Best Cash Advance Companies for 2019

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Money Mutual

Money Mutual

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Editor's Take

Money Mutual gets qualified applicants their funds in as little as 24 hours or less. Loan amounts can be as high as $2,500, but loan terms will vary depending on which lender you work with. You’ll need to make at least $800 a month and be at least 18 years old to qualify.

Money Mutual works with borrowers with low credit scores, so even if you have a foreclosure, a charge off, or if your credit card has been sent to collections, you may still qualify. Applications are done entirely online and only take a few minutes to complete.

Qualifications

  • Loan Amount
    up to $2,500
  • Funding time
    24 hours or less
  • Loan terms
    vary

Details

  • Loan broker to connect borrowers with lenders
  • Fast application process online
  • Income of at least $800 a month

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CashAdvance

CashAdvance

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Editor's Take

CashAdvance is an online loan broker that connects borrowers with lenders using only one online application. All credit types are welcome, including low to poor credit scores. The application is easy to complete, and all loans are deposited into your bank account the next business day.

Qualifications

  • Loan Amount
    up to $1,000
  • Funding time
    Next business day
  • Loan terms
    vary

Details

  • Works with bad credit borrowers
  • Income of at least $1,000 a month
  • Fast online application

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CashUSA.com

CashUSA.com

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Editor's Take

CashUSA.com works with all credit types and offers loan up to $10,000. All loans can be used for anything, including debt consolidation, house renovation, or personal purchases. You must have a valid checking account and make at least $1,000 a month. Both work and home phone numbers are verified prior to loan disbursement.

Qualifications

  • Loan Amount
    up to $10,000
  • Funding time
    less than one business day
  • Loan terms
    3 to 72-month loan terms

Details

  • Fast loan application
  • Works with all credit types, including low to poor
  • Must make at least $1,000 a month after taxes

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How It Works

Cash advance loans can help you quickly receive loan funds to pay for financial emergencies or tide you over to your next pay period. There are two options: applying online or in person. If you choose to go to a local cash advance company, you may be able to get money or a pre-funded debit card on the spot. The downside is that if you don’t have all of the required paperwork and documentation with you, you’ll have to go home and return again. Plus, you’ll have to decide on the spot if your single loan offer works with your budget and timeline.

A much more convenient method is using an online cash advance company. You’ll receive an instant decision and can take your time reviewing the loan terms, making sure you’re happy with the cost and that the repayment term is feasible for you. Plus, you’ll have all of your financial and employment information on hand to submit the necessary documents to finalize your application.

Once you sign and return your loan agreement, you’ll receive your loan funds. This is usually done via direct deposit into your bank account. The funding time varies lender by lender, but most companies make it happen within a day or two. If time is of the essence, apply with a lender who can commit to a quick funding.

Because cash advance loans are meant to tide you over for just a short period of time, the repayment period is frequently only a couple of weeks or months long. You may need to repay the full amount in a single payment, or they may be stretched out over multiple due dates. Check your loan agreement before signing to make sure you understand how and when your loan balance is due.

Fees to Expect

There are a few different ways a cash advance company may structure their fees. If your loan is to be repaid as a single lump sum a few weeks after you receive your funds, you’ll likely pay a set fee rather than an ongoing interest rate. If you miss your payment, you may be able to rollover the loan (although you can’t do this in every state). When you do a rollover, you’ll be charged another flat fee, which is then added to your principal and previous fee.

Let’s look at an example.

Say you borrow $500 with a $75 fee attached to it. You can’t afford to repay that amount two weeks later on your due date, so you rollover the loan. The lender charges you an additional $75 for this service, bringing your grand total owed to $650. Some states limit how many times you can rollover a cash advance or payday loan, otherwise you could easily end up paying double the amount you initially borrowed.

Other cash advance lenders charge an interest rate, especially if you’re borrowing a larger sum with payments spread out. In this scenario, you’ll owe the same amount each month. The total interest calculated to accrue is added to your principal balance, then divvied up over the repayment term. If you pay off your loan balance early, you’ll save money on the interest you would’ve paid in the future. Most companies these days don’t charge prepayment penalties, but double check to be sure so you don’t get stuck with extra fees.

If you miss a payment on a cash advance loan with multiple payment dates, you’ll likely be charged a late fee. This can be charged either as a flat fee (such as $15) or as a percentage of your amount due. So if your monthly payment is $200 and you’re charged an extra 5%, your late fee would be $10.

Other Options to Consider

Short-term financing can be expensive, and cash advance loans are no exception. What other alternatives are there?

Credit Card Cash Advance

One option is a credit card cash advance. Depending on your card issuer, you may be able to withdraw cash from your credit card using an ATM. This is more expensive than simply charging a purchase to your credit card, but can be helpful if you need the money for something that can’t be paid for using a credit card.

Debt Consolidation Loan

If you’re having financial trouble because of excessive debt, another option is applying for a debt consolidation loan. You may need a slightly higher credit score to qualify (usually in the “average” category), but this can help you manage your debt payments more easily by just having one bill to pay, rather than multiple creditors each month.

You may even be able to qualify for a better rate and save money in the long run, or spread out your payments over a longer period to help relieve your monthly burden a bit more.

401(k) Loan

If you have a 401(k) with your employer, you can also consider taking out a 401(k) loan. The plus side is that it doesn’t require a credit check, since you’re essentially borrowing money from yourself. You also have to repay the interest the funds would have accrued while in your account, so you’re not hurting your retirement prospects too much.

You do, however, need to pay back the funds quickly, otherwise you may be liable for paying taxes on the funds. Make sure you understand all of the rules with this loan product in order to avoid taxes and penalties. However, it could be a less costly option if you’re confident you can keep up with your payments on time.

Frequently Asked Questions

What do you need to get a cash advance?

The exact details vary by lender, but common requirements include a form of ID, proof of income, and a bank statement. In some cases, you also may need a personal check to confirm your bank account information.

Do you need a bank account?

Some cash advance companies require a bank account for two reasons. The first is to deposit your funds and the second is so they can make an automatic withdrawal on your due date. If you find a cash advance lender with a physical location, you may be able to receive your funds as cash or a prepaid debit card, eliminating the need for a bank account.

How do you get cash from your credit card?

Some credit cards allow you to withdraw cash from an ATM and have that amount added to your outstanding balance. There’s generally no interest-free period and the rates are usually higher for this type of transaction.

Can you qualify with bad credit?

Yes, most cash advance companies work with people who have bad credit. You’ll likely need to meet some income requirements, though, so check these details before you apply.

Get a Cash Advance Today

Instead of waiting for your next paycheck, get a loan offer from one of our top picks today!

Call Now! (844) 276-2063

with our top pick Money Mutual

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