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.
The two most common types of advances are cash advance loans and cash advances from credit cards. 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.
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 faced with 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 cash advance loan and pay it back when your next paycheck arrives. With iCash, you also have the option to pay back your loan in three installments in most provinces, allowing you to stretch the repayments over your next three pay periods.*
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
Credit Card Cash Advance Fees
Just like any other type of loan, an advance from your credit card company comes 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.
With a credit card cash advance, 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 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*.
Cash advance loans can provide you with quick funding from $100-$1,500, which is enough for most unexpected expenses. It may not seem like 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.
Get A Cash Advance Online
iCASH instant loans allow you to borrow money from the comfort of your home without the need to visit a store. Every step of the process will be handled online and entirely hassle-free.
iCASH is one of the top providers of online loans 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, finding the time to visit an in-store lender can be stressful. With iCASH, you can apply for a loan online quickly in a few minutes or with our mobile app.
When you apply for a loan with us, you’ll find out if your application has been approved almost instantly—no waiting is needed.
Since our requirements are easy to meet, the chances of being approved are incredibly high.
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.
If you apply at night and are approved, the funds will also be available almost immediately by e-Transfer.
With iCASH, you escape the dreaded paperwork that traditional lenders usually demand. All you have to do is spend a few minutes filling out our 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.
Getting A Cash Advance With Bad Credit
Cash advance loans are designed to help people access quick money 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. Even if you have a low credit score, you can still easily qualify for a quick loan from a private lender like us.
While banks focus on credit history to decide if you are trustworthy, private lenders 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. It only takes a questionable financial decision or a few bad months to get you off track and into debt.
But what we care about is your financial strength when you apply. If you have been receiving a steady income for the previous three months, you have all the chances to qualify.
A loan for poor credit may be the only option when you have bad credit or if you have no credit history at all.
Even if you already went to another lender and got declined, you can still apply 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 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 a cash advance loan is unsecured.
