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A cash advance, when provided by a loans company, operates in the same way as a payday loan; you are essentially paying a fee to release your money prior to being paid. Cash advances are useful to those who have an emergency expense to cover, such as a broken boiler or some essential car servicing.
Both payday loans and cash advances are short-term loans. The difference is that, traditionally, cash advances are exactly that; they come in the form of cash, not credit.
Cash advances enable you to withdraw a cash loan, usually using your credit card. You will retrieve your cash loan that has been deposited by your lender either at over the counter at a bank, at an ATM, or through another financial vendor to then be used at your disposal. Cash advances should not be considered as ‘free money’; rather, they are a service which requires a fee.
A cash advance is a type of unsecured loan, meaning that the amount you borrow does not need to be secured against an asset of yours such as your house or your car. The advantage of having none of your assets used as collateral is that you avoid the risk of repossession (although this is only an absolute last resort for most lenders). The downfall is that it is often the case with smaller, short-term loans that interest-rates and fees can be high, generally starting at 6.5% of what you take out.
Make use of our lender comparison tool in order to find the best rates for a cash advance.
What is a Cash Advance For?
Cash advances, like with emergency loans, are only useful when making a purchase that you deem essential and time-sensitive, due to the fee that is involved. It is not worth paying a fee on a loan as little as £100 if you are using it for something that is not necessary.
You may decide to use a cash advance for:
- Tiding you over to the end of the month
- Essential food shops
- Essential home fixes
- Paying the bills
- Medical fees
- Essential travel needs
Please ensure that you are prepared to pay for the service of a cash advance and that you can expect to have the income to do so prior to your application. Make sure to read and abide by the terms of your agreement. If you have long-term financial difficulty, you may want to consider a different loans product that can support you for longer, such as a secured loan or a guarantor loan.
How Does Proper Finance Offer Cash Advances?
Firstly, use our free and simple comparison table to compare rates from our list of featured lenders. You can click through and apply on their website directly. Alternatively, you can provide us with a few of your details and one of our partners will get back to you as soon as possible to discuss your options.
Because we have partnered with multiple lenders, we are able to offer you the choice you deserve when it comes to finding the right loan for you. With us, you are free of the restrictions and set-rates involved in looking at a single lender.
We allow you to borrow from £50 up to £50,000 from one of our many lenders.
The main benefits of using our website include:
- No upfront fees
- We will not pass on your details to third parties without your permission
- Our site is on a secured server (https) to protect your details
- Compare rates from several competitive lenders
- Choose from over 50 different unsecured loan products
What is The Criteria To Apply For a Cash Advance?
Whilst the criteria may vary between lenders, the eligibility factors include:
- Must be a UK Resident;
- Must be over 18 years of age;
- Must have a working debit account, email address & phone number;
- Must be employed, earning at least £500 per month and able to afford monthly repayments;
- Must have no history of bankruptcy, CCJs or IVAs.
What Happens if You Cannot Repay Your Loan?
Failing to repay your loan may result in your credit rating being negatively impacted, which could harm your ability to access other financial products in the future. If you take out a loan that is secured against an asset, such as your home or your car, defaulting on your repayment could lead to the repossession of that asset.
Please ensure that you choose a realistic repayment term when applying for a loan with any one of our providers such that you are able to make your monthly payments. If you expect that you will not be able to make a monthly repayment, ensure to let your chosen lender know in advance. Most lenders have sympathetic policies which allow for a grace period of a couple of days if you ensure to notify them of your situation.