Cashadvance.com Review – Get Emergency Cash Fast
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If you have bad credit, you can tap into Cashadvance.com's vast network of lenders to help meet any unplanned expenses for up to $10,000.
8/10
Cost
9/10
Features
9/10
Services
8/10
Ease of use
8/10
Emergencies are inevitable in life. From unexpected car repairs to a medical mishap, many things can turn your carefully planned life on its head. Experts recommend having an emergency fund in place so you can dip into cash set aside for that purpose when you need money in a pinch. Not having emergency cash available can aggravate a bad situation and is an added worry in a stressful situation.
But for anyone without an emergency fund, there are cash advance loans. Also referred to as payday loans or short-term loans, as you can probably tell by the name, personal loans made for a short duration. While other loan companies, such as a revered financial institution like Wells Fargo, will consider your credit score before lending you, payday lenders generally lend to individuals with bad credit. On the flip side, these loans tend to have high interest rates, and loan terms stipulate that repayment would be in a few days or weeks.
Cashadvance.com is one provider offering these short-term loans to people with poor credit.
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Related: Best Personal Loans for Bad Credit
What is Cashadvance.com
Let's get one thing clear first: Cashadvance.com is not a lender. Instead, it is a platform that connects people looking for quick loans with a network of lenders. You can use its services to get loans of up to $10,000.
Cashadvance.com also lets you estimate your APR via an online slider. For example, a $500 loan that has to be paid in seven days comes with an APR of 782% to $1,564%. By comparison, a $2,000 loan with a loan length of one year carries a more reasonable APR of 15% to 30%. In any case, read it carefully once a lender has answered your loan request with an offer. The loan offer you receive will have all the necessary information, like the loan amount, applicable APR, repayment, information on late payment, and other terms.
Cashadvance.com is a member of the Online Lenders Alliance, a trade association whose members must follow a list of best practices to ensure their customers are treated fairly. The company's website also has educational resources to help consumers make healthy financial decisions.
You must be at least 18 years old and a U.S. citizen to be eligible. You must also have been in your current job for at least 90 days and agree to a background check that will verify your employment. A valid checking account, a home or work phone number, and a valid email address are also among the requirements you'll have to meet. Once you are approved for a loan, you will receive it in your bank account on the next business day.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does Cashadvance.com work?
Cashadvance.com is entirely free to use.
Once you're on their website, enter the amount you want to borrow. Then, enter your zip code, the last four digits of your Social Security number, and your date of birth.
Once the application process is complete, the company will match you with lenders who are willing to provide you with the type of loan you are looking for. Because it runs your Social Security number, your creditworthiness will be checked to assess whether you have good credit. As a result, any lenders the system shows you will be ready to loan you the money even if you have bad credit.
Once you receive a loan offer, you can either accept or decline it. Instead of a traditional loan, some lenders may also offer you a line of credit. As always, read the terms thoroughly before accepting them.
Cashadvance.com features
Free to use
Cashadvance.com is free to use, and you may utilize its services as often as you wish. A fee may be applicable once you've accepted a loan offer. There are a few moving parts to the fee portion, which varies depending on your state, the lender you chose, and the loan amount, among other factors.
Large network
The company works with many lenders to get you the money you need. When you hit submit on a loan application, Cashadvance.com makes your entire information public to an extended group of lenders so they can review your application and decide whether to make you an offer. Suppose you're not made an offer (potentially after a credit check). In that case, the company will pass on a portion of your information to its marketing partners for credit repair or debt relief services.
Educational resources
To help you make the right decision and promote responsible lending, Cashadvance.com has created educational resources available on its website. For example, it shows information on state laws about cash advances. There's also a calculator to help you determine rates and fees. The website also has a section outlining requirements before getting a loan.
Encrypted
Because Cashadvance.com deals with sensitive, personal information, it uses 256-bit encryption. And while encryption is a complex topic, here's all you need to know: it's virtually impossible to crack, and a supercomputer would take years to crack the data.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How much does Cashadvance.com cost?
As noted, using Cashadvance.com is entirely free. But that raises the question: how does Cashadvance.com make money?
The platform is one of those rare companies that are very forthcoming. Cashadvance.com is compensated for sharing your information and marketing non-loan products such as credit repair, credit monitoring, and debt relief services.
Who should use Cashadvance.com
If you have bad credit and want cash fast, Cashadvance.com may be a worthy option. Also, if you're living paycheck to paycheck, you have to remember the short duration of an online loan. These generally must be repaid within a few days or weeks, although loans secured via Cashadvance.com can be repaid in as much as one year. Another thing to consider is the high APR that comes with these loans. So, while borrowers make timely payments, it may feel like they're not making much difference in the outstanding amount.
Related: How to Save Money When You Are Broke
Who shouldn't use Cashadvance.com
Anyone with good credit has many loan options available to them in case of an untoward situation. Taking care of an emergency through your credit card may be better for your financial health than a cash advance loan. In addition, there's a likelihood that the amount offered may be too low for someone with good credit and with other financing options available.
Pros and cons
Pros
- Cashadvance.com is free to use.
- You can get loans of up to $10,000.
- The company has a vast network of lenders.
Cons
- Cash advance loans have high interest rates.
- Most of these the loans have to repaid in a few weeks.
- Cash advance loans aren't suitable for people living paycheck to paycheck.
Cashadvance.com vs. its competition
Service | Cost | Amount | Loan length | Funding time |
Cashadvance.com | Free | Up to $10,000 | Up to one year | 1 business day |
Dave | $1 per month | Up to $500 | Next paycheck | 3 days, or up to one hour with express funding |
MoneyLion | Free | Up to $500 | Next paycheck | 1 to 5 business days, within minutes with Turbo delivery (costs $0.49 to $8.99) |
Dave
You can borrow up to $500 from Dave. The money appears in your bank account within three days, but you can drop Benjamins to speed up the process. Depending on your loan amount, you can pay $1.99 to $13.99 to receive emergency funding in as little as an hour. The company charges an optional monthly subscription fee of $1, and you can leave a tip of 25% of the borrowed amount. Dave also lets you change the repayment date, so your bank account isn't automatically debited when the paycheck drops.
MoneyLion
People with a MoneyLion checking account are eligible for loans of up to $500 without any interest, while those without such an account can only get $250. The company charges a monthly fee of $1. MoneyLion checking account users get the money within minutes if they pay a fee, but it can take up to five business days for those without this account. A late payment fee will kick in should you fail to pay more than five days after the due date.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
FAQs
Is Cashadvance.com a scam?
No, Cashadvance.com has been in business since 1997. It is also a member of the Online Lenders Alliance, which promotes consumer safety and outlines best practices in the online lending industry.
What's the APR on these loans?
The APR is difficult to estimate because it depends on factors like your loan amount and the lender, among others. But the Rates & Fees section on the website can help you.
How much does Cashadvance.com cost?
The service is free to use.
Is Cashadvance.com legit?
If you have bad credit, you can tap into Cashadvance.com's vast network of lenders to help meet any unplanned expenses for up to $10,000. Once you've completed your application, the company matches you with lenders willing to loan you the money. If approved, you can expect cash in the bank as early as the next business day. However, these loans are only meant for individuals who can't turn to family or friends. Cash advance loans have a short repayment duration and high interest rates, so if you're living paycheck to paycheck and making timely payments, it may feel like the outstanding amount isn't moving.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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