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Cash Advance
A cash advance has a whole host of useful purposes and with money tighter than ever for most Americans, these services are seeing wider and wider use. With this increased demand have come a number of cash advance companies to answer the call. With this increasing number of companies though, a wider variety of terms, slogans, acronyms, etc. have arisen that may be confusing to someone new to the cash advance realm. The good news is that the majority of these services are all generally the same with only slight differences. Many of them should be obvious from the name, but we’ll look at them all below at any rate.
No-fax or faxless cash advance – What this means is you won’t be required to fax in any documents such as pay stubs, bank statements, etc. This is extremely convenient, especially when you don’t have a fax machine. On the flip side, companies that do require documents to be faxed in are often legitimate companies, while those that don’t are more likely to be scams. They don’t care about your documents because they’re only interested in getting your banking information and nothing else. There are plenty of legitimate no-fax lenders though, just be careful to properly research any of them you come across.
Online cash advance – This of course means that the entire transaction can be conducted online. Usually these online companies only exist in the online realm and don’t have any physical locations, but some of them do.
30 day cash advance – Most cash advances are due, at least in part by your next pay check, or within 14 days, whichever is first. Some will allow you to pay the loan back within as much as 30 days. These loan types may also make it possible for people on a form of monthly assistance like disability to qualify for a cash advance.
1 hour cash advance – These cash advances guarantee that the money will be deposited in your account within 1 hour of approval. It could take as long as 24 hours or more with other companies, so this could be a valuable service depending on the need for the funds.
Instant cash advance – Since most cash advances require no credit checks or background information of any kind, the majority of them can be approved instantly. This usually means less than 24 hours, but many will be processed in less than 1 hour.
Bad credit/No credit cash advance – Most cash advance companies are not concerned with your credit history, but you can be sure that if this is specified that they definitely are not.
You should now have a pretty good idea about all the terminology you’ll come across when searching for a good cash advance company. Rates may differ between services, so find the cash advance service that is right for you.
