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Fast Cash Advances

A fast cash advance is another term for a cash loan. The term refers to a practice in which a lender advances an amount of cash or hard money to a borrower very quickly.

Cash or hard money lenders advance funds quickly based on a borrower’s income or potential income. Cash lenders usually make cash loans or advances to low income people with bad credit. Hard money lenders make fast cash advances to businesses and others online.

The term fast cash advance comes from the fact that such lenders historically advanced cash fast to those who needed it. Many people get fast cash advances because they are easier and quicker to get than traditional loans and lines of credit.

How to Get a Fast Cash Advance

Getting a fast cash advance is fairly easy because the application process is quick and simple. More importantly a person can get the funds from a fast cash advance within a few hours.

The best place to look for a fast cash advance is online typing the term cash advance into a search engine will provide a list of cash lenders. A person can then look over the online lenders’ offers and choose the one that charges the lowest interest rates. Choosing a cash advance with a lower interest rate can save a borrower hundreds of dollars in interest.

To get a fast cash advance online a person will have to have a checking account. The lender will deposit the funds borrowed directly into the checking account via electronic funds transfer. The loan repayment will be withdrawn from the account via the same method.

Fast Cash Advance and Bank Accounts

The difference between a fast cash advance and a traditional cash loan is that an advance is usually advanced directly to a borrower’s bank account. A borrower might get a fast cash advance to cover an outstanding check or payment and prevent the account from becoming overdrawn.

A fast cash advance can prevent an account from getting overdrawn but it can also cause a bank account to get overdrawn. This can occur because the fast cash lender may require repayment to be made automatically from a bank account on a certain day. The lender will presume the borrower will have the funds in the account on that day and schedule repayment. If the funds aren’t there the account can become overdrawn.

To prevent this, a borrower should not take out a cash advance unless they have the funds to pay it off. If circumstances change and the funds are not available, the borrower should contact the lender and try to reschedule the loan repayment.

Fast Cash Advance for Business

Many businesses including small businesses will rely on fast cash advances for emergency financing. Cash and hard money lenders will be willing to make fast cash advances to businesses that can demonstrate proof of income.

Business owners will have to present documents that verify their income or potential income such as bank statements, invoices and receipts. Online fast cash lenders will usually give businesses better interest rates and more generous terms on fast cash advances. Some of these lenders may even make a line of credit available to businesses.

Although they are convenient and easy to get fast cash advances should only be used in emergency situations where no other form of credit is available. Limiting the use of fast cash advances can save a business money.