deposits in their accounts or apply for fast, short-term loans on the website or in person. They may offer no fax payday loans, check cashing for payroll paychecks, and cash borrowing through a few easy steps. Financial fees and rates vary by provider.