Cash Advances
What is a cash advance? A cash advance is a short term loan that provides a lump sum, which you can then pay back in one or multiple installments*.
In some ways, it's like getting an advance on your salary, except the money doesn't come from your employer, and you can refund it in a set number of payments.
You can get a cash advance in Canada either from a bank or a private lender. Then there's still the possibility to get a cash advance on your credit card.
Many people choose cash advances because of the fast and simple approval process. Apart from that, the money is available right away, so it's a handy option when you need funds urgently.
There are two types of cash advances: cash advance loans (also known as payday loans) and credit card cash advances. Both have their share of loyal customers due to the straightforward approval process and the fact that the funds are accessible immediately.
A credit card cash advance allows you to borrow money against your credit card limit. All you have to do is withdraw the money from your credit card, usually from an ATM and then make monthly payments to pay it back with interest.
Getting a cash advance on your credit card requires no effort, let alone a complicated approval process. Most Canadians use these fast funds for emergencies. However, these cash advances come with higher fees and interest rates.
Payday cash advance loans allow you to borrow up to $1,500, which must then be repaid over a short period with interest. They are the go-to solution when you face urgent costs that strike at a moment's notice and are not in the monthly budget.
To cover such urgent expenses, you can get a payday cash advance and pay it back when your next paycheck arrives. However, the repayment term has become more flexible, and now you can stretch it over a few paychecks*.
Even a positive surprise can put you in a tough spot if you don't have any money set aside for unanticipated situations. These are the most frequent reasons people get a cash advance in Canada:
• Home repairs
• Rent
• Replacing broken appliances
• Car repairs
• Medical emergency
• An unexpected bill from the vet
• Unpaid bills
Nobody knows your financial priorities better than you do, so it's up to you which urgent expense you want to cover. Even if you miscalculated the costs for a certain period, a cash advance could help you resist until the next paycheck.
The best source for cash advance loans is private lenders, like iCASH. We provide the easiest way to get the money you need for your emergency, and the repayment terms are reasonable and fair.
Cash Advance Fees
Just like any other type of loan, cash advances come with fees. Lending money is a business, and the lender is assuming a risk every time they approve a loan, so it is natural to have specific fees to make the risk worth it.
These are the most common cash advance fees:
• The cash advance fee applies when you withdraw money from your credit card, and it is usually a flat fee of a value of $5 to $10. But, depending on the credit card issuer, it can also be a percentage of the sum you withdraw, and it can go up to 5%.
When you
borrow money from a private lender, usually there are no cash advance fees.
• The interest rate is the lender's means of making a profit. It is the most significant expense to consider, and it is something you need to pay regardless of the type of loan you take.
When you choose a cash advance loan, you will have to pay a calculated rate based on the total sum you are borrowing. The interest rate is then added to the principal you pay every period and stops when you have completely paid the amount you borrowed, together with the cash advance interest.
The interest rate on credit card cash advance is usually around 2% to 5% of the borrowed amount. You need to know that the interest fee will become effective instantly, so don't expect to get a grace period.
• ATM fees may not be high, but they are another cost to consider. If you choose to withdraw the money from an ATM, you will have to pay your bank's fee.
It's a good idea to estimate your cash advance rate before getting a cash advance to make sure you include all these additional costs. You can use a cash advance rate calculator to get to the correct total.
It's also essential to choose a lender or credit card issuer that is completely transparent regarding the fees they apply.
Cash Advance Loans
Cash advance loans allow you to borrow a fixed amount of money for a short time to cover emergency expenses.
When you have no way of covering that expense or postponing the payment, these quick loans are a comfortable solution. Getting a cash advance loan is like obtaining an advance on your wages, except you can pay it back in several reasonable installments.*
The funds from a cash advance loan are unrestricted, meaning you can use the money to solve any sort of emergency. All the lender is interested in is respecting the loan terms and reimbursing it without delays or other issues.
Depending on the situation, you can pay the money back either in one lump sum or multiple repayments*.
Fast, cash advance loans can provide you with quick cash from $100-$1,500, which is enough for most unexpected expenses people usually have. It may not seem a huge amount, but it makes all the difference when you don't have it.
On the other hand, asking your family or friends to lend it to you may also not be possible, as it would be too much for their budget to cover. Whether your washing machine or car has finally met its end, these emergency loans have you covered.
At this point, you're probably wondering, 'how can I find cash advance places near me?' and the fact is the best place to get such easy loans is from private lenders. If you do a quick online search, you will find multiple loan stores in your area.
It's essential to choose wisely and only go for reliable lenders. Reputable cash advance loans come from legit lenders that are licensed in the regions they operate.
You can also do a bit of research and try to find reviews on the lender you are interested in to see if they have a good reputation and check if they offer cash advance loans.
Cash Advance Online
In Canada, cash advance online loans allow you to borrow money from the comfort of your home without the need to visit a cash advance store near you. Every step of the process will be handled online and entirely hassle-free.
Opting for a cash advance online means you will benefit from an even more straightforward approval process. Cash advance loans are relatively easy to get in the first place, but this makes it even more comfortable and fast when you take the entire experience into the digital level.
iCASH is one of the top providers of cash advance online in Canada and the perfect example of how easy it can be to access funds quickly and stress-free.
When you face an emergency that you aren't financially prepared for, avoiding wasting time with the application process is extremely useful. You can stay in front of your computer at home or work and access a cash advance in just a few minutes.
There are many advantages of getting cash advance loans online from direct lenders, and the best way to illustrate it is to provide insight into the way we operate.
When you apply for cash advance online, you find out if your application has been approved almost instantly—no more waiting for days for the bank employee to call you back with the answer.
Since the cash advance requirements are easy to meet, the chances of being approved are incredibly high.
The commodity is another considerable benefit of online loans. With these fast cash advance online loans, you can apply from anywhere, as long as you have a device with an internet connection.
Not only that, but since our services are available 24/7, you can apply at any hour of day and night! So even if you have an unconventional schedule, it won't prevent you from getting a loan whenever you need one.
Submitting online is not the only thing you can do 24/7; every step of the process and every part of the service we provide is available around the clock. So, if you apply at night and are approved, the funds will also be available almost immediately for electronic transfer.
With a cash advance online, you escape the dreaded paperwork that banks and traditional lenders usually demand. All you have to do is spend ten minutes filling out the application, and the response will come right away.
We have invested in our digital system's security, so every part of the process is entirely safe. Your information is safely stored, and no third party will have access to it.
If you still have questions or need to have something clarified, our customer service is always available to help you with whatever you need. That way, you will have absolutely no problem getting a cash advance online in case of an urgent situation.
Cash Advances for Bad Credit
Cash advances for bad credit were designed to help people access quick cash even if they have poor credit or no credit history.
Bad credit history is always an issue when you go to the bank for any loan. But when it comes to a cash advance, bad credit is not an issue if you turn to a private lender. Even if you have a bad credit score, you can still easily qualify for a quick loan from a private lender.
While banks focus on credit history to decide if you are trustworthy, private lenders like us are more interested in your current ability to pay back the loan.
Bad credit can happen easier and faster than you may have imagined, and it happens to many people. One questionable financial decision or a few bad months can be enough to take you off track and get you to accumulate debt.
But what we care about is your financial strength when you apply for the cash advance. If you have been receiving steady income for the previous three months, you have all the chances to qualify.
A loan, even a small one, is out of the question if you turn to a bank. A loan for poor credit may be the only option when you have bad credit but also if you have no credit history at all.
If you need a cash advance for poor credit fast, turn to us. We will run a credit check, but this is not a reason to be concerned. We only do it to verify the information; it's a routine check and part of our process.
Even if you already went to a bank for a loan and got declined, you can still apply for a cash advance for bad credit immediately with us. As long as you meet our minimum requirements, you can get approved.
While banks usually need you to provide a warranty to qualify for a loan, a cash advance for bad credit from a private lender requires no collateral.
That means that if you have no valuable assets or don't want to place them at risk, you will have no problem getting approved because cash advances are unsecured loans.
