Online Cash Advance Loans

A cash advance loan is a short-term, unsecured loan designed to provide quick access to funds for borrowers in need of instant emergency cash.

Why CreditNinja?

• Easy online application
• Same day funding* 
• Industry-wide competitive interest rates 
• Flexible repayment terms 
• Helpful customer service

There are Real Advantages of Instant Cash

Quick Access to Funds – Processed quickly, with some lenders offering same or next day approval and funding. Many payday loans may offer this, although their terms and conditions are usually very risky.

No Credit Check – Some quick cash advances are available to borrowers with bad credit or no credit, as lenders typically do not require a credit check. This is most often found with payday loans.

No Collateral Needed – Typically unsecured, meaning they do not require collateral. Cash advance lenders offer unsecured loans based on the borrower’s promise to repay the money. 

Eligibility Requirements for an Online Cash Advance

• Borrowers must be at least 18 years old and be a U.S. citizen or permanent resident.
• Borrowers must have a steady source of income, either through employment or another verifiable source.
• Borrowers must have an active checking account in good standing.

Instant Cash Advance Application Process

1. Instant advance loans can be applied for online or in person with a storefront lender.
2. Borrowers must provide proof of income, a valid government-issued I.D., and bank account information to get instant cash online.
3. After submitting the required documentation for an instant cash advance, lenders will review the application and may approve the advance loan within a few minutes to a few hours.

Typical Repayment Terms

• For payday loans, the money is usually repaid in a lump sum on the borrower’s next payday.
• Cash advance repayment is typically done with a post-dated check or an automatic withdrawal from the borrower’s bank account.
• If cash advance borrowers are unable to repay the money on time, they may face late payment penalties and additional fees. Many payday loans will offer the borrower a chance to rollover their loan. But this leads to more fees and interest. 

Regulations and Restrictions State and Federal Laws

All cash advance loans are regulated by state and federal laws, with some states banning them altogether. Consumers can learn more about how states regulate this type of funding by visiting the website of the National Conference of State Legislatures.**The Consumer Financial Protection Bureau (CFPB) is involved in regulating and protecting consumers from predatory lending practices.** Consumers can learn more about how the CFBP regulates deposit advance products here. 

Cash Advance Loan FAQ

How does a cash advance work?

A cash advance is a financial tool that provides borrowers with an instant short-term loan that is usually repaid in a lump sum on the borrower’s next payday. They’re usually referred to as payday loans, and they tend to come with extremely high rates and unreasonable terms. 

How much do cash advances cost?

The interest rate and annual percentage rate of an online advance is typically higher than those of traditional loans. Fees may also be charged for processing the loan, and late payment penalties can apply if the borrower is unable to repay on time. Make sure you know the interest rate for your online advance loan. 

How much money can I borrow with an online advance?

The amount of money that can be borrowed through an advance loan is usually limited to a few hundred dollars, although some payday lenders may offer larger cash amounts.

How do I repay a cash advance?

Repayment of an advance is typically done with a post-dated check or an automatic withdrawal from the borrower’s bank account on the borrower’s next paycheck. It’s in your best interest to opt-in for overdraft protection if payment is automatic to avoid an NSF fee.

How long does it take for a payday loan to be deposited into an account?

Generally speaking, once approved, instant payday loans are deposited into your bank account within 1-2 business days. This time frame may vary depending on the quick cash lender and your specific bank. Some lenders may offer same-day funding options for an additional fee.

Where can I get approved for an advance?

An instant cash advance can be obtained online or in-person. It is important to compare fast cash lenders and choose one that offers the most favorable terms and conditions, whether it’s online or in person. 

Are there any restrictions on who can apply?

Restrictions on who can apply for an instant cash advance vary depending on state and federal regulations. Generally, borrowers must be at least 18 years old, have a steady source of income, and have an active checking account to get cash instantly.

What happens if I’m late on repaying my payday loan?

Late repayment can lead to additional fees (known as late fees), being added to your loan balance. These details should be in your loan agreement. These fees vary by lender and state regulations, but they can be quite costly. Additionally, late payment may be reported to major credit bureaus and can negatively impact your credit, making it more difficult to obtain instant credit in the future. 

What is (APR)?

Annual Percentage Rate (APR) represents the annual cost of borrowing money, including finance charges and any additional fees, expressed as a percentage. APR allows borrowers to compare different loan offers more easily. Any personal loans, credit cards, or other financial products will have an APR associated with them.