Cash Advance Loans

For most people, an emergency expense isn’t the most welcome surprise to hear knocking at their doors. Especially when they don’t have the money saved up to shoo it off their front porches.

While you might have been told countless times by friends and family that you should be contributing to an emergency fund regularly, this may not have felt like important advice to follow if you had never been faced with an unexpected expense before. Or maybe you just never felt like you had the extra room in your budget to start contributing to one.

Whatever your reasons for ignoring their advice, the reality of the situation is that virtually everyone will have to face an emergency now and again, so it’s best to be prepared. If you do end up in a situation where you have an emergency expense to deal with and you don’t have the money saved up to pay it off out of pocket, there may be other means of getting the short-term funds you need.

One potential option for you is to look for cash advance loans to help you out. To help you assess whether this may be the best route for you, let’s take a look at what a quick or fast cash advance is, when you might want to consider one, the different types out there, and more.

What are Cash Advance Loans?

In general terms, cash advance loans are short-term personal loans that are intended to help you deal with immediate cash flow issues, usually concerning an emergency situation. The loan amount of a cash advance may typically be on the lower end of the spectrum, but this can vary based on things like the kind of loan you’re applying for, the organization that is offering the loan, your credit score, and more.

If you’re on the search for some financial help, you can look for a cash advance online or in person, such as through institutions like banks, credit unions, storefront lenders, or online lenders.

While this isn’t necessarily the case in every situation, you can often count on a fast or quick cash advance to have a fast application process. If approved, the amount of time it takes for you to receive your funds will vary depending on the organization servicing the loan.

While you can sometimes expect a fast application process, there may be potential things to look out for that you’ll need to consider before you apply. This can include things like interest rates and/or fees such as a cash advance fee that you may end up needing to pay.

When Can I Look into a Quick Cash Advance?

Like we just mentioned, there are certain factors that sometimes come with these kinds of loans that should encourage you to proceed with caution. But this doesn’t mean that it’s never a good idea to apply for cash advance loans online or in person.

As we stated above, the main instance in which you might consider applying for one is if you need a short-term financial boost to help you deal with an emergency situation. Having said that, it’s essential for you to make sure you’ll be able to pay off what you’ll eventually owe before you actually submit an application.

To get a bit more specific, you might consider applying for a fast cash advance when:

  • You’ve unexpectedly needed to go to the emergency room.
  • You have a home repair that needs to be taken care of right away.
  • You run into an unexpected car repair that you need to deal with as soon as possible.

What constitutes an emergency can be different for everyone, so you’ll need to do your best to assess your personal situation carefully. And remember, it’s never a good idea to apply for a loan if you’re not going to be able to afford it.

Types of Personal Loans for Emergencies

So, if you’re in an emergency situation and you need some financial help, what types of cash advance loans might be out there for you? Let’s take a look at some of the more common options that may be available to you.

1. Installment Loans

If you’re approved for an installment loan, your money will be given to you in the form of a lump sum instead of having a credit limit that you can draw from continuously. You’ll need to pay back the money you’ve borrowed over a series of equal and scheduled payments. These could span a few months or even several years.

2. Credit Card Cash Advance

If you need cash to help you with an immediate financial need, a credit card cash advance could be a potential option. This short-term solution will give you the capacity to draw money from an ATM through your credit card as opposed to using your debit card. If you decide to do this, it’s important to remember that these two types of transactions are not the same. Firstly, with a credit card cash advance, there’ll be interest that comes along with the money you draw, as well as a potential cash advance fee of some sort. On top of this, the interest from this transaction may start building up immediately, which usually isn’t the case with typical credit card purchases.

3. Lines of Credit

When it comes to flexibility, a line of credit might find itself near the top of your list. Why? Well, unlike certain other types of personal loans, a line of credit is a kind of revolving credit. If you get approved for one, you’ll be given a credit limit from which you can draw funds from on a continuous basis, as long as your account is in good standing and you have available credit. It’s also important to point out that you’ll only be paying interest and/or fees on the money you’ve borrowed, not the total amount of your line of credit limit.

Benefits of a Personal Line of Credit Through CreditFresh

If you need some extra cash to help you out in an emergency, CreditFresh may be able to help! You can submit a request for a Line of Credit through CreditFresh, and if you’re approved, you may be able to get your funds as soon as the same business day3. Let’s look at some of the potential benefits of this Line of Credit.

Access Credit When You Need It
  • Get some financial flexibility with a line of credit for emergency situations.
  • With an account in good standing and available funds, you can access credit when you need it.
  • You may be able to get your funds the same business day3.
Excellent Customer Service
  • Our Customer Service team is available and happy to help!
  • We’re here 7 days a week to answer your questions about the loan products offered through the CreditFresh website.
  • We’re waiting to help you when you need money fast for an emergency.
Transparent, Easy-to-Understand Product
  • Clear repayment terms and no hidden charges.
  • A simple Billing Cycle Charge structure.
  • Have access to a secure online platform to review information regarding your account.

When Should I NOT Use Cash Advance Loans?

While we’ve highlighted some instances where you might want to consider applying for a quick cash advance, it’s nearly just as important to understand when you shouldn’t be applying for one. Here are some scenarios where you probably shouldn’t apply for a personal loan of any kind.

nderstand when you shouldn’t use a short term loan, which can be for things like entertainment, shopping, vacations, and more.

1. To Pay Regular Bills

Like we’ve mentioned, a cash advance is best served as a short-term fix for an unexpected expense. With that in mind, your usual slate of bills generally won’t be unexpected, so it’s not the best idea to take on debt to pay for them.

To put you in the best position to pay your normal bills, you should make sure that these expenses are included in your budget. Don’t have a budget? Well, now is as good a time as any to put one together! There are all sorts of budgets that you can work within, so you’ll need to do some research to figure out what system might work best for you. Here are some frameworks for you to explore:

2. To Pay for Non-Essential Items

When it comes to taking on debt, if you don’t absolutely need it, you generally shouldn’t be applying for a loan in the first place. So, if you’re about to hit “submit” on an application for cash advance loans online so that you can buy some inessential item, stop right now. This is an easy way to get yourself into a cycle of debt that can be extremely hard to get out of.

Carefully Consider the Implications Before Applying for Cash Advance Loans

Dealing with a financial emergency can be a frightening prospect, and in certain cases, cash advance loans can help you out of a rut. But it’s always important to remember that these are expensive products that shouldn’t be used frivolously. Taking on high interest debt and paying a cash advance fee should be something that you only consider when your back is against the wall. So, make sure that you’re out of options before you apply for one AND make sure that you have a plan to pay back your debt before you decide to take any on in the first place.