About
1F Cash Advance is a lending company that aims to provide financial assistance to people who are facing emergency financial needs. They have a network of direct lenders that can provide payday, installment, or personal loans to consumers without the hassle and wasted time often associated with searching for and getting a loan. Their services are available online, and the company operates 45 physical stores that consumers can visit.
One of the main incentives of 1F Cash Advance is that they understand the plight of people with a subprime credit score, making it difficult for them to get approved for traditional bank loans. As a result, they have made it their mission to provide loans to people in such situations.
Over the years, 1F Cash Advance has undergone various transformations to improve its services and meet the changing needs of its clients. In 2022, they launched a scholarship program to provide financial aid to students pursuing degrees in the field of economics and business. It also underwent a rebranding process to make its identity more appealing to clients, emphasizing that they are the first choice when it comes to the best loan products.
In 2021, 1F Cash Advance responded to the Covid Financial Crisis by signing new contracts with lenders to help their clients manage their cash flow and rebuild it for the future. They made their contracts more flexible than ever to help people manage their finances in this economy. In 2020, they added more reputable direct lenders to their network and launched the Financial Champion Scholarship for students.
Overall, 1F Cash Advance has made significant progress in providing financial assistance to people who most need it. They believe that everyone deserves the same opportunities, regardless of their credit score or income fluctuations. Their commitment to providing the best financial solutions to their clients is evident in their continuous improvements and innovations over the years.
Key Features
1F Cash Advance is a lending platform that helps consumers find the safest and most suitable online loan offers from a wide network of reputable lenders. Here are some key features that set 1F Cash Advance apart:
- Easy and Convenient Application Process. The loan application process is simple and can be completed in minutes from any device. Consumers can fill in the application form with their personal information, contact and employment details, and deposit information. 1F Cash Advance encourages applicants to provide accurate information to speed up the application analysis.
- Multiple Loan Offers. Consumers can receive at least one, and often more than one, loan offer from 1F Cash Advance's network of reputable lenders. Consumers can analyze and compare these offers to choose the most convenient interest rate, lower fees and charges, and better repayment procedures.
- Free Service. 1F Cash Advance's service is always free of charge and does not incur any obligation on the part of the consumer.
- Assistance and Support. 1F Cash Advance's support team is always available to help consumers with any questions or issues they may have. Consumers can reach out to the team at any time of the day for assistance.
- Responsible Borrowing. 1F Cash Advance encourages responsible borrowing and advises consumers to use the loan amount wisely and repay on time. The platform also reminds consumers that all loan contracts are between them and the lender they choose to work with.
Pros and Cons
Pros
- Fast and Convenient. 1F Cash Advance's application process is quick and easy to complete, and consumers can receive loan offers from their network of reputable lenders in a matter of minutes.
- Multiple Loan Options. Consumers can receive multiple loan offers, which allows them to compare different options and choose the most suitable loan terms for their financial situation: a payday, an installment, or a personal loan.
- Free Service. 1F Cash Advance's service is free of charge and does not require any fees or obligations.
- Assistance and Support. 1F Cash Advance's support team is available to assist consumers with any questions or issues they may have throughout the loan application process.
- Helps Subprime Credit Scores. 1F Cash Advance provides loan options to consumers with subprime credit scores, which may not be possible with traditional lenders.
Cons
- High-Interest Rates on payday loans. Payday loans are known for their high-interest rates (up to 375%), and 1F Cash Advance's loans are no exception. Consumers may end up paying more in interest fees than they originally borrowed.
- Short Repayment Terms. Payday loans typically require repayment within a few weeks, which can be difficult for some consumers to meet.
- Risk of Debt Cycle. Consumers who cannot repay the loan on time may end up in a debt cycle, where they borrow more to cover the previous loan, resulting in further interest fees and financial struggles.
- Limited Loan Amounts. 1F Cash Advance's loans are designed for short-term financial emergencies. The loan amounts are limited, which may not be enough to cover all of a consumer's financial needs.
- Not Available in all States. 1F Cash Advance's loans may not be available in all states due to varying state regulations, which may limit access to their services for some consumers.
Products
1F Cash Advance offers payday loans of up to $1,500 through their network of direct lenders. These loans are designed for short-term financial emergencies and can be funded in as little as 24 hours. However, it is important to note that these loans come with high-interest rates of up to 375%, making them a more expensive option compared to traditional personal loans. Before applying for a payday loan through 1F Cash Advance, carefully consider the loan terms and repayment ability. Additionally, the payday loan requirements may vary from state to state but generally include proof of income, a valid ID, and an active bank account.
1F Cash Advance also offers unsecured personal loans. The loan amount typically ranges from $5,000 to $15,000, and the repayment terms are up to 60 months. The loan application and approval process for personal loans are quick, and you can receive a decision within minutes. Once you accept an offer from one of the available lenders, the funds will be deposited into your bank account by the next business day. In some cases, if you accept the offer early in the morning, you may receive the funds the same day.
In addition to payday loans, 1F Cash Advance also offers installment loans. The loan amount for installment loans is aligned with your state's limits and typically ranges from $1,000 to $5,000. You can repay the loan in set installments over a specific time span, between 2 and 24 months. The loan request process for installment loans only takes a few minutes, and once you sign the loan agreement, the funds could be available as soon as the next business day, depending on the lender's deposit process.
Reliability
1F Cash Advance appears to be a reliable payday loan service based on its 4.4 rating on Trustpilot, a popular consumer review website. The majority of the reviews praise the company's quick and easy loan application process, as well as its helpful customer service. Furthermore, 1F Cash Advance has a wide network of direct lenders and operates in over 20 states across the US, which indicates that they have a strong and established presence in the payday loan market.
However, it is important to note that payday loans generally come with high-interest rates and can lead to a cycle of debt if not repaid on time. As with any financial decision, it is crucial to carefully consider the loan terms and repayment ability before applying for a payday loan.
In summary, based on the Trustpilot rating and the company's established presence in over 20 states, 1F Cash Advance appears to be a reliable option for consumers in need of short-term financial assistance. However, as with any financial decision, it is important to carefully consider the loan terms and repayment ability before applying for a loan.
Funding a Loan
Here's how to get the funds for each type of loan provided by 1F Cash Advance:
- Personal loans. Once you have accepted an offer from one of the available lenders, the funds for personal loans will appear in your bank account by the next business day. If you accept an offer early in the morning, you may receive the funds the same day.
- Installment loans. Once you sign the loan agreement, the funds for installment loans could be available as soon as the next business day, depending on the lender's deposit process.
- Payday loans. Once you sign the loan agreement, the funds for payday loans will be transferred to your bank account directly by the lender. The speed at which you receive the funds will depend on the lender and your bank's processing time, but it is typically within 24 hours of approval.
Loan Conditions
The loan conditions of 1F Cash Advance vary depending on the lender and the loan offer you receive. However, here are some general loan conditions that you may encounter:
- Loan amount. 1F Cash Advance's loans typically range from $100 to $1,000, depending on the lender and your eligibility.
- Repayment term. Payday loans are designed for short-term financial emergencies, and the repayment terms are usually within two to four weeks from the loan disbursement date. However, some lenders may offer extended repayment terms of up to 90 days.
- Interest rates. The interest rates for payday loans are generally high, and 1F Cash Advance's lenders may charge up to 375% APR. However, the exact interest rate will depend on the lender and your eligibility.
- Fees and charges. Payday loans may also come with fees and charges, such as origination fees, late payment fees, and NSF fees. These fees will also vary depending on the lender and loan offer.
- Eligibility requirements. To qualify for a payday loan through 1F Cash Advance, you must typically have a valid ID, proof of income, and an active bank account. You must also be at least 18 years old and a US citizen or permanent resident.
