Have you ever been in a situation where you have an unexpected expense, like paying for a medical emergency? Many people have faced this situation, but you may not always be able to borrow money from relatives, friends or colleagues.
Sometimes the best solution is to apply for an online cash advance loan. It can be the best choice to get same-day funds for any emergency.
Cash Advance Loans
Cash advance loans are short-term loans that you can apply for online. They are a quick way to get cash for emergencies. Many online cash advance lenders only ask for a few documents.
Often, you’ll need a bank statement, driver’s license, salary slip, and other basic documents. Lenders like Advance Financial have a simple online loan application process. Once you apply online, you can receive approval and funds on the same day.
Why choose a cash advance loan for your medical emergencies?
There are many reasons why people pick cash advance loans for a medical emergency.
It is easy to qualify
One of the advantages of a cash advance loan is that it is based on income. Also, you can get approval and funds the same day.
Unlike big banks who impose strict criteria on borrowers, lenders who provide cash loans are able to make qualifying easier. All you need is a valid photo ID and a verifiable source of income. After that, approval is fast, and you can get what you need today.
No collateral required
A common problem many faces when applying for a loan is a lack of collateral. Most lenders offer secured loans, where you have to use your own assets.
Choosing non-banking financial companies (NBFCs) provides an advantage. They offer unsecured loans without having to use your assets as collateral.
Same day funding
Through an easy online application, you are able to get money into your account quickly, saving you the headache that comes with finding more creative ways to pay off those medical bills.
Lenders only check your payment capability and your stable monthly income and can help provide the relief you need.
Flexible repayments
Traditional lenders are very strict with monthly payments. In the case of non-banking financial companies, you can pay small installments every month. If needed, you can continue paying the minimum amount until you get back on your feet.
Reasons to be cautious before taking Cash Advance Loans
Cash advance loans are basically marketed as quick cash loans. They can be your savior when you are in a medical emergency.
A cash advance loan is often provided to you instantly when you are dealing with a cash crunch. So, there are enough reasons to be cautious before applying for a cash advance loan.
Finance charges
Cash advance loans come with a fee that equates to an annual percentage rate (APR) ranging from 300% to 500% depending on the lender.
You will not realize the APR% when you are in need but if you get a closer look, you will understand the total amount that you will have to pay back the lender. Do your research and find lenders who provide you a loan with fewer charges.
Debt trap
If you are unable to pay back the loan on time, you will again opt for a new loan. Therefore, you will be again charged with a new fee.
So, if you are not careful, there are chances that you will refinance the debt continuously, making you fall into the debt trap.
No credit check by your lender
Top lenders will only check your ability to pay back the loan before approving your loan request.
Lenders will not perform a hard credit inquiry during the loan approval process. So, a cash advance loan may not help in improving your credit score as lenders will not usually report your payments to the credit bureaus.
So, if you have the ability to pay back, you can take a cash advance loan. But you will have to be careful before choosing the lender. It is better to go for reputed lenders like Advance Financial when you need cash for a medical emergency as they provide you an instant cash advance loan.
Also, you will not be troubled with repayments because they have flexible repayment options, i.e. if you don’t have enough cash to repay for a few successive months, you can pay only the minimum amount every month until you are stable with your finances.
Benefits of taking Cash Advance Loans
Few benefits of choosing a cash advance loan include:
- Cash advance loans are hassle-free to obtain.
- Your loan approval usually takes fewer than 30 minutes but depends on the lender you choose. Some lenders may take even a few days to approve your loan and disburse cash into your account. So, make a wise choice by comparing your potential lenders.
- This loan is immediately available during your emergencies without putting up any security.
- One of the biggest benefits with a cash advance loan is if you don’t pay back your loan amount within the specified timeline, you are not faced with the risk of losing your assets; since it is an unsecured loan.
- The loan amount is deposited into your bank account typically in less than 24 hours.
- Rather than asking your friends, relatives or colleagues in the office for money and making them know that you are in a financial crisis, it is better to apply for a cash advance loan online and stay away from that embarrassing situation.
So, if you need emergency cash, a cash advance loan could be the answer. Make sure you choose a lender who can get you the funds within a day.
Be a responsible borrower and only borrow what you can afford to pay back. Always stay away from lenders who offer very high-interest cash advance loans. They should be considered only when you don’t have any other alternatives to get immediate cash into your account.
If you ever get a medical emergency, contact the reputed lenders like Advance Financial and they can help get you back on your feet today!
