Where Can I Get Cash Advance Near Me?
- Cash advances are short-term loans that can be used to address financial emergencies
- Cash advance lenders can be local to your area or strictly online
- Payday lending platforms can make choosing a lender easier
Is money tight right now? That’s nothing to be embarrassed about — many people find it hard to make ends meet from time to time, especially in this current economy. If you need money today, you may want to know how to get a cash advance before your next paycheck.
Responsibly getting a cash advance means understanding everything about this type of loan before making any financial commitment. This article breaks down everything you should know about cash advances, and can help you to identify local lending options that may be available to you.
What is a cash advance?
A cash advance is a short term loan that is designed to be repaid quickly. A cash advance can be an effective tool to bridge a short term financial gap, such as the amount of time between when you seek out the cash advance until you receive your next paycheck.
Cash advances differ from traditional bank loans in that cash advances have shorter loan processing times, but come with higher interest rates and fees as a result of the convenience and speed. A cash advance can be useful in a financial emergency, but should not be used as a substitute for a long term financial plan.
Types of cash advances
Many people think of cash advances as being synonymous with payday loans. But there are several different kinds of cash advances, and payday loans are just one of those types. Here are some common types of cash advances that may be available to you:
- Credit card cash advances: If you have a credit card, then you may be eligible for a cash advance from your credit card provider. With this type of cash advance, you can use your card to receive the cash advance directly from the ATM.
- Payday loan cash advances: Payday loans allow borrowers who earn regular income to receive cash in advance of their next paycheck. These types of cash advances are meant to be repaid within a very brief period of time, typically by the time you receive your next paycheck.
- Merchant cash advances: If you own a business, then you may be eligible for a merchant cash advance. This type of cash advance enables you to receive a loan today by leveraging money you expect to receive for your business at a future date.
How do cash advances work?
If you’re curious to learn more about how cash advances work, you’re on the right track. In this section, we’ll break down the steps required to procure a cash advance before your next payday.
- Identify potential lenders: You likely have options when it comes to cash advance lenders. Your first step is to identify all of the lenders available to you, both locally and online. Many cash advance lenders now offer mobile app-based applications and funding options as well.
- Research and compare lenders: Your next step is to thoroughly research and compare each lender. Make sure you understand every aspect of each lender’s terms, conditions, interest rates, and fees — or avoid working with any lenders that have confusing or misleading verbiage. Online platforms that showcase payday lenders typically include detailed information about each lender profile, including how much money you can borrow, the repayment terms, and interest rate.
- Complete a loan application: You can choose to apply for a cash advance with one or several lenders. For each application, you may be required to provide supporting documentation including proof of income, your employer’s contact information, and your bank account details.
- Get approved for a loan: A lender then reviews your application to determine if you’re eligible for a cash advance. The decision process can be near-instant, or can take up to three business days.
- Choose a lender: You may be approved for cash advances from multiple lenders. Since you aren’t under any obligation to accept any of the offers you receive, you can choose the cash advance option that best meets your financial needs.
- Receive a loan agreement: The lender that you choose sends you a formal loan agreement. This agreement specifies the loan amount, repayment schedule, and all other applicable terms and conditions.
- Sign the loan agreement: Your next step is to carefully review and sign the loan agreement, often through a digital signature process. Once signed, the loan agreement is a legally binding contract.
- Receive the cash advance: Once the loan agreement has been executed by both parties, the lender will immediately send you your money. A cash advance is typically paid via direct deposit to your bank account.
- Begin the repayment period: After the cash advance has been disbursed, you formally enter the repayment period of your cash advance. Borrowers must comply with the repayment terms specified in the loan agreement to avoid incurring additional interest payments and fees.
Requirements to get a cash advance
You may be questioning what information you’ll need in order to get a cash advance. This list details many of the common documents or forms of identification that you may need to provide to a lender to get approved for a cash advance:
- Personal identification: Prospective borrowers must present valid government-issued identification, such as a valid driver’s license or passport. Lenders are required to verify your identity and confirm that you are at least 18 years of age.
- Proof of income: You need to produce evidence that you have a steady source of income. Proof of income may take the form of recent pay stubs, bank statements showing regular deposits, or even benefit statements if you receive government support.
- Bank account information: Borrowers must provide their bank account details. Your bank account is where a cash advance is typically deposited, and many lenders automatically deduct the repayments from the same account.
- Contact information: Part of the loan application requires you to provide your contact information, including your current address, phone number, and email address. Some lenders want to know how long you’ve lived at your current location.
- Employment information: Some lenders request additional details about your employer or source of income. You may be required to give your employer’s name and contact information, in addition to stating how long you’ve been employed at the job.
- Social security number: Lenders wishing to check your credit score may ask for your social security number, which would be used to perform a soft credit check. However, some cash advance lenders do not take your credit score into account when considering your loan application.
- Personal or professional references: A lender can ask for personal or professional references, although this practice is not very common among cash advance providers.
- Mortgage or rent information: You may be asked to provide information about your monthly rent or mortgage payments. Lenders sometimes want to know about your other major expenses.
- Previous bankruptcy information: If you have declared bankruptcy at some point in your past, then you may be required to provide information about the bankruptcy to a potential lender to gain additional context.
- Information about other debts: Lenders wishing to gain a full understanding of your existing financial obligations may ask about any other outstanding loans or debts.
- Information about marital status and dependents: Your marital status or number of dependents can affect your ability to repay a cash advance, which is why some payday lending institutions request this type of personal information.
- Purpose of the cash advance: Some lenders may inquire about why you’re borrowing the money, so be sure to succinctly summarize your need.
This is an exhaustive list of requirements to get a payday loan. No single lender is likely to ask for all of this information, but it’s a good idea to be prepared with the proper documents before starting any loan application in order to save yourself some time and hassle later on.
Pros and cons of getting a cash advance
Getting a cash advance loan can help to address a financial emergency, but cash advances aren’t always right for everyone. These are some typical pros and cons of using cash advances:
Pros of cash advances
You may choose to borrow money via a cash advance for any or all of the following reasons:
- Fast turnaround: Cash advances can be approved and funded very quickly, sometimes even within the same day.
- Relatively easy application process: The eligibility criteria you’ll need to meet in order to get a cash advance is typically less stringent than that of a traditional bank loan. Some lenders require little more than personal identification and proof of income.
- Borrowers can have poor credit: Payday lenders are more likely to approve cash advances for people with low credit scores compared to traditional financial institutions such as banks.
Cons of cash advances
Receiving a cash advance has drawbacks that need to be seriously considered before accepting any money. Here are some cons to keep in mind when evaluating a cash advance offer:
- Cash advances can be expensive: Getting a cash advance can require you to pay high interest rates in addition to multiple fees. Not adhering to the repayment schedule can cause a cash advance to become very expensive for a borrower.
- Tight repayment deadlines: A borrower may be obligated to repay a cash advance in a very short time period, such as the next time you get paid. Such a fast repayment period can create immense stress for a cash advance borrower.
- Risk of a debt spiral: Choosing to receive one cash advance can make you more likely to require additional cash advances in the future. Assuming debt that you can’t afford to repay can create a dangerous debt spiral for many borrowers.
Whenever possible, seek out other means of getting quick cash in order to avoid incurring more debt. For instance, you might be able to pick up extra shifts at work, or take on part-time work by delivering food or babysitting for extra money.
Cash advances vs. traditional bank loans
Cash advances share many similarities with standard loans from traditional financial institutions. But they also have some important differences. Let’s use a table format to break down the key differences between cash advances and traditional bank loans.
|Typically small and income based
|Can be large, especially for major purchases such as homes or cars
|Short; often weeks or months
|Long; can be years or decades
|Speed of access
|Fast; cash can be received same day
|Slow; approval can take days or weeks
|Moderate to low
|Less common, and may be integrated with the repayment schedule
|Determined primarily by location, age, and income
|Determined by a credit check, proof of income, and other factors
|Restrictions on use of funds
|May be limited to buying a specific asset such as a house
|Effects of nonpayment
|Borrower incurs additional fees and interest charges
|Borrower may lose a physical asset such as a car or house
|Not available in all jurisdictions
|Generally available everywhere
|Can be low; varies by state
|Generally high; regulated at the federal level
Why are cash advances so expensive?
Cash advances can be costly. Many cash advance lenders charge a premium for the ease and convenience of borrowing quick cash with minimal fuss. These are some of the hidden costs of cash advance loans:
- Cash advances can have high interest rates. A borrower often is obligated to pay a high interest rate — well above what’s charged by most traditional lenders — on a cash advance.
- Borrowers may be charged multiple fees. A borrower may have to pay one or several types of fees, including an application fee and loan origination fee, in order to obtain a cash advance. Borrowers often incur additional fees if they are late or fall short on repaying what they owe.
- Cash advances may immediately begin to accrue interest. A cash advance generally begins accruing interest from the moment that the money lands in your bank account. This can make a cash advance more expensive than other types of credit which may have a longer grace period without interest.
Risks of getting a cash advance
Choosing to accept a cash advance is a significant financial decision. Some of the major risks associated with pursuing this type of loan include:
- Cash advance borrowers may not have enough money to repay the loan;
- Cash advance borrowers can struggle to adhere to the repayment schedule;
- Borrowers may incur additional charges and fees;
- Borrowers with outstanding balances may pay additional interest;
- A borrower’s credit score can be negatively affected by late payment or nonpayment.
Beginner mistakes when using cash advances
You can minimize the risks of getting a cash advance by taking care to understand — and carefully avoid — the most common beginner mistakes.
|Compare offers from cash advance lenders to get the best deal
|Accept the first cash advance offer that you receive
|Understand the costs associated with the cash advance offer you receive
|Rush to get a cash advance regardless of the interest rate and fees
|Prioritize the loan agreement and adhere to the repayment schedule
|Borrow money that you can’t afford to repay on time
|Use cash advances only for true financial emergencies
|Rely on cash advances for routine spending
Are cash advances available everywhere?
Cash advances aren’t available throughout the country. Each state and territory in the United States has its own rules and regulations for payday lending, so you may not be able to legally obtain a cash advance where you live.
As of 2023, the majority of U.S. states and territories permit payday cash advances — in fact, 37 states have specific statutes that permit payday lending, according to the National Conference of State Legislatures (NCSL).
The NCSL also calls out 11 jurisdictions that lack cash advance lending regulations or consumer protections. If you live in one of the following states, be extra careful of predatory lending behavior from your cash advance lender:
- New Jersey
- New York
- Puerto Rico
- West Virginia
- Virgin Islands
If you need a cash advance but don’t live in a state where they are legal, you’re not out of luck just yet. Prospective borrowers in every U.S. state may have a couple of different options for obtaining a payday cash advance. Even if payday lending is prohibited in your state, you may be able to obtain an online payday loan.
How can I get a cash advance near me?
If you live in a state where payday cash advances are available, identify and evaluate all of your cash advance options before you get started. Thoroughly researching your options can ensure that you get the best cash advance loan to meet your financial needs.
Here are five ways to identify cash advance options near you:
- Conduct an online search: Prospective borrowers can search for “cash advances near me” using a search engine such as Google. The search results are likely to produce a list of local cash advance lenders. You can usually find customer reviews online as well.
- Consult local business directories: Local business directories, both online and offline, may contain comprehensive listings of cash advance providers in your area.
- Use a loan-finder app: You can download a mobile app specifically designed to show you payday lenders in your area. Loan finder apps use your location data to generate a customized list of cash advance providers.
- Ask for recommendations: You may have family members or friends who have previously needed a cash advance. Asking around can help you to learn which providers your network has used, and who they recommend.
- Visit local financial institutions: Making the rounds to visit nearby financial institutions is another way to identify options for getting a cash advance. Meeting with various lenders in person may uncover cash advance borrowing opportunities that are not widely publicized.
If none of these options yield the desired result, then you can broaden your search to look for online cash advance offers.
How to learn more about getting a cash advance
Obtaining a cash advance is an important money decision — one that requires plenty of research.
Here are some ways to learn more about getting a cash advance:
- Research online: Google is your friend! Prospective borrowers can learn more about cash advances by querying Google or another search engine. Make sure to prioritize credible sources to ensure that you are getting accurate information.
- Consult with a financial advisor: If you already have a financial advisor, speak with them about the pros and cons of cash advances. Your financial advisor can provide more information about this type of loan and help you to determine if a cash advance is prudent for you. You may be able to borrow from assets you already own, for example, or sell off some stock in order to avoid incurring cash advance debt at high rates of interest.
- Talk to your bank: Your financial institution may be able to provide more information about cash advances, even if the institution does not offer cash advance loans directly. You can speak with a banking representative to ask general questions about cash advances, and perhaps be directed to cash advance providers near you.
The bottom line on cash advances
A cash advance can be a major help in a financial emergency… as well as a major headache if you don’t repay the loan on time. An important step before getting any cash advance is to learn everything that you can about this type of loan.
You may have several lenders willing to provide you with a cash advance, which is why you need to make an informed decision.
What is a cash advance?
A cash advance is a loan with a short repayment period and high interest rate. Cash advances are often called payday loans because the loan may need to be repaid as soon as the borrower receives their next paycheck. The principal amount of a cash advance is typically small in comparison to the loan amounts offered by traditional financial institutions.
How much money can I get from a cash advance?
The amount that you can borrow with a cash advance loan depends on where you live, how much money you make, and each lender’s specific policies all impact the amount of money that you can receive. Many U.S. states impose caps that limit payday loan values.
How can I find a payday loan near me?
You can find a cash advance lender in your area by conducting an online search, reviewing local business directories, using loan-finder apps, asking your personal network for lender recommendations, or visiting local payday lenders in person.