Instant Cash Advance

Written by T.C. | Posted in Cash Advance Services

Picture this: An important bill is due within the week, but payday is not due to come around for another week and a half. Sound familiar? Unfortunately, payday schedules do not always coincide with important payment deadlines. Every individual has experienced this kind of anxiety at some point in their adult lives. Thankfully, there is now an easy solution to short-term financial worries, in the form of an instant cash advance.

An instant cash advance is intended to assist individuals who have steady employment, but who are lacking the immediate funds required for a bill payment or a necessary purchase. The loaning company will typically provide an instant cash advance for a one-time flat rate, and will expect to be reimbursed either in intervals or in full on the individual’s following scheduled pay day(s).

Obtain and Instant Cash Advance

There exist several ways in which one can obtain an instant cash advance. The most common method is to visit a cash advance facility in the vicinity of one’s home or workplace. In this case, the issuing party will provide the approved amount of cash dollars in exchange for various pieces of personal information and a guaranteed, agreed-upon, method of repayment. There now also exists the possibility of applying for, and obtaining, an instant cash advance from the comfort of one’ home or workplace, via the Internet. Most often internet transactions will result in the loaning agency issuing a direct deposit in to the debtor’s bank account, for immediate access to the agreed-upon amount of funds.

Requirements for an Instant Cash Advance

Requirements for individual borrowers, in order to obtain an instant cash advance, will depend upon the loaning agency to which they are applying. Some agencies will want to run a credit check before approving a temporary loan, while others will simply require direct access to the debtor’s bank account, as a form of assurance of timely repayment. Most often individuals will be required to provide valid government-issued identification, such as a driver’s license, passport, birth certificate, and so on. They will also need to provide proof of employment, including a verifiable employer, as well as their most recent pay stub. Some loaning agencies will require proof from individual borrowers of a minimum monthly salary.

Additional required items may include a social security card, one or more references, a recent bank statement, and information regarding the debtor’s bank direct deposit policy. For agencies that provide in-person instant cash advances, the borrower may be required to write a personal check for the total sum of cash received, to be cashed by the lender on the next payday.

Apply for an Instant Cash Advance

Individuals may choose to apply for an instant cash advance, also called a payday loan, for a wide variety of reasons. They may simply wish to avoid potential costly overdraft charges from their bank account. The flat fee required to obtain an instant cash advance will vary depending on the loaning agency, but will typically begin at around 15% on the first hundred dollars, and proceed to a sliding scale for higher amounts. However, banks charge an average of $30.00 daily for each overdrawn transaction, regardless of whether the overdrawn amount is five cents or one-hundred dollars. In the case of avoiding costly overdraft banking fees, an instant cash advance can function as a form of insurance, for which an individual pays a minimal, one time only premium.

Regardless of an individual’s personal reasons for requiring an instant cash advance, they can be confident that it is an effective, short-term method of overcoming occasional financial obstacles. Handled responsibly, instant cash advances are an ideal solution for maintaining a reliable billing history, and a high credit rating.

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