In a financial crunch, what you need is fast cash in your hand so that you can handle your emergency. You don’t need to waste any time in finding or applying with a cash advance lender.
One of the many benefits of direct lender loans is that they’re convenient and simple to find online, with brief applications available 24/7. Whether you apply at 2 p.m. or 2 a.m., you’ll know if you qualify in a matter of minutes.
This rapid process helps deliver funds in your hand faster if you’re approved. But in an emergency, every second counts. Here’s a simple five-step process to help you speed through your search and application for online cash advance loans.
1. Make a Budget
Having a budget is the foundation of any borrowing plan. It lets you know just how much you can afford to borrow, and how much you can reasonably pay back each month without dropping the ball on your other responsibilities.
Sit down with your finances to make a budget and understand your cash flow. You might need to hit pause on fun spending to free up cash during your repayment schedule, but the essentials are off-limits.
2. Pick the Right Loan
Cash advances come in many shapes and sizes. You can find small payday loans online that are usually due back in 2 weeks — or whenever you get paid next. Once this date comes, you’ll have to pay everything back in one lump sum.
If repaying your entire payday loan at once would put pressure on your budget, look for online loans with monthly payments. Otherwise known as instalment loans, these cash advances break up what you owe over multiple payments spread out over months.
Another popular cash advance online is the line of credit. Unlike the previous two short-term loans, a line of credit is a revolving product that works like a credit card. You’ll be given a credit limit, which you can borrow against any time you need some help. Once you pay off these charges, you’ll have access to your limit again to borrow in the future.
3. Check Your Credit
Legitimate direct cash advance lenders will check your credit to determine your creditworthiness. This helps them decide whether you can handle their advance should they approve your request.
Every cash advance direct lender has its own requirements for credit. While some online direct lenders may only lend to prime borrowers, others cater to people with bad credit.
Knowing where you fall on this scale will help you pinpoint the type of cash advance lenders and products that will work for you.
4. Shop Around
Cash advance loans near me — it’s a common way to start your search for a cash advance lender online. Type it into your search engine of choice, and you’ll get thousands of possible options delivered to your screen in seconds.
5. Get Your Personal Information Ready
Once you have a cash advance lender in mind, you’re ready for the next big step: applying for a loan. To make sure you breeze through an application, get your personal information ready ahead of time.
Legitimate lenders need to review your contract and financial details to confirm your identity and assess your creditworthiness, so you may have to provide such information as the following:
- Full Name
- Social Security Number
- Bank Name, Address, Account, and Transit Number
- Employment History
- Income and Pay Schedule
These five steps make up a simple rubric you can follow any time you need to borrow money in an emergency. They’ll keep you focused on what’s important, so you can apply without wasting a second.