A cash advance is a short-term loan from a bank or an alternative lender. They are especially useful for when you need cash fast such as for repairs around the house or a sudden illness. At Quickle, we allow borrowers to withdraw up to $2000 and as little as $300 so that you can put it towards what you need.
This article aims to be the guide for all things cash advance loans and assist borrowers in how they work and where they can receive one.
Types Of Cash Advances
One of the most important financial skills for you to master is budgeting. Understanding the budgeting process can help achieve financial freedom and a life with less stress. To get you started, here are some apps that allow you to handle income and savings effectively.
Overdrafts & Credit Card Loans
An overdraft is attached to a transaction account, and lets you access additional funds when your account balance falls to zero. You are approved for a certain limit from a lender and can draw as much as you need up to that limit. And you are only charged interest if you use funds from your overdraft.
Like an overdraft, credit card loans approve you for a certain limit which you can spend up to in any given month. Although you are required to pay a minimum repayment every month, of which, if you don’t pay the full outstanding balance in each month, you will accrue interest on the outstanding balance.
Payday & Short-Term Loans
Sometimes referred to as a small amount loan, a payday loan lets you borrow up to $2,000, though they can come with a lot of fees (ultimately depending on how much you borrow). These types of loans are helpful for borrowers who earn a weekly or monthly paycheck but require quick funds to pay bills or other important expenses.
A short-term loan is obtained to support a temporary personal or professional need. As it is a type of credit, this loan involves repaying the initial amount with interest by a certain due date, which is usually within a year from gaining the loan.
Pay On Demand & Pay Advance Apps
Pay On Demand apps are third-party apps that connect directly to your bank account and charge a flat fee (usually 5%) to those who use the app to access their wages early. Apps like BeforePay and MyPayNow are just some of the most popular out there today.
How An Online Cash Advance Works
In a matter of minutes, borrowers can apply for a cash advance with Quickle and within hours, receive the funds in their chosen account. All we need from you is a bank statement to prove you can comfortably make repayments, as well as documents of identification such as your drivers’ licence, passport or birth certificate.
Costs, Terms & Fees
The cost will vary depending on the lender or service provider. Loans can cost as little as 5% of the loan amount!
While the maximum term of advances provided by the lenders and service providers, we work with is 62 days, and typically the first repayment must be within 20 days of the advance arriving in your account.
For more information regarding these processes, check out the FAQ’s
Things To Remember When Applying for A Cash Advance Loan
As with all loans, you are required to make the repayments on time or there are consequential fees. It is our responsibility to let our borrowers know that you must only take out a loan that you can comfortably repay.
Always borrow responsibly!
Getting A Cash Advance
Quickle makes getting approved for a cash advance loan simple, easy and of course, quick. Check out Cash Advance Loans to learn more and apply today!
Disclaimer: Please be aware that Quickle’s articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.