Applying does NOT affect your FICO® credit score!
There are websites that advertise these types of loans, but they are not being truthful. There are no cash advance loans. Why? Simple really, it is impossible to know if anyone is approved for a loan until they complete an application. However, cash advance loans or online payday loans can be a reasonable solution for emergency situations.
After submission of an application, it must be securely shown to top lenders who decide if they wish to make a loan based on the initial application information that was provided. Then, the applicant must talk to the lender who wants to make the loan and understand all the terms and conditions of the loan. These are explained on a call directly with the lender. Even if the lender wants to make the loan, the applicant can refuse the loan if they do not agree with the terms and conditions being provided.
This initial process does not take more than 15-30 minutes, from application to the conversation with the lender. However, even if the applicant was approved and agrees to the terms and conditions offered by the lender, the money is not typically deposited into their account for 1 (one) working day. This excludes weekends and holidays. The actual cash advance may be as little as 1 day or as much as 3-4 days depending on when the process started.
Before you consider applying for an online payday loan, be sure to understand the benefits vs. the repayment fees. Fees can be large, and you should be certain you can repay your loan on the terms you agree to or do not take the loan. So-called rollover fees can make your financial burden worse, therefore be cautious.
It is illegal in most states to promote online payday loans saying they are “instant” because it is misleading. Consumers should not use lenders or services that make these kinds of claims. That’s why using a legitimate referral source like CashinaSnap, which does not mislead consumers and have many quality lenders to refer to, is a better and safer choice. We can connect you to our array of reputable lenders in seconds after you complete your application.
To learn more about cash advance loans or understand what online payday loans really are, check the articles and blogs at CashinaSnap. We are here to help!
