Table of contents

Instant Cash Advance Online

Table of contents

Have you found yourself in a situation where you need quick access to cash? Perhaps rent is due and you’re a few hundred dollars short, or your air conditioner went out and you need to get it fixed right away

Whatever the case may be, cash advances are short-term loans designed for emergencies. They can offer you an instant source of cash, even if you have poor or no credit. The catch? They often come with high costs and short repayment periods.

Here’s a closer look at what cash advances are, the different types, and everything you need to know about them.

What is a cash advance?

A cash advance is a type of short-term loan that offers quick access to a relatively small amount of cash. They are often available through credit card and payday loan providers. While quick and convenient, cash advances come with expensive rates and fees so are typically only recommended for use in emergencies.

How does a cash advance work?

The way a cash advance works depends on whether you get it from an online payday loan lender or via credit card.

Instant online cash advances

Instant online cash advances, also known as payday loans, offer a way to gain quick access to cash through an online payday lender (like us).

The online application process typically requires you to provide information, including your:

  • Name
  • Birthdate
  • Address
  • Residence details
  • Income source and amount
  • Payment frequency and schedule
  • Bank account details
  • Social security number
  • Credit score
  • Government ID details

To get approved, you’ll need a valid residence, proof that you’re of legal age, a verifiable stable source of income, and an active personal bank account. The good news? Poor or no credit typically won’t disqualify you.

Upon approval, you’ll be presented with the amount you can borrow, the borrowing costs, and the repayment terms. Cash advances often come with relatively expensive fees and interest rates, so it’s important to carefully weigh the costs and benefits.

If you decide to accept an instant cash advance, the cash will be deposited into your bank account as soon as the same day.

As for the repayment, you typically need to repay the loan in full within one to four weeks, according to the payment schedule provided. It’s important to ensure that you can make the repayments on time or you may incur additional penalties and fees.

Credit card cash advances

If you have a credit card that allows for cash advances, you can often request an advance through an ATM, by visiting a bank, or with a check provided by your credit card issuer.

ATM cash advance

To request a cash advance at an ATM, you’ll need to first set up a pin. You can usually do so via an online account portal or by calling your credit card provider.  Next, you’ll head to an ATM, insert your card, enter your pin, and select the option for “cash advance” or “cash withdrawal.” You’ll then select “credit” and enter the amount you want to withdraw. Upon approval from your credit card provider, your cash will be disbursed.

Warning: Be sure to request an amount that is less than your cash advance limit or the transaction will be denied. Cash advance limits are different than total credit limits.

Check cash advance

To request a cash advance via check, your credit card provider will need to provide you with checks. Some do so when you open the account, others may send you check cash advance offers in the mail or allow you to order them.

Once you have a check in hand, you’ll need to name yourself as the payee (if you’re not already named). Then, you can go cash the check or deposit it into a checking account.

Bank cash advance

Getting a cash advance at a bank requires you to go in, speak to a teller, request a cash advance using a credit card, and enter your pin. Again, ensure you request an amount below your cash advance limit. Upon approval, the teller will hand you the cash.

No matter how you get a credit card cash advance, the cost and repayment terms will typically be the same. They often come with a fee and an elevated APR. Additionally, interest begins accruing on the outstanding balance immediately — unlike the interest on credit card purchases which accrues after the close of a billing cycle.

The cash advance amount will become part of the outstanding balance on your credit card. A plus is that you’ll only be required to make your normal minimum payments to stay current. As a result, you can leave the balance outstanding as long as you’d like. However, you will accrue interest, at a higher rate until the cash advance is paid off so it’s best to pay it off as soon as possible.

How much cash can you withdraw using a cash advance?

The amount of cash you can borrow with a cash advance varies depending on the lender you choose and the amount for which you qualify. If you’re looking for a cash advance through a credit card, credit card issuers often offer from $100 up to 30% of your credit limit. The higher your credit limit, the more you can usually borrow.

If you’re requesting a cash advance through an online lender, you’ll be presented with a range of loan amounts — often in the ballpark of $500 to $5,000. You’ll request the amount you need (from within the range) when filling out your application. The lender will then look at factors like your employment history and income to decide on the amount you can borrow. If you don’t qualify to borrow the amount you requested, they may offer you less.

Cash advance terms

Cash advance terms will vary by provider but typically include three main components.

Fees

Cash advance providers make a profit based on the fees and/or interest they charge. The fee may be a percentage of the loan amount, a flat amount, or a combination of the two.

If you get a cash advance through a credit card, the fee is often 3% to 5% of the loan amount or a $3 to $5 fee. For example, on the Quicksilver credit card, Capital One charges 3% of the transaction amount or $3 — whichever is greater.

With online instant cash advances, payday lenders also often charge a fee based on the amount borrowed. According to the Consumer Financial Protection Bureau (CFPB), the typical fee range is $10 to $30 per $100 borrowed.

Interest rates

If you get a cash advance through a credit card, you’ll be charged interest on the outstanding balance until it’s repaid in full. Further, interest on cash advances begins accruing when you withdraw the cash and is often charged at a higher APR. For example, Capital One’s Quicksilver credit card offers purchase APRs of 19.74%, 25.74%, and 29.74%, depending on your creditworthiness. Meanwhile, the APR on cash advances is always 29.74%, no matter how creditworthy you are.

Online instant cash advances from payday lenders often have APRs listed, but they aren’t an additional amount of interest due. Instead, they’re just the cost of the loan expressed as an annual rate (to make it easy to compare rates across providers). For example, an advance of $100 with a 17.50% fee rate and a 14-day loan term would have an APR of 456.25%.

Repayment

The repayment terms tell you how long you have to repay the cash advance. As explained above, credit card cash advances get added to your outstanding balance and only the monthly minimum payment is required each month to stay current.

Online instant cash advances often have repayment due dates within 30 days. If the full amount, plus fees, isn’t repaid by the due date, you could face late fees and penalties.

Note: Your state may offer some protection. Some states require payday lenders to offer extended payment terms without fees if borrowers are having trouble repaying their loans.

Cash advance pros and cons

Cash advances have pros and cons that vary depending on the type you get.

Credit card cash advances

Here are the pros and cons of credit card cash advances.

Pros

  • Low fees
  • Flexible repayment terms
  • Easy to get if you have a credit card
  • Can pull cash from ATM

Cons

  • Fee and interest charges
  • Elevated APR
  • Interest accrues from the advance date
  • Must qualify for a credit card

Credit card cash advances can be a good option if you have a credit card on hand that allows cash advances in amounts high enough for your needs. Additionally, the fees are typically on the low end, ranging from 3% to 5%. They also offer flexible repayment terms and can be convenient because you’re able to pull cash out at most ATMs.

On the downside, credit card cash advances can end up being expensive if you don’t pay them off promptly. Interest will continue to accrue, at an elevated APR, until the balance is paid off in full. Further, they won’t be the best fit for those with bad or no credit who aren’t able to get approved for credit cards or don’t have enough available credit.

Online instant cash advances

Next, here’s a look at the pros and cons of online instant cash advances.

Pros

  • One transparent fee
  • Higher loan amounts may be available
  • Flexible eligibility requirements
  • Can complete the process online

Cons

  • High APRs
  • Short repayment periods
  • Must be employed and have a bank account
  • Restricted in some states

Online cash advances offer a few advantages as well. For starters, they are fast and convenient. You can apply online, get an answer in seconds, and have cash in your bank account as soon as the same day. They’re also accessible to borrowers with bad or no credit, the fee structure is easy to understand, and some payday lenders offer higher loan amounts than those available through a credit card cash advance.

On the downside, you’ll have less flexibility when it comes to repaying an online cash advance. Rather than only needing to make a minimum payment each month, you’ll be required to repay the full amount (plus fees) within a few weeks. You also must have an active bank account and a stable income source, the fees are typically higher than those charged through credit card cash advances, and the loans themselves are restricted in some states so might not be available where you live.

Alternatives to a credit card cash advance

What options do you have aside from credit card advances? If the cons of a cash advance sound a bit too costly, here are a few other ideas to consider.

Borrow from a friend or family member

While it can be uncomfortable to borrow money from a friend or family member, sometimes it’s necessary and can help you get back on track as quickly as possible. Instead of high fees, credit checks, and legal contracts, the loan is secured by your relationship. The stakes are still high but you may want to consider this route during a tough time.

Credit card purchase

If you have a credit card and are able to use it to pay for your current need, it’s better to charge it as a purchase rather than pulling out a cash advance. Purchases often come with lower APRs and no additional fees. Further, interest won’t be charged on purchases until the close of the billing cycle. You may also be able to find a card with a 0% APR promotion that allows you more time, such as nine to 24 months, to pay off the balance without interest.

Payroll advance

More and more employers are offering payroll advances as part of their employee benefits packages. Through them, third-party service providers enable you to request payroll advances through a mobile app. As soon as your hours are clocked, the pay for them becomes accessible — often for a small flat fee. Then, when you get paid, the amount you borrowed is automatically deducted from your paycheck. If your employer doesn’t offer automated payroll advances, you may want to ask if they can help you out by processing one manually.

Buy now, pay later services

Buy now, pay later services are also on the rise. One of the biggest ones is Affirm. Affirm allows you to make purchases and pay them off over time. You can download the app, apply to see how much you can borrow, and then use it with various companies to make online purchases. The company also recently released the Affirm card which can be used like a credit or debit card, but the purchases you make get split up over a set period (for a fee).

Title loan

A title loan is a loan that’s secured by your vehicle. If you own a vehicle outright, you can take it to a title loan lender, apply for a loan, and then make the repayments. However, be sure that the loan repayments fit into your budget because if you fail to make them, the lender can take ownership of your vehicle.

Pawn shops

Another option is to grab something you have of value and head to a local pawn shop. Pawn shops will lend you money on the spot for items of value. However, you don’t have to sell the item. You can let the pawn shop hold it as collateral in exchange for the loan. As long as you pay back the loan as agreed, plus interest, you can get your item back. If you don’t, the pawn shop will keep the item and likely put it up for sale.

Personal unsecured loans

If you have fair or better credit, you may want to look into a personal loan. They often offer funding as soon as the same day as well as lower interest rates, higher loan amounts, and longer repayment periods than cash advances. As a result, they can be a more affordable way to borrow. Many lenders offer them both on and offline.

FAQ

Still have questions? Here are answers to a few frequently asked questions about cash advances.

Does a credit card cash advance impact my credit score?

Requesting a credit card cash advance can impact your credit score. While it’s not considered a new line of credit and doesn’t require a credit inquiry (as long as you already have a credit card), it can impact your score by increasing your outstanding balance.

A weighty component in credit scores is your credit utilization, which is the amount of available credit that you’ve used compared to the total amount available. As your credit utilization increases, your credit score decreases. So if you pull out a cash advance and your credit card company reports it to the credit bureaus before you pay it off, you’ll likely see your score drop.

Where are instant online cash advances/payday loans illegal?

Payday loans are prohibited in Arizona, Arkansas, the District of Colombia, Georgia, Hawaii, New Mexico, and North Carolina. Further, the majority of states have laws regulating different aspects of them such as their loan amounts, loan terms, and finance charges.

For example, in Idaho, payday loans are allowed in amounts up to $1,000 or 25% of the gross monthly income of the borrower, whichever is lower. In Indiana, loan amounts can’t be more than $550, repayment terms must be longer than 14 days, and finance charges are limited to no more than 15% of the loan amount.

Credit card cash advances aren’t considered payday loans, so the laws above wouldn’t apply to them.