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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Advance.Cash

Finanso.Multilogin™

About lender

Advance.Cash is a small-sum lender specializing in short-term loans. First-time clients are only eligible for loans of up to $600, while returning customers can receive a loan of up to $1,000. The company prides itself on offering fast approvals and an easy application process. The official site insistently advertises the importance of being able to get the money in as little as one day after the approval.

More specifically, the company only provides personal loans. They can be divided into up to thirteen equal installments. The borrower can also customize the frequency with which the payments are made.

There's no clear timeframe on when this company was founded, but its parent company, Makes Cents, Inc., was established in 2012 and is currently headquartered in a small North Dakota town called Parshall. There are no mentions of either company receiving appropriate government licensing, but there is mention of Advance.Cash being owned and presumably operated by the MHA Nation, also known as the Three Affiliated Tribes. It needs to be pointed out that Makes Cents was involved in lawsuits and has a history of questionable practices.

Pros and cons

Pros

  • Swiftness. In most cases, the money will be deposited within 24 hours after you receive approval. Receiving approval also takes less time than the industry average.
  • Easiness. The requirements are very minimal. There's no set credit score requirement. You'll only need to produce proof of income. While most other lenders require a decent credit score to qualify to protect their “investment”, this company only requires a stable income for the borrower to qualify.

Cons

  • High APRs. Reviews indicate that the APRs can reach as high as 840%. On average, you'll be looking at a rate in the neighborhood of 450%, which is still a lot. Because of such high rates, the final cost of a loan can exceed the amount that was originally borrowed by more than a few hundred dollars.
  • Numerous charges. You'll have to pay a late fee every time you miss a payment, a loan origination fee, as well as several other fees that can be classified as "hidden".
  • Subpar customer service. Once your loan is approved and funded, it's difficult to get a hold of Advance.Cash representatives if you have any questions regarding payments or other matters. The site advertised a customer service hotline, but it is not available 24/7. There is also an email address that can help customers communicate with the company in case a problem arises.
  • It's almost impossible to pursue legal action. Advance.Cash is a "tribal lender," so there's sovereign immunity in place, meaning the company is completely protected. After you sign your loan agreement, it’s virtually impossible to get out of it. Even if the contract you signed is not in the best interest of the borrower, it's still difficult to pursue a lawsuit against this company.
  • Loan limit for first-time customers. Some of the first-time clients might be disappointed by the fact that there is a loan limit in place – they will not be able to borrow more than $600.

    Terms and conditions

    Even though there's no definitive information regarding the average APR offered on the official website, it can be gauged from some of the past customer reviews. Based on the existing data, it’s possible to ascertain that the average APR ranges from 470% to 841%. When talking about the maximum loan amount, it must be noted that Advance.Cash does mention that first-time borrowers cannot qualify for a loan amount that exceeds $600. Repeated borrowers can qualify for a maximum of $1,000.

    The terms are not clearly defined either, but it's likely that the maximum duration of a loan will be six and a half months. The average payment term is shorter. Also, as mentioned above, it's possible to split the amount you repay into a maximum of 13 installments.

    There doesn't exist a pre-payment penalty, but there are late payment fees, and there's also an origination fee which, even if insignificant, pushes up the cost of the loan even further. The total amount that the clients end up paying can be quite expensive, which is why the terms and conditions offered by this lender are not very attractive.

    Funding a loan

    Before funding, you'll have to apply for a loan with this company. It's done through an online form that's available on the official website. It will show up once you click on the "Apply" button on the main page. You will be asked to provide your name, SSN, e-mail address, and other sensitive data. When that is over, you will be asked to provide your banking info, including your routing number, so that the money can be routed to the proper banking institution. Since there are no strict requirements regarding credit scores and other kinds of financial history, most applications are accepted.

    Ultimately, once your application is sent out and approved, you will be asked to sign a loan agreement. Then, you will have to wait 24 hours or fewer for the money to be transferred.

    FAQ

    Is Advance.Cash a direct lender?

    Advance.Cash funds loans through its parent company, Makes Cents. There is not enough information available online to make a more accurate assessment of this company's ongoing operations, but the most likely scenario is that Advance.Cash is indeed a direct lender.

    Is Advance.Cash a legitimate company?

    While Advance.Cash might technically be a legitimate business (i.e., it received proper licensing), it's not a business you should be dealing with. Its parent company, Makes Cents, used many names, including MaxLend and CoverMeCash to provide predatory loans to struggling customers. The interest rates are consistently high, and there's a multitude of hidden charges.

    How do I get money from Advance.Cash?

    In order to get money from Advance.Cash, you need to apply for a loan through the official website. Once you receive approval, the money will be transferred to your bank account the next work day. In some cases, you might be required to supply additional documentation in case any suspicions arise.

    Is Advance.Cash safe to use?

    It is not wise to use Advance.Cash since there are many lending companies offering much better terms. This company lures people in with its fast approval process and quick funding and preys on them thanks to the high-interest rates and other questionable practices. 

    Company documents

    Privacy Policy
    Terms & Conditions

    Calculate loan payments at Advance.Cash

    Advance.Cash calculator will allow you to calculate an approximate payment schedule for the loan

    Advance.Cash calculator
    Interest rates are given in accordance with the rates of the Advance.Cash in Washington, D.C. as of 25.09.2022
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    What to focus on before applying for a loan with Advance.Cash

    To ensure the lender is legitimate, check if it meets the following criteria:

    How do you know if a loan company is registered?

    The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

    According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

    Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

    If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

    Finanso® also recommends

    Learn the total cost of a loan, including:

    It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

    Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

    What’s the difference between Advance.Cash and a bank?

    1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
    2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
    3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
    4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
    5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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