Find the best cash advance loan for you
5 questions to consider when looking for a cash advance loan
Forty-six percent of Americans don't have enough money to cover an unexpected $400 expense, according to a recent study by the Federal Reserve. Cash advance loans -- which provide borrowers with funds in a financial emergency -- have, therefore, become a lifeline for many consumers. However, with so many lenders offering this service, it can be difficult to know where to start. LendUp makes it easier to obtain short-term financing with flexible repayment options, a competitive interest rate and a simple application process. Our loans provide you with the funds you need to bridge the gap between now and your next pay packet. See what real LendUp customers have to say about LendUp.
1. What’s the best way to use a Cash Advance loan?
A cash advance loan provides you with short-term credit to cover a cash flow problem or financial emergency. Unlike personal loans, which are secured by a piece of property -- usually, a home or a vehicle -- a cash advance isn't tied to specific assets. Lenders take into account your financial history when making a decision to approve a cash advance loan. When you apply for his type of credit, a lender will assess your ability to repay the loan. Most companies will review your credit file -- a record of your previous debts and credit agreements -- or income statements before offering you financing.
Cash advance loans are intended to cover a short-term financial emergency. Borrowers use them to cover an unexpected medical bill, for example, or a shortfall in funds. As a result, this type of credit usually comes with a higher rate of interest than a personal loan. However, the amount of interest you pay depends on the lender you choose. When you take out a cash advance, you agree to make repayments on the loan over a period of time -- weekly, biweekly or monthly -- or pay the loan in full by a certain date. You could be charged a higher rate of interest if you don't pay the amount within the specific time determined by your lender.
LendUp's cash advance provides you with short-term credit that typically covers a period of between seven and 30 days, but this varies by state. You will receive text and email notifications to remind you of your loan due date, and you can make a single payment online or rely on our automatic repayment program.
2. What Should You Consider When Finding Top Cash Advance Companies?
When looking for cash advance lenders, make sure they are fully licensed and adhere to guidelines set by the state and the federal government.
Another important factor you should consider when looking for a lender is the amount of time it takes to receive your money. Top-rated cash advance loans are supposed to provide you with quick credit in an emergency; however, some lenders could still take days, or even weeks, to deposit your funds. With LendUp, you'll receive your loan by the next business day if you apply on a weekday by 5 p.m. PT. In some states, we also offer 15 Minute Transfer (an additional fee will apply).
3. Who Offers the Best Cash Advance Loans?
There are thousands of companies that offer loans, and you'll need to choose one that offers you a low rate of interest and excellent customer service. Some financial products, such as revolving loans and credit cards, make it hard to control your finances because interest rates can fluctuate. Here at LendUp, you know what you're paying right from the start. The application process is simple. You can apply online in as little as five minutes and receive an instant decision about your application 24 hours a day, seven days a week. Once you're accepted, you'll receive all your documents by email, including the date your loan is due.
4. Can You Apply for Good Cash Advances If You Have Poor Credit?
Usually, a poor credit history is a barrier to obtaining the best cash advance loans, especially if you have defaulted on financial products in the past. LendUp has provided loans to borrowers with a less-than-stellar credit history and helped people in some states improve their credit score. The LendUp Ladder is a scaling system that lets you earn points, in eligible states that could lead to the right to apply for larger loans over time.
When you ,apply for a loan, some lenders pull information from the three credit bureaus, leaving a footprint on your credit file. If you make too many applications for credit in a short period of time, it could affect your ability to be approved. Here at LendUp, we give you an instant decision about your application that won't negatively impact your credit score.
5. What Are the Minimum Requirements When Applying for Cheap Cash Advances?
When applying for a cash advance with LendUp, you need to be at least 18 years old and have a checking account that accepts electronic transfers. On our short application form, you'll be asked to provide your address, a contact phone number, your employment details, and in a small number of states you may need to provide proof of income. You'll also need to live in one of the states where we are licensed to provide affordable cash advance loans. Once you have completed your application, you can check the progress of your loan by signing in to your account on our website.
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Testimonials reflect the individual's opinion and may not be representative of all individual experiences with LendUp. Customers received compensation in the form of points on the LendUp Ladder.