Written by Jules Francis
In Cash Advance
On April 5, 2023
An explanation of what cash advances are and how they function 💸
A cash advance is a way of borrowing money, usually quickly and for a short term, typically using a credit card or through a payday loan provider. Here are the most common forms:
You can get cash advances through credit card companies, payday lenders, online lenders, or cash advance apps such as Dave, Chime, and Klover.
We want you to save as much money as possible and avoid high interest rates and fees, this blog will purely be based on how to obtain a cash advance from a cash advance app.
A cash advance is usually a much cheaper alternative to other financial products such as credit cards or personal loans. And instead of charging interest, you’d usually just pay a subscription fee, and some apps even suggest you give them a tip instead which can be any amount you choose.
You’d usually receive funds within three working days but if you’re looking for an instant cash advance, you’ll need to pay a fee to receive it on the same day. Express fees differ depending on the app you use but based on a few different cash advance apps, the express fee tends to range from around $1 to $7.
There are lots of cash advance apps to choose from so it’s worth comparing them first before making a decision as some charge more than others.
Eligibility requirements for cash advance apps may vary depending on the specific app and its policies. However, the below are some common requirements:
🔞 Age: You’ll need to show you’re at least 18 years old.
💸 Income: You may need to show proof of a steady income, such as a job or regular source of income
🏦 Bank account: You may need to have a checking account or debit card to receive the cash advance.
🚦 Credit score: Some apps require a minimum credit score or credit history check (although, many don’t).
📷 Identification: You might be asked to provide a valid government-issued ID, such as a driver’s license or passport.
Download and Install the App: Once you’ve chosen the cash advance app you’re happy with, download it on your mobile. The majority of cash advance apps are available for free on the App Store or Google Play.
Create an Account: Once downloaded, you’ll just need to create an account. You’ll be asked to provide some some personal and financial information, such as your name, address, date of birth, and bank account details.
Check Your Eligibility: After creating an account, you can check your eligibility for the cash advance. The app will typically perform a soft credit check to assess your creditworthiness and determine the amount of money you are eligible to borrow.
Request a cash advance: If eligible, you can request a cash advance through the app. You’ll need to specify the amount you need and the repayment term you prefer.
Receive the Funds: Once your loan request is approved, the funds will be deposited directly into your bank account within a few hours or the next business day, depending on the app's policies.
Repay the Loan: You will be required to repay the loan or cash advance according to the terms and conditions specified by the app. This typically involves repaying the principal amount plus any fees and interest charged by the app.
Manage Your Account: Most cash advance apps allow you to manage your account through the app. This includes monitoring your loan balance, making payments, and checking your transaction history.
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Big love. Cleo 🤎
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