Online cash advance loans can be a lifesaver when you’re in a bind. If you’ve ever found yourself short on funds with no financial safety net, then you know what it’s like to need a little help.
With a safe, affordable cash advance, you can cover your bills and avoid a late payment on your credit report. But the next time your tire pops or boiler busts, you shouldn’t take the first cash advance that pops up on Google.
You never know what fees might lurk in the fine print! Instead, take time to look into your options before selecting the right cash advance for you and your circumstances.
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What is a cash advance?
A cash advance is a short-term loan offered by lenders such as your bank or credit card provider. Typically, you access cash advances from an ATM, bank teller, or even a grocery store register. But thanks to internet banking, you can also get cash advances online!
Once you have the funds in hand, you can start paying your bills, fees, or fines. If you have money left over, treat yourself and finance a spa day!
However, remember that there’s a catch. Most cash advance providers charge high fees and interest on relatively small loans that may not cover your needs.
How do cash advances work?
When you take out a cash advance, you’re borrowing against a line of credit, like your credit card. Many cash advances creditors charge high fees or interest. Sometimes, they’ll even charge both.
It’s their way of encouraging borrowers to repay the funds as quickly as possible to prevent additional unwanted charges. But a few lenders, like MoneyLion, offer short-term loans with no penalties!
What to look for in a cash advance service
When you’re researching your cash advance options, you should be on the lookout for a few key qualities. For example, look for the following:
If you’re in the market for quick cash, you probably don’t have the time for a lengthy application because then you’ll have to wait for it to work its way through the typical loan approval process.
Who has time to go to the bank anymore? Not us! Your online cash advance service should deposit your money directly into your checking account without hassles.
Low APR and other fees
High-interest rates can affect your ability to repay your loan. Save money upfront by finding a provider that offers a reasonable APR. A major rule of thumb is to figure out how much interest you’ll pay if you return the money in full within two weeks.
Additionally, cash advance fees increase the cost of your loan. Be sure to ask your provider about any extra fees or surcharges aside from the APR.
Some cash advance services even offer 0% APR and fee-free access, like our very own Instacash advance! Once you know that low- and no-free services exist, why wouldn’t you shop around to find the best rate?
No impact on your credit
One of the best benefits of cash advances is that the loan won’t impact your credit if you repay it on time. Avoid banks that require a hard credit pull because it will bring your credit score down drastically. Instead, choose a service like MoneyLion that only conducts a soft check!
How do you get a cash advance?
Depending on your creditor, you might be able to access your cash at an ATM, grocery store register, or via a convenience check. It depends on your creditor.
For example, some service providers, like MoneyLion, might even offer online cash advances. But before you take out a loan, you might want to know what you’re getting into and consider a few factors.
Research, research, research
Contrary to what some lenders might tell you, a cash advance is not the same thing as a payday loan or a title loan. While cash advances can have high fees attached to them, some payday lenders charge over 600% APR!
Plus, if you put up your car as collateral, your creditor can repossess your vehicle if you can’t pay back your cash advance by the due date. A real cash advance comes from banks, credit card issuers, or other reputable financial institutions like credit unions.
Before you take out an advance, make sure that your servicer is a well-established provider that offers low interest rates.
Understand the limits
Creditors and banks usually limit how much you can withdraw via a cash advance. You can usually link your bank account or submit a pay stub online to find out how much money you might be eligible for.
If you use the cash advance option on your credit card, your fee schedule should outline your withdrawal limits, which may be separate from your overall credit limit. And with MoneyLion, qualifying for a cash advance is as simple as linking your checking account or opening a RoarMoneySM account with direct deposit.
Check the fees and interest rates
It’s also important to ask if there are any fees or interest rates you’ll incur by taking on the cash advance. For instance, many credit cards charge up to 25% interest plus cash advance fees! These fees are usually around 3% to 5% of the withdrawal amount.
Additionally, most credit card advances don’t allow a grace period, meaning you’ll start accruing interest the day you access your funds. If you want to avoid the high penalties that come with a credit card and online cash advance lenders, look for a financial institution like MoneyLion. You can’t beat free access to InstacashSM at 0% APR!
Connect with your bank and confirm your account
Cash advances don’t require collateral in the form of cash or car titles, so your bank may need to take additional steps to verify your eligibility. Every financial institution has its own requirements, so be sure to research your bank or credit card issuer’s requirements if you want to get a cash advance.
After you qualify for cash and confirm your account, your bank may need to verify your income as well. For instance, with MoneyLion, you can qualify for up to $50 instantly but you’ll need to first make two recurring direct deposits before you can receive the maximum amount up to $250.
Submit a cash advance request and get your money!
After you’ve chosen your lender and connected your account, it’s time to apply for your online cash advance! You can usually do this through their online portal or mobile app. After that, it’s just a matter of waiting for the lender to approve your request.
However, some banks don’t require you to fulfill the last step. For example, with MoneyLion, you’ll see cash deposited into your account as soon as a same-day deposit!
Welcome to MoneyLion Instacash
We’ve hinted at the benefits of our Instacash advance service several times now, but it’s time to tell you more about Instacash! If you’re low on funds and you find yourself in dire need of a quick pick-me-up, MoneyLion offers a unique cash advance designed to help people who are in a bind.
With MoneyLion Instacash, you can get up to $250 whenever you need it. Plus, there’s no interest, monthly fee, or credit check. All you need is a checking account with proof of recurring deposits or a RoarMoney account with direct deposits enabled. And best of all, the higher and more consistent your deposits, the more Instacash you’ll unlock!
Once you qualify, you can request funds within minutes and select same-day delivery for a small fee. Requests that are not same-day come with free standard delivery.
How to get an online cash advance from MoneyLion
Now that you know your options, you might be curious about how you can get started. Here are the best steps to follow!
Step 1: Open an account
The first step is to open a MoneyLion account. You can sign up online or download the MoneyLion app via the App Store or Google Play. You’ll need to provide some basic information including your name, phone number, address, and Social Security Number. Plus, we’ll need to verify your identity with a valid government-issued ID.
Step 2: Set up direct deposits
To access Instacash, you’ll need to set up direct deposits or attach your bank account. Simply follow the prompts in the app or through the online portal!
Step 3: Request your Instacash
To get your Instacash advance, tap the “Finances” button in your app. Then, click on “Instacash.” From there, all you have to do is request your funds, select a delivery method, and confirm your transaction!
Step 4: Use your money!
After you’ve confirmed your Instacash amount, you’ll see the money appear in your MoneyLion checking account. Time to spend!
Introducing the new MoneyLion Safety Net!
A cash advance of $250 at 0% APR is great and all, but what if you need more? Maybe closer to $1,000? Or maybe you have extra cash you’d like to invest?
COMPLETE CONTROL, ALL IN ONE PLACE
Easily visualize all your available funds with RoarMoney, Instacash, and your MoneyLion investment account all in one place.
You can also manage Round Ups, where every transaction will put a little change into your investment account after every swipe.
Now you’ll have the tools to always land on your feet. Simply set up recurring direct deposits with your RoarMoney account
With MoneyLion’s new Safety Net feature, you can manage and view all of your available MoneyLion funds. We’re here to help you through life when it hits you with unexpected costs. With our one-stop financial solutions, you can have access to the following:
- A RoarMoney account that lets you access your paycheck up to two days early
- Instacash advances up to $1,000 at 0% APR with two recurring direct deposits
- A fully-managed investment portfolio with the auto-invest feature and thematic portfolios
- Round-up investing to make the most of your spare change
Head over to MoneyLion and find out how we can help you reach your financial goals!
Frequently Asked Questions
How much can I receive with a cash advance?
With our standard Instacash offering, you can borrow up to $250 interest-free. But with our new financial safety net, qualifying accounts can borrow up to $1,000!
How do I repay my cash advance?
You can repay us in one of two ways. Either pay back your cash advance manually or allow us to automatically deduct the cost of your loan from your next direct deposit. Either way, you’ll never have to pay a single cent in interest.
How much does a cash advance cost?
MoneyLion Instacash is free to access and it comes at 0% APR. That said, if you opt for same-day delivery, we do require a Turbo fee of $3.99.