Advance.Cash presents itself as a reliable financial aid provider, ensuring quick approval and fast funding to meet the immediate needs of its clients. The company emphasizes its swift and secure online application process, which allows applicants to receive an instant decision on their loan request, demonstrating its commitment to efficiency and customer satisfaction. Furthermore, Advance.Cash is owned by the Mandan, Hidatsa, and Arikara Nation—The Three Affiliated Tribes of the Fort Berthold Reservation, a sovereign nation within the United States, which adds a layer of trustworthiness to its operations.
The loan offerings by Advance.Cash are designed to cater to individuals in need of quick financial relief. Applicants can apply for loans up to $1,400, making these loans suitable for covering short-term financial emergencies or unexpected expenses. The process is highlighted by its convenience and speed, with the possibility of getting funds deposited into the applicant's account as soon as the same day, depending on approval time and banking procedures. This service underlines the company's goal to provide accessible financial support for any purpose, thereby addressing the urgent financial needs of its customers.
Regarding the conditions and requirements for obtaining a loan from Advance.Cash, the process is marked by simplicity and accessibility. Applicants must go through a secure, encrypted, and confidential online application process, after which they can receive an instant decision. If approved, a quick call to verify some information is all that's required before the funds are deposited into the account, potentially on the same day. However, it's important to note that this form of credit is considered expensive, and the company advises borrowers to only take out loans for the amount they need and to repay them as quickly as possible to minimize finance charges. There are no penalties for early repayment, encouraging customers to settle their loans promptly to reduce overall expenses.
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.
No Collateral is Needed. Payday loans are unsecured, meaning you don't need to provide collateral like a car or house to secure the loan.
No Credit Check is Required. Payday lenders typically don't require a credit check, which can be beneficial if you have poor credit or no credit history.
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 expensive form. 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 accessing 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. If you receive an error code, try to call the company so they can reach the data center and give you feedback.
The 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.
How to Apply for an Advance.Cash Loan?
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Visit Website. Once on the homepage, look for the "Apply Now" button to action to begin your loan application. This is usually prominently displayed on the site.
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Indicate the Amount. Enter the requested loan amount you wish to apply for. The maximum initial loan amount is typically up to $1,400.00.
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Select the State. Select your state from the dropdown menu provided on the application form. This is important as loan availability and terms may vary by state. Click on the "Apply Now" or equivalent button to proceed with your application.
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Provide Full Information. Fill out the secure, encrypted, and confidential online application form with your personal, contact, and financial information as requested. This step may include providing your name, address, employment information, and bank details.
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Wait for Approval. After submitting the application form, wait for an instant decision. Advance.Cash will inform you in seconds if your application is approved and for what amount.
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Verify Information. If approved, you may be required to give a quick call to verify some information. This step is part of their process to ensure the accuracy of the application details.
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Get Your Fund. Upon verification and final approval, get your cash. The funds could be deposited into your account as soon as the same day, depending on when your application is approved and your bank's rules.
Conditions and Requirements
Conditions
Loan Amount. Applicants can apply for loans up to a maximum initial amount of $1,400 and returning customers can apply for a loan up to $3,000.
Service Availability. The service is available in multiple states across the United States. Applicants must select their state during the application process.
Loan Term. The loan term, as well as the quantity and duration of installments, may differ for each borrower depending on the loan amount and other pertinent factors.
Interest Rate. The exact interest rate depends on the state and loan amount and will be specified in the loan agreement. APR may reach 700% or higher.
Requirements
Age and Residence. Potential borrowers must be at least 18 years old and a citizen of the United States.
Online Application. Applicants must use the secure, encrypted, and confidential online process for application.
Verification Call. If approved, applicants may need to complete a quick verification call to confirm some details.
Bank Account. A valid bank account is likely required for the deposit of loan funds.
Repayment Capability. Applicants should consider their ability to repay the loan amount borrowed. It's advisable to borrow only the amount needed and to repay the loan as quickly as possible to minimize finance charges.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- About Advance.Cash
- Full Advance.Cash Account Review
- How to Apply for an Advance.Cash Loan
- How to Repay an Advance.Cash Loan
- Advance.Cash Customer Reviews
- All Advance.Cash Coupons and Promo for September 2024
