Are you looking for “cash advance near me?”
Well, we understand. While nowadays everything is offered on the internet, not everyone has access to or uses the internet. At the very least, not everybody is comfortable sharing their financial information online. But whether you use the internet or not, there’s a point in life when you need quick cash to help you sort a bill or an emergency expense! That’s when “Cash advance near me” fits in.
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So, what’s cash advance?
A cash advance is a short-term loan. It may be from a bank, credit card issuer, or an alternative lender.
In essence, you are borrowing cash against your next income, just like a payday loan. A cash advance often features steep interest rates besides fees. They, however, remain helpful, especially when you seek money to finance an emergency. They are approved very fast and quickly funded.
How to Locate a Cash Advance Near You
Most service providers offer their services online, yet quite a number have brick-and-mortar locations where they accept such applications. At such facilities, you can complete your cash advance request in just a few minutes and is you meet the requirements, walking out with the funds you needed on the same day.
However, it might be a tall order to locate the best lender near you, as their availability varies by state. And in localities where they are accepted, you might end up with multiple options that it becomes virtually impossible to choose one. But we are here to help you.
How to find the best cash advance loan is not something you’ll find in books or blogs, but a concept you learn with years of experience. Here are a few tricks we have learned over the years:
- First, not all states permit cash advance outlets, so ensure they are legal in your locality.
- Operators offering such loans also do so online. Thus, do online searches so to find any lender near you and list all your possible options.
- Compare the offers from the different lenders you listed.
- Identify the best three stores and visit them to check out if there is any information they might have left out in their online platform.
- Now choose your favorite store, and submit your application. If you are lucky, you’ll walk away with cash from the store.
Pros and Cons of Cash Advance Near Me
Cash Advance Providers Near Me
Several top cash advance providers have physical locations across various states. Here are few that may have stores near you;
Eligibility for a Cash Advance
Cash advances pretty easy to apply. Once you walk into the store, you’ll fill out the application, providing all the required details and you are set to go. Approval only takes a few minutes, and you can get the loan before you leave the store or the following business day.
The requirements vary from lender to another. Some even prefer that you write them a post-dated check before they give you the cash. But here are some of the basic requirements:
- Must be 18 years or older, but a lender may say 21 years.
- Must provide your tax ID or Social Security.
- Provide proof of income, preferably how you intend to repay the loan.
- Provide proof that you are a permanent resident of the state.
- Some lenders may want you to provide a post-dated cheque.
- Depending on your repayment method, you may have to provide a checking account attached to an active debit card.
- Your current phone number.
- You might need to provide an email address.
How Cash Advance Work
Before you choose a cash advance lender here, you might want to know how this type of unsecured loan works. For starters, a cash advance is a loan for a short time, usually weeks. The drill is simple; you walk into a store, give the lender a check for the amount you want to borrow, inclusive of the fees. In return, the lender gives you the cash but keeps the check until the day you’ve declared in your application as your payday.
Both cash advances and payday loans are costly forms of credit. For instance, if you want $600, and the total cost of the loan is $75, you’ll write a check of $675. The long and short of it, you are paying $75 to borrow $600. The lender gives you the $600 in cash and keeps the check, which they cash after the agreed period elapses. Alternatively, you can pay the $675 early and reclaim your check.
How to Compare Lender Costs
When evaluating a cash advance, you want to consider its Annual Percentage Rate (APR), loan charge, including an origination fee (if any), the duration of the loan, and what happens when you default.
Avoid lenders who are not outright about these factors. You are entitled to this information, and the law requires every lender to tell you the APR, which generally is how much it would cost you to hold the loan for a year. Nevertheless, these short-term loans have very high APRs.
The APR factors virtually all the elements of the loan, which include the amount you borrow, interest rate, the loan fee, and the period of the loan.
When choosing the best loan, first remember why you need to borrow in the first place. Then settle for the one with the lowest APR in the worst-case-scenario. How much will you pay when you are unable to pay the loan on time and have to roll it over?
Though some states have interest caps on cash advances and payday loans, rolling over the loan is way too expensive.
Cash Advance Alternatives
Before you go for a cash advance or a payday loan, you should consider other cheaper ways to borrow. Such options include:
A personal loan – Although banks may lamp high-interest charges on you if you have bad credit, the costs are way much better than anything you’ll get from a cash advance lender. However, processing it might take days, which might not be helpful if you are in an emergency.
Borrow from friends or family – We all have the brother, cousin, uncle or aunt, or even a friend we can turn to when things are not working for us. While you would like to keep your financial problems to yourself, the money you are likely to save is worth the sacrifice.
Bank Overdraft – You can use your checking account debit card to withdraw more than your actual account balance. The bank will levy fees and interest, but you save in the long run.
Credit Union Emergency Loans – Check out if you qualify for a credit union loan from your society or even the church. Their terms are often friendly.
State-funded programs – There are lots of state-funded programs that can help you sail through a financial crisis
In summary, a cash advance comes in handy when you are in a crunch. It is essential to check out many providers before you can settle for one. The best lender is the one that offers you the lowest APR, low costs, and can renegotiate repayment terms if you are unable to repay the loan as scheduled. But before you go the cash advance, you might want to consider all other options.
How do I repay a cash advance?
If you did not write a check during the application, you must have provided your checking account details and authorized an ACH to allow the lender to withdraw a specified amount on the cash advance due date. Alternatively, you can walk to the outlet and repay the loan in cash as you took it.
I have bad credit, can I apply for a cash advance?
Yes! Cash Advance is a short-term loan provided by lenders to people with bad credit. Those with excellent credit qualify for quality credit products and may find such a loan too expensive to borrow.
Can I repay the cash advance early?
Yes. It is to your advantage to settle the loan as quickly as you can to avoid accruing any further interest.
I’m unable to pay the whole amount on the advance due date, what should I do?
Every lender has a way how they handle such a situation. It is best to talk to them and work out an amicable solution out of the problem. It is why you need to know how the lender handles such a situation before going for the loan.
How quickly can I get the money?
Once you walk into the store with all the requirements, you will get the funds as soon as you fill the forms. But in other cases, you may have to pick your funds or check the following business day.