Cash Advance Loans
Cash advance loans often get a bad rap but the fact is there are legitimate reasons why they make sense for some borrowers. In fact, when you have money coming in at a later date, it may not stop you from defaulting on credit card bills, missing an insurance payment or getting a great deal on a car. Here are some of the features of cash advance loans you need to know about.
What is a Cash Advance Loan?
Cash advance loans are loans that are based on future payments. They can be based on your paycheck, an insurance payout or on an income tax refund. For a borrower with a weak credit score, a cash advance loan may be their best option to secure funds immediately. When a lender makes a cash advance loan, they take a fee for their services, which the borrower pays as an interest charge.
What are the Terms of Cash Advance Loans?
Every lender has their own terms and conditions for cash advance loans. Worthy Loans is not a direct lender and therefore we cannot tell you what terms will be offered to you. Lenders will consider the amount of the loan, the length of time before the loan is repaid and weigh the amount of risk they are taking before settling on terms.
What if I Have Bad Credit?
Because cash advance loans are tied to future payments, bad credit applicants can still qualify. In fact, cash advance loans can help you rebuild your credit provided you abide by the terms of your agreement. Some lenders will require the full amount of the loan to be repaid in one lump sum while others allow for a repayment period, typically less than six months, depending on the amount of the loan.
Is There a Specific Amount I Can Borrow?
In most cases, lenders will work with you to determine the amount of money you may borrower. When you fill out your loan application at Worthy Loans, a variety of lenders will have access to your information. Each lender will determine how much risk they are willing to take and determine independently how much money they are willing to lend you.
Worthy Loans understands that money due to you in the future will not help you meet your financial obligations today. While short-term loans are not right for everyone, there are times when they may be the only answer. Let us help you find the short term loan you need by working with our lender base and helping you get a cash advance loan specifically suited to your needs.