If you’re looking for an easy cash advance, going to a traditional lender may not solve the problem for you. Apart from the fact that their approval procedures are quite time consuming; which can sometimes take up to weeks to transfer the money you need, their requirements are and conditions to provide you with a loan are quite stringent. This in itself means that getting finances from them can be quite a task. However, a direct lender can give you a loan without much hassle. Since they avoid credit checks and collateral procedures, not only does it make the approval process a speedy one but it also makes it very easy for one to get finances when they desperately need it.
Credit Card Advances vs. Payday Loans vs. Installment Loans
Let’s go through how the 3 of them are different from each other:
Credit card advances- These are small amounts offered by credit card companies as cash advances, on your credit card. They are quite flexible and can be repaid depending on the term decided by the lender.
Payday loans- Payday loans are a source of quick funding that have to be repaid in lump-sum on your next pay date.
Installment Loans- Installment loans can be availed from direct lenders as well as traditional lenders. Traditional loans are meant to be repaid in installments in most cases. The online installment loans from a direct lender offer similar benefits as payday loans do but are more flexible when it comes to repaying them.
The Best Solutions could be available Online
There are a number of advantages that online loans from direct lenders have to offer:
- No credit checks: Since direct lenders online do not conduct hard credit checks, you can rest assured that your credit score will not be hampered in any way at all, which means that the chances of you getting a loan in the future will not reduce. Apart from that, it is easier for one to get funded immediately without worrying about bad or no credit history.
- 24/7 Accessibility: The fact that online lenders are available 24×7 is a huge benefit to those who need emergency cash. Of course, a few aren’t always available on holidays or weekends but you just have to find the right lender by doing your homework.
- 24 hour transfers: Once you apply for a loan online with a direct lender, you will receive your cash advance within a day’s time. Quite speedy, isn’t it?
- No collateral: This is a huge relief to many since it can be quite difficult for one to provide something expensive to a lender as security if he/she is already facing a tough time financially.
- Online applications: The fact that these loans are completely dealt with online is very convenient, especially for those who may not have the time to hop from one store to another to apply for one.
What to do if you need your Loan on the Same Day
The highest chance of getting a loan on the same day will be getting it through an online direct lender. However, even this may not always be guaranteed. If you are able to offer the basic documents that your lender needs, then it shouldn’t be difficult for you to get funded in just an hour.
Bank Loans may not be Easy to get, but could Save you Money
It is a fact that getting a loan from a bank can be a tedious process. From needing to have a good credit history to offering collateral, getting funded by them isn’t a cake walk for everyone. Nonetheless, bank loans are definitely cheaper than payday loans. So if one does have time to spare, a decent credit rating and an asset to provide, applying for a bank loan can be a good option.
Applying for the Best, Easy Cash Advance Loan Online
Applying for the best and easy cash advance loan online will depend on which lender you choose and your preference. If you want good deals, you may have to have a good credit score as well. However, the best cash advance loans online offer loans that can be paid back over a few months, along with accepting borrowers who have bad credit ratings and cannot offer collaterals. They solely depend on your income statement which is a factor that also determines how much one can borrow.