A cash advance is nothing but taking credit from your credit card or taking credit by other means. Many credit card companies have made the availability of cash advance easy as they can take it out from the nearby ATM. The major problem with such cash advance is that there are many charges which will add up before you know it and you will be at your wit’s end. There will be an ATM charge from the company who’s ATM you have used, a credit card charge from the credit card company, a mandatory interest from the credit card company on the cash advance and if you fail to pay it within the current billing cycle then more rate of interest will be added up. If you want to save yourself from such charges then you should go for an online cash advance.
What is Online Cash Advance?
You must be wondering how an online company can provide you a cash advance. Well actually they don’t provide you cash but after your request for online cash advance gets approved the money is transferred to your account. An online cash advance generally refers to a small amount of credit for a small tenure say for a month or two. It is a short term loan that is similar to other loans and paydays but it has to be paid generally in one or two installments.
Advantages of an Online Cash Advance
- An online cash advance can be possible even with a bad credit score as they do not consider it as an eligibility criterion.
- You do not have to go to the bank or that company from where you will be taking cash advances All you need to have is an internet connection to apply for it. As documentation works, just some documents need to be scanned and attached in a link provided by them proving your citizenship and legal age. Hence, it is not at all a tiring process as it can be applied from home.
- Cash advance involves lots of paperwork whereas online cash advance involves no paperwork.
- The process is very fast. After your request for your cash advance gets approved, it will be transferred into your account within five minutes.
- Your financial problem will be solved in no time. As the process is very fast and efficient.
Reasons for Taking an Online Cash Advance
The reason behind people opting for an online cash advance varies greatly. Some might want to fix their car; some have to repair their house. Some take loans to pay the school fees and some take loans for paying others bills. Online cash can be given to anybody but it entirely depends upon the person how wisely he would pay the money. People those who have a very bad credit score and have been rejected by other banks generally go for such cash advances. Since this is their last option to get the money they should make sure that they will be able to return the money. If they are unable to pay it back then they will never get another cash advance. Repayment of these cash advances will gradually increase their credit score as well and their legal and financial file will also get stronger.
Documents Required and Conditions Followed to Get an Online Cash Advance
Some of the documents required to get an online cash advance are as follows:
- Social Security Number.
- Source of income like salary slip or bank statement etc.
No company will provide cash advance without proper documentation. Document requirements might be less but some documents are mandatory like your source of income because banks or other lenders will only give you a cash advance if they think that they can recover it from you. Most importantly you have to prove your citizenship else if you run out of the country after taking the cash advance then the Lender will never be able to catch you.