Many people often find themselves in a situation where they need money instantly for an emergency, whether to pay bills, fix their car or see a doctor. In such cases, they do not have a lot of available options. One of the safest and fastest solutions for urgent money problems are online cash advances.
The term cash advance is often used as a synonym for a payday loan, referring to an unsecured, short-term, small-amount loan that should normally be paid off when your next paycheck arrives. The amount you can borrow usually depends on your personal income. Alternatively, a cash advance can be based on your line of credit or your credit card.
All you have to do is choose a lender and apply for your loan. In some cases, you can get the money you need literally within several minutes. Typically, you will receive cash within the next business day. Keeping in mind that these loans are small and short-term loans, the whole process is pretty simple and straightforward; you will have to submit your application, providing some personal information, and wait for an approval.
Here is all the documentation necessary in order to apply for a cash advance online:
Any identification document, i.e., a document issued by state officials, such as an ID card, a passport or a driving license. You have to be 18 or older in order to apply for a cash advance at all. Documents which prove your residency, as these loans are not allowed in every state.
Financial statements are important as well. Even though these loans may amount between $100 and $1,000 (depends on the lender and other factors), the lender has to know whether you can repay your cash advance. If you have any unpaid loans with other lenders or you have declared bankruptcy, you might get rejected.
Employment confirmation is also required. Many lenders require that your income is around $1,000, so check the details in advance.
If all the data above is in accordance with the lender’s terms and conditions, the loan will be approved. The money will be transferred to your bank account directly and quite often, you can have the cash you need within just 24 hours.
Repayment is due either on your next payday or within a month. It is strongly recommended that you check the contract thoroughly before you sign it to determine whether the rates and fees work for you.