A cash advance is a short-term loan offered by lending agencies and payday loan companies for emergencies such as medical expenses and car bills. It does not require any credit or background check. The process of obtaining a cash advance is quite simple. Applications can be filled out online, and the information required covers personal, employment, and bank account details. Upon approval, the amount is deposited in the borrowers bank account.
There is usually no grace period for the repayment of cash advances and interest starts accumulating immediately if the repayment deadline is crossed.
Since cash advances are unsecured, the rate of interest can be as high as 20%. The high rate of interest and short period of repayment may even force the borrower to borrow again. Thus it is important that individuals avail these loans only when it is an emergency, so as to not fall into a debt cycle. If used judiciously, cash advances enable people to avoid late payment fees and even penalties associated with bounced checks. They also enable people to avoid negative marks on their credit score.
Cash advances are available even to those who have bad credit. The...
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