What exactly is a cash advance?

Written By Heru Kusnadi on Friday, July 19, 2013 | 8:07 AM

What exactly is a cash advance?
A cash advance loan is a small loan normally in the amount of $100 to $1,000. These are short-term loans which are meant to be used only for unexpected, emergency financial situations. They should not be considered as a long-term solution for serious debt problems.

Basically, you write a check for the approved loan amount plus interest. The lender will then deposit your check as repayment on the agreed upon date, usually your next payday.

These types of loans go by many different names- payday loans, short-term loans, cash loans, fast loans, bad credit loans, and fast cash loans. But no matter what they are called, they all work on the same principle. They provide quick access to a relatively small amount of money with a repayment time of 2 weeks.

The operator of this website is not a lender. Consumers should be aware that cash advance loans are short-term loans with a very quick repayment time. All types of loans, including credit card advances and employer paycheck advances for example, should be explored before committing to an online loan.

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