Online cash advance loans are high interest, fast money loans that may be used to bridge short-term financial gaps between paychecks. These loans are offered by a variety of lenders that are easily accessible online with a search engine using the phrase ‘online cash advance loan’. This article will discuss online cash advance loans in terms of 1) online cash advance loan features, 2) advantages of online cash advance loans, 3) use of online cash advance loans, and 4) requirements for qualifying for an online cash advance loan.
I: Online Cash Advance Loan Features:
Features of online cash advance loans include “fast and easy” internet application, rising scale loan borrowing amounts with subsequent applications, and same day processing if the application is completed before the pre-determined ‘cut off time’. These types of loans do not discriminate against individuals with bankruptcies in their history, weak credit or low income earners so long as minimum income restrictions are met. Online cash advance loans can be obtained through online banking chains that specialize in cash advance lending.
II: Advantages of Online Cash Advance Loans:
An advantage of online cash advance loans is the money can be obtained fast and prior to getting paid. Provided one is of legal age, has a steady income of above a certain amount, and the necessary information the money can be transferred to an online or personal bank account relatively quickly. Access to cash advance lending is fairly unrestricted due to the opportunities afforded to such lenders via e-commerce. Additionally, telephone customer service assistance may also be included with the servicing of the loan.
III) Use of Online Cash Advance Loans:
Advance loans obtained through reliable companies generally have privacy policies that protect the borrowers personal and financial information. These loans may also help the borrower meet short term cash flow problems that may otherwise have gone unresolved or have ended up hurting one’s credit rating through bounced checks, late payments etc. In cases of online peer to peer lending networks, online cash advance loans may be obtained at a lower interest rate.
IV) Qualifying for an Online Cash Advance Loan:
The requirements for getting online cash advance loans are not much different from other types of loans, however the fees and interest rates for such loans are quite high. In some cases the fee amount is as much as 20% of the borrowed amount and the annual percentage rates well in to triple digit percentages i.e. 100% and higher. Additionally, first time borrowers must present significant proof of employment and identification including residence, phone number, and bank account information in addition to being subject to first time maximum borrowing restrictions.
Cash advance loans are useful for short term cash requirements after which the interest accumulated on them can become significant. Applying for cash advance loans involves submitting personal and financial information to the lender. In the case of online lenders, information can be submitted via the internet. Several fast cash loan companies exist online so one has the opportunity to compare interest rates and lender information. Weighing one’s cash flow needs with the lender’s capacity to offer a cash loan safely and effectively may help the borrower determine which online cash advance loan to utilize.