Cash Advance Online
September 5, 2018 by Daniel Azzoli
What is a Cash Advance?
A cash advance is typically a short-term, small-dollar loan. Certain cash advances, like online cash advance loans, may have a relatively quick application, approval, and funding process.
In a situation where you need cash immediately to cover the cost of an unexpected emergency expense, a small cash advance may be an temporary solution. Because MoneyKey is an online cash advance lender and credit services provider, applying for a loan may come with less strict application requirements and approval criteria than some traditional bank loans, which means they may be an option for individuals with poor credit. However, like other short-term personal loans, a cash advance loan may come with a high interest rate and typically must be paid back within a short period of time.
Small cash advances in the form of online loans may also feature fast application processes and quick funding. They’re designed to be a short-term solution and should be used responsibly.
Cash Advance Loans Offered by MoneyKey
The types of cash advance loans offered through MoneyKey include Installment Loans and Lines of Credit.
Installment Loans operate similarly to a payday cash advance in that you’ll receive your funds in a lump sum, but instead of having to repay your loan in full by your next pay date, your payments will be spread out over the span of months.
Lines of Credit
A Line of Credit can serve as a safety net to help you when you run into unexpected emergencies and your savings are low. If approved, you can draw funds up to your available credit limit. As you pay down your principal balance, you continue to make draws from your available credit.
Installment loans operate similarly to a payday cash advance in that you’ll receive your funds in a lump sum, but instead of having to repay your loan in full by your next pay date, your payments will be spread out over the span of months.
If you are considering applying for a cash advance online, read our article on the differences between payday loans and installment loans to help you make a decision that is best for your situation.
At this time, payday loans are no longer offered to new customers, however installments loans are available through MoneyKey. For more information, see our Rates and Terms page.
Line of Credit
You may also consider a line of credit. If approved, you may withdraw any amount from your available credit as you see fit. In most cases, you will only pay interest and/or fees on the amount that you withdraw.
MoneyKey only offers line of credit loans in select states. The credit limit you may be eligible to receive for a line of credit varies by state. Visit our Rates page to see if this product is available in your state and the maximum amount offered.
Other Types of Cash Advances
Credit Card Cash Advance
These type of cash advances will generally have very high interest rates which exceeds the rate you’d be paying on regular credit card purchases. Interest will generally begin to accrue right away as there may not be a grace period.
These small-dollar personal loans are typically issued by payday loans organizations and the size of the loans issue typically vary from state to state. Like most cash advance loans, they come with high interest rates and fees.
Credit Card Cash Advance
One common type of cash advance involves borrowing money through your credit card. These types of cash advances will generally have very high interest rates which exceed the rates you’d be paying on regular credit card purchases. You also may be charged an additional fee when you use a cash advance. This fee may be a percentage that’s based on the amount of money you’re withdrawing, or a flat rate.
Another important point to note is that interest will generally begin to accrue right way, as there may not be a grace period. This an important distinction from regular credit card purchases, where interest on a purchase will usually start to accrue after a certain period of time has passed. MoneyKey does not offer this type of product.
Payday loans are a common type of cash advance. Payday loans are generally short term and usually need to be repaid by your next paycheck. The size of these small-dollar personal loans typically varies from state to state. Like most cash advance loans, they usually come with high interest rates and fees.
When you apply for a payday cash advance, some lenders will ask for proof of regular income and an active bank account to be eligible.
At this time, payday loans are no longer offered to new customers through MoneyKey.
When to Consider a Cash Advance Loan
Cash advance loans are often high cost, short-term solutions to financial emergencies. For unexpected or one-time emergency expenses, you may want to consider a cash advance loan. Here are four examples of situations where an online cash advance loan may be a solution:
- Medical emergency
- Unexpected automobile repair
- Emergency home repair
How to Repay your Cash Advance
It is important to utilize an online cash advance responsibly and pay it back on time to maintain a good standing account. Depending on the type of cash advance, you will repay your cash advance in full, in installments or in regular minimum payments on your scheduled due dates as set out in your loan agreement.
Just remember that before you apply for a cash advance online, you should always make sure you have a plan to pay the money you’ve borrowed back on time. Some lenders may charge late fees or additional interest if you miss payments.
Consider Your Options Carefully
When you’re facing an unexpected emergency expense and don’t have the savings to handle it, a cash advance online may be one option that could help you out. Just remember that it’s important to borrow responsibly and understand the terms and conditions of a loan before applying.
Always make sure you’ll be able to pay off your loan on time and explore all of your options before making a decision. If you’d like to learn more about potential lending options, visit our Financial Articles resource hub!
Why choose cash advance loans online offered through MoneyKey?
MoneyKey has served more than 200,000 to 400,000 customers since 2011. There are several benefits in choosing to apply for a cash advance loan online through MoneyKey:
- MoneyKey’s customer care team is available by phone, email or online chat, 7 days a week, including most holidays.
- A simple online loan application process
- Get your funds as soon as the next business day
- Fast, friendly, daily customer service
- Transparency with no hidden fees