3 Myths About Cash Advance

3 Myths About Cash Advance

Although most people don’t tend to think of this option, a cash advance online with our direct lenders is in fact a useful option facing a financial emergency. It’s high time we clarify the myths surrounding a cash advance, allowing you to decide whether or not it’s a good fit for you.

Myth #1: Cash Advances are Loans

Sure, the way you go about obtaining a loan and a cash advance are rather the same, however the outcome is not. On one hand, loans demand an extended commitment as well as an established repayment schedule while on the other hand, a cash advance can be seen as a short term loan – paid off within days or weeks. If you’re in need of a little financial adaptability, then a cash advance provides more advantages.

Myth #2: They Have High-Interest Rates

To the contrary, a cash advance is not an actual loan and therefore, most providers of the latter don’t usually charge an interest rate. Moreover, such an advance is based on future income as well as the providers requirements. Therefore, once you’re approved for the cash advance, you’ll be informed of exactly when you should receive the money as well as how much you’ll be requested to repay. In most cases, a cash advance offer won’t be made unless the provider is absolutely confident that they can do so in total responsibility. Transparency of the sort is not usually found with loan lenders.

Myth #3: Only Desperate Person Apply for this

It is widely assumed that only failing members of society request a cash advance. Reality demonstrates quite the opposite: with a 63 – 80% rejection rate, classic loans can’t be obtained by everyone. Someone applying for a cash advance is more likely to need quick money than anything else.

Is it Right for You?

Of course, the decision comes down to you and you alone. However, before making such an important decision, it’s best to understand the truth behind the many myths that concern a cash advance.