The paycheck doesn’t always come soon enough. An urgent expense won’t wait until funds enter your bank account. You have to make the payment, but you don’t have enough in the bank to make it work. You can get out of this situation by getting an instant cash advance online.
You can use the short-term loan to pay off expenses instead of waiting for your paycheck to land in your account. However, some cash advances are more trouble than they’re worth. High-interest rates will keep you in debt longer and can hurt your credit score. We’ll provide a helpful alternative that lets you score 0% APR and share how a cash advance can help.
Get up to $500 at 0% APR with no credit check with MoneyLion Instacash Advance.
What Can You Use a Cash Advance For?
A cash advance gives you more flexibility while helping you pay down urgent expenses. A cash advance can help with the following costs:
- Vehicle Repairs: Your vehicle doesn’t break down on your schedule. You may need a vital part or have to take it to an expert. You don’t want to risk driving in a dangerous vehicle or being without a vehicle for days. Getting an instant cash advance online will speed up vehicle repairs.
- Home/Appliance Repairs: Failing to address home and appliance repairs can deteriorate your home in the future. Some appliances need immediate attention. A cash advance lets you repair your home sooner.
- Children’s School Costs: Many parents order school supplies for their children in late August and early September. If you don’t receive your next paycheck until the end of September and wait until then to buy supplies, your child could fall behind. Get the cash advance in late August and pay it back when you get your next paycheck. This approach will ensure your child has the proper supplies on the first day of school.
- Medical Expenses: Delaying medical expenses can be the difference between life and death. A small disease can turn into something significant. A cash advance can help with any medical expense.
- Large Personal Purchases: Are you planning a vacation or want to buy something for yourself? The instant cash advance can come in handy. Some personal purchases, such as bids on products listed on eBay, are time-sensitive. Your paycheck may not arrive soon enough, but the cash advance lets you complete the purchase without any issues.
- Funeral Costs: When you lose a loved one, you want to grieve and reminisce about that person. Funeral costs can add financial stress to an already heartbreaking situation. You can get a cash advance for funeral costs, give your loved one a final sendoff, and pay down the cash advance afterward.
- Moving Expense: People are moving around in a hot housing market. People bring their furniture and other personal belongings with them during those moves. Most people pay a moving company to transport everything to their new homes. You can get a cash advance to cover this cost if your current funds aren’t sufficient.
- Other Emergency Expenses: Emergencies happen, and money can restrict people’s ability to respond. A cash advance helps you address short-term financial needs.
Things to Consider Before Getting An Instant Cash Advance Online
An instant cash advance provides necessary proceeds that help you cover expenses. Quick access to funds reduces financial stress, but getting an instant cash advance online can cause significant long-term stress if the APR is too high. We’ll cover some details to consider before getting a cash advance.
Some Are Not Really That Instant
Not every cash advance loan is instant. Depending on who is sending the funds, it may take up to 24 hours to receive the cash advance. Get a cash advance the moment you need it in case the money doesn’t instantly arrive in your bank account.
You May Not Qualify
Before handing out cash advances, some lenders look at your credit score, income, and other factors. You may not qualify for a cash advance. Raising your credit score won’t help you overnight, but taking proactive measures now will help if you need another cash advance in the future.
High-Interest Rates
While cash advances help with expenses, high-interest rates can turn them into future burdens. You’ll encounter many double-digit interest rates when looking for an instant cash advance online.
Get up to $500 at 0% APR with no credit check with MoneyLion Instacash Advance.
7 Ways to Get Cash Advances Online
We’ll discuss common choices for getting a cash advance.
1. Payday Loans
These loans are notorious for high-interest rates. Although the government cracked down on the most predatory lenders a few years ago, you’ll still find irrational interest rates.
Some payday loans come with a 600% APR, and those rates still stand after the government’s ‘crackdown.’ Payday loans are among the worst loans available, but people with poor credit scores may have no other alternatives.
2. Title Loans
You can exchange your vehicle’s title for cash. Some borrowers get thousands of dollars from this source, but the car’s value determines the loan. A lender can seize your vehicle if you fall behind on enough payments. Title loans aren’t as predatory as payday loans, but that’s not saying much.
Title loans come with 300% APR. If you don’t pay off the debt quickly, there’s a realistic chance of the lender walking away with your car and keys. Most lenders will ask for a set of keys and put GPS tracking in your car to ensure they can get your vehicle eventually. They’ll give you the keys back and remove the GPS if you pay in full.
3. Personal Installment Loans
Installment loans come at lower rates than payday and title loans. Most personal installment loans have APRs under 40%. However, you can find some loans with an APR below 10%.
You can request a cash advance and pay the loan back in installments. Borrowers agree to a loan term ranging from 3-36 months in most cases.
4. Credit Card Cash Advances
Your credit card can fund many purchases, but it’s also an option if you want a cash advance. Credit card issuers have different policies that dictate how much cash you can borrow. For example, some card issuers cap your cash advance at 20% of your credit card’s limit, while others give you 50% of your card’s limit.
Raising your credit limit and paying off debts will increase your maximum credit card cash advance. Credit cards come with double-digit interest rates, but a credit card’s APRs look less intimidating compared to payday and title loans.
5. Online Lending Club Cash Advances
Online lending clubs provide cash advances for their members. You can use these cash advances to fund purchases while building credit. APRs vary across lending clubs, but you’ll find lower rates than other choices. Some lending clubs give you access to supportive communities that will help with your finances.
6. Personal Lines of Credit
Some people take out loans only to realize they do not need that much money. Even if you come to this realization, you’ll still owe interest. Personal lines of credit are similar to loans, but they let you access money when you need it. You don’t incur interest unless you take out funds.
You could sit on $10,000 in personal lines of credit and not pay any interest. It’s a great backup that you only use when you need it. Once you get your personal line of credit, you don’t have to continue applying for loans. After you pay back the line of credit, you can tap into those funds again if necessary.
7. Mobile Banking Apps
Mobile banking apps are revolutionizing finance. These apps help you boost your credit score, invest, and access an instant cash advance online. They let you get a cash advance up to $250 at 0% APR if you direct deposit your paychecks into your account.
