CashAdvance.com is an online loan marketplace of sorts that actually connects borrowers and lenders. These lenders will also work with those that have bad credit.
But be warned…these loans have high interest rates since the loan term is so short and must be paid back quickly! Shopping around for other alternatives is important.
What Is Cashadvance.Com?
Right off the bat it is important to note that Cashadvance com DOES NOT FINANCE OR SERVICE LOANS DIRECTLY. It is simply a marketplace to connect borrowers and a network of lenders.
All you have to do is submit an application through their online portal and start receiving loan offers from their network of lenders.
Although you aren’t required to have a minimum credit score by the cashadvance com lending partners, this opens you up to very high interest rates being thrown your way.
We have seen some borrowers slapped across the face with a triple digit interest rate!
Thankfully, cashadvance com is courteous enough to let you know upfront that the loan offers you receive from their partners are intended to be used for as a short term financial reliefs and should not be used for long term financial solutions.
Although the loan terms vary by lender, it’s safe to say that on average the loan must be paid back within a year.
How Does CashAdvance.com Work?
One of the advantages of CashAdvance.com is that the site is easy to use. To see if you qualify, borrowers simply submit their information through an online loan request form and click “get started.”
CashAdvance then distributes the borrower’s information to its network of lenders, who can assess the borrower’s creditworthiness and decide to make an offer. If a borrower decides to pursue a loan offer, they can do so directly with the lender.
Is CashAdvance a Scam or Legit?
CashAdvance is a legitimate company that has been in business since 1997. While the interest rates offered by some of the lenders in its network can be comparable to those of payday loan and title loan companies, this is common among lenders that work with those with very poor credit.
If you have bad credit and need a loan or cash advance, it’s important to do your research. The lower your credit score, the more interest you can expect to pay.
- They have a large network of lenders, so they’ll be able to find the right lender to provide the loan you need.
- You can determine if your state allows for cash advances and view the possible loan terms through the website before submitting a request.
- The “Rates and Fees” section can help you get an idea of the total amount you’ll need to repay based on the amount of your loan.
- Applying for a loan is pretty simple using the online form.
- You may receive approval within a few hours.
- Cash may be able to be transferred to your account by the next business day.
- Cash Advance has been in business since 1997.
- Your personal information stays private and protected.
- You can reach out to a customer service agent or look through the resources on the site if you have questions or need additional information.
Loan Amounts: $100 – $999
Loan Term: 7 – 60 days
APR Range: 15% – 1,564%
Min. Credit Score: Not specified
Fees: No fees
Funding Time: 1 business day
Years in Business: N/A
BBB Rating: Not accredited
Min. Revenue: After-tax income of $1,000 per month
Availability: Most of the states
CashAdvance.com Loan Details
|Product Name||CashAdvance.com Payday Loans|
|Loan Term||Up to 1 month|
|Turnaround Time||1 to 2 business days|
|Costs||Determined by the lender based on the information you submit.|
|Requirements||Employed, $1,000+ monthly income after taxes, US citizen or permanent resident, ages 18+|
CashAdvance.com Application Criteria
- $1,000+ monthly income after taxes
- Current phone number
- Valid email address
- 18+ years old
- US citizen or permanent resident
Pros & Cons of Using CashAdvance.com
As with any lender or loan marketplace, there are both good things and bad things about CashAdvance.com. Before you submit your info to the site, it’s a good idea to look at all the pros and cons.
CashAdvance.com offers some advantages. Here are the positive things about working with this loan marketplace.
- No minimum credit score required – You don’t need a specific credit score to submit a loan request, although some individual lenders might have internal requirements for offering a loan.
- Convenience – By submitting a loan offer request through CashAdvance, you get deals from a variety of lenders. This can be a big convenience when you need a loan and don’t have time to shop around.
- Free to use – There is no fee to use the CashAdvance site or to receive a loan offer from a lender.
- Employment requirement – To submit a loan request, you must have a regular job and receive at least $1,000 a month in income.
- High interest rates – Borrowers can expect to pay high interest rates. For example, the company’s loan repayment calculator shows a sample interest rate ranging between 782% and 1564%.
- Limited loan amount – You can only borrow up to $1,000 through CashAdvance. If you need to finance a bigger purchase, you might have to look for another loan provider.
- Unavailable in some states – CashAdvance doesn’t operate in all states. You can check if loans are available in your state by visiting the company’s locations page.
Who Is CashAdvance.com Best For?
CashAdvance.com is best for people in the need of emergency funding. This is also a good lending option if you need a bad credit loan.
Note that such short-term loans should only be considered if you are in a tough financial situation. Quick loans usually come with high rates.
We suggest checking out other options if you need long-term personal loans.
Getting Started With CashAdvance.com
To get started with CashAdvance.com, you need to fill out a free application form on their website.
Visit CashAdvance.com and click on ‘Start Here’.
You will need to provide the following information:
- Amount requested
- First name and last name
- Address, Zip code, city, and state
- Rent or own?
- Driver’s license or state ID and issuing state
- Do you own a car?
- Date of birth
- Social security number
- Are you an active-duty military?
- Income source
- Employer name
- Time employed
- Employer’s phone
- Job title
- Payment frequency
- ABA/ routing number
- Account number
- Account type
- Years at bank
- Do you have a direct deposit?
- Monthly net income
After you submit your application, CashAdvance.com will try to match you with the best available lenders.
How to Submit a CashAdvance.com Loan Request for a PayDay Loan
It’s easy to submit a request for a loan through CashAdvance.com. If you’re interested to see if you qualify for a loan, you can do so by following these three steps.
Step 1: Fill out the basic information form – First, fill out the basic information form on the CashAdvance homepage, then click “get started.”
Step 2: Fill out the loan offer request form – This will take you to a loan offer request form, which will ask a number of personal and financial questions, including how much money you earn and how much you want to borrow.
Step 3: Submit your request – When you’ve completed the form, you can submit it online, and if you are connected with a lender, you will be redirected to the lender’s contract page where you can review the loan amount, terms and rates. There is no obligation to pursue a loan offer, and you won’t be charged a fee if you decide not to move forward with a loan.
CashAdvance.com User Reviews
We looked up CashAdvance.com reviews online, and we will now sum up what customers are saying.
The company has a Trustpilot profile with a 3.5-star rating. Strangely enough, there are no CashAdvance.com reviews on their profile. Trustpilot allows companies to flag reviews for removal, so we assume that at one point there were Cash Advance loans reviews on their Trustpilot profile, but the company removed them.
ConsumerAffairs is another popular review website, yet the company doesn’t have a profile there. While Cash Advance USA has a profile on ConsumerAffairs, this is a different company altogether and the reviews shouldn’t be mixed up with CashAdvance.com reviews.
We found a CashAdvance.com BBB profile, though the company is not accredited with the Better Business Bureau. They have a D- rating and only three CashAdvance.com complaints, so their profile doesn’t reveal much about them.
There was one review on the BBB regarding a CashAdvance.com scam. Gift card scams are pretty common, and you can read more about them here.
We also found a warning issued by the Washington State Department of Financial Institutions regarding a Cash Advance USA scam. Cashadvance.com also warns against scams on their website. For more details, click here.
There aren’t a lot of CashAdvance.com Reviews from 2020. Most of the positive cash advance online reviews are about how straightforward and easy the process was. People that needed fast cash advance left positive reviews too, stating that they didn’t have a lot of other options.
Almost every positive CashAdvance.com review mentioned that the rates were really high. Though customers were grateful that they were able to get quick personal loans for bad credit.
We also looked up CashAdvance.com reviews on Reddit. There weren’t any reviews about CashAdvance.com, however, some users that had taken out cash advance loans stated that if the loan is not paid on your next payday, the interest can go over $1,000 — making it almost impossible to pay out the loan.
Best Alternatives to CashAdvance.com
CashAdvance is a short-term, high-interest loan marketplace, and it’s best used as a last resort when you’ve run out of other options.
If you’ve been turned away by other online lenders, there are other ways to get quick access to cash. Here are three options to consider.
1. Secured Credit Card
Even with bad credit, you may be able to qualify for a secured credit card. With a secured card, you’re required to put down a security deposit as collateral in case you stop making your payments.
While most secured credit cards have low credit limits, some cards are quite generous when it comes to offering a higher limit.
For example, the Capital One Secured Mastercard lets you put down as little as $49 to receive a $200 credit limit and the possibility of a limit increase after six months. The interest rate is 26.99%, which is much lower than the rates you’re likely to receive with a personal loan through CashAdvance.
A secured credit card also gives you an opportunity to rebuild your credit. If you make your payments on time every month, this can help improve your payment history, which is the most important factor in determining your FICO score.
2. Paycheck Advance Apps
Paycheck advance apps let you tap into your regular salary ahead of time. Unlike payday or auto title loans, however, they don’t require you to pledge collateral or pay sky-high interest.
For example, Earnin allows you to receive up to $100 and in some cases up to $500 prior to payday. Once you receive your paycheck, the app auto-deducts the money you owe from your account.
There are no fees to use Earnin, and the app doesn’t charge interest or overdraft fees. On the downside, you’re required to give Earning your bank account details, and at least half of your paycheck must be auto deposited into your account each month.
3. Peer to Peer Lending
Peer to peer lending got its start in 2005 and has quickly grown to become a popular alternative to traditional bank lending. With peer to peer platforms like Prosper and LendingClub, borrowers can get loans from individual investors.
This allows people who might not otherwise qualify for a personal loan to receive funds. As with any type of loan, borrowers with lower credit scores can expect to pay more in interest.
If you’ve been turned down by a bank or credit union and you would rather avoid a payday or title loan, peer to peer lending might be an alternative worth exploring. Both Prosper and LendingClub offer loans up to $40,000.
The following are some of the most commonly asked questions and answers regarding CashAdvance.com.
Is CashAdvance a Legit Company?
Yes, CashAdvance is a legitimate company that has been in business since 1997. As a member of the Online Lenders Alliance, it’s required to comply with best practices and a code of conduct for online consumer lending.
Why does CashAdvance.com need my bank account information?
You need to enter your bank account information so CashAdvance.com can verify that it exists. Because it works with online lenders, this is the only way for you to receive your loan funds and is often the only way lenders can debit your repayment.
Do Cash Advances Hurt Your Credit Score?
According to CashAdvance, it doesn’t pull your credit when you submit an request to receive a loan offer. However, the third party lenders in its network may do a soft pull or hard pull of your credit when making a lending decision.
According to CashAdvance, the lenders in its network “may conduct a non-traditional credit check” when you submit a request for a loan. While this typically means the lender doesn’t run a credit check through Equifax, Experian, or TransUnion, it doesn’t necessarily mean the credit check won’t show up on your credit report as a soft or hard inquiry.
If you’re concerned about a cash advance hurting your credit score, it’s best to ask the third party lender what kind of credit check it performs when assessing a borrower’s creditworthiness.
How Much Will a Cash Advance Cost Me?
There is no fee to submit a request for a loan offer through CashAdvance.com. If you decide to pursue a loan offer from a lender in the CashAdvance network, you might have to pay a financing charge or other fee to receive your loan.
Loan fees are set by the individual lender, so it’s a good idea to make sure you understand each lender’s terms before you accept a loan offer.
Can You Get a Cash Advance Online?
Yes, you can submit a request for a loan offer and complete your loan request entirely online. If you decide to accept a loan offer through CashAdvance.com, the lender will deposit your funds directly into your bank account.
CashAdvance.com Customer Support
If you want to contact customer support, the Cash Advance phone number is (800) 380-2274. You can also email them at [email protected].
Another way to get in touch with the CashAdvance.com customer support team is by filling out a contact form on their website.