Cash Advance Loans - How To Secure A Cash Advance Loan?
Cash advance loans are smaller advances made by lenders willing to offer this type of loan. Since the loan amount is relatively smaller, not every direct lender would be willing to sanction it. However, Money Pig has a network of direct lenders willing to offer cash advance loans at reasonable interest rates. These are one of our most sought-after financial products, mainly because it helps our customers come up with exigencies before their payday.
As a responsible intermediary, Money Pig understands how important cash advance loans can be during tough times. Therefore, we make it a point to sanction this type of loan as fast as possible — often within minutes. That’s because we know that most of our customers apply for cash advance loans in order to pay for unanticipated expenses, which are likely to be of a serious nature. So, we do our best to minimize the discomfort that you may already be going through.
However, you need to bear in mind that although Money Pig does the best it can to bring you low-interest deals, the interest rates on cash advance loans are usually higher. That’s because the amount advanced as the loan is comparatively smaller and often repaid soon. These high-interest rates on cash advance loans make it unsuitable for expenses that are optional and can wait until your payday. As a trusted financial intermediary, we always recommend this type of loan only in case of emergencies as by keeping your interest rates low, you can plan your finances in a more effective manner.
Cash Advance Loans | FAQs
- What are cash advance loans?
- How soon do I need to repay a cash advance loan?
- Does Money Pig lend cash advance loans?
- How can I apply for a cash advance loan?
- What is the eligibility requirement for cash advance loans?
- For what purposes can I borrow cash advance loans?
- Is credit check mandatory for cash advance loans?
- Do I need a guarantor if I have a low credit score?
- What are the interest rates for cash advance loans?
- What are the benefits of cash advance loans?
- Does my Bank offer a cash advance loan?
- Can I borrow a cash advance loan and a payday loan at once?
Cash advance loans are short term loans that are extremely useful when it comes to paying for a sudden expense that cannot be postponed until you have saved up enough. Most people tend to confuse cash advance loans with payday loans due to the many similarities between the two. However, you must know that these are different, for example, the interest rates charged on cash advance loans are usually lower and the amount sanctioned is higher than that of payday loans. So, although cash advance loans are quite similar to payday loans, these come with certain additional benefits in the form of lower interest rates and higher loan amounts.
Also, due to the longer repayment period and other factors, it wouldn’t be wrong to say that cash advance loans are partly similar to payday loans and partly to short term loans for bad credit. While the payback period for payday loans is about a week or a month, cash advance loans can be borrowed for as long as three years. So, unlike the payday loans, cash advance loans do not become due on the day when the borrower receives his or her paycheck.
Money Pig knows the need for this type of loan, which is often borrowed to meet sudden short-term expenses such as repairs, breakdowns etc.… Therefore, as your trusted loan intermediary, we team up with some of the most reputed direct lenders and work with them to expedite the cash advance loan approval process.
Often, the terms of cash advance loans are mutually agreed upon between the borrower and the lender. However, when it comes to the exact duration of cash advance loans, it may differ from one lender to another. To give you a gist of it, most of our direct lenders offer cash advance loans with a repayment period that varies between 3 to 36 months.
Due to the inherent nature of this type of loan, the interest rates are higher and therefore we recommend that you choose a realistic and shorter repayment period. Also, before you borrow a cash advance loan, you need to be doubly sure of your ability to promptly repay it. That’s because the interest rates of cash advance loans are usually higher, and any default could trigger the auto-renewal clause or lead to bad credit scores.
Therefore, unless you have no other option available, avoid getting into cash advance loans and payday loans. If that seems absolutely unavoidable, make it a point to think of a duration within which you can make the repayment and commit accordingly.
Money Pig is a financial intermediary that does not act as a direct lender. Instead, we offer you a platform to connect with several reputed direct lenders willing to lend cash advance loans. However, we do not lend cash advance loans to you, but the direct lenders on our network do. Our network consists of the most transparent direct lenders that are ethical and understanding. We completely understand that most people turn to us and apply for cash advance loans during a serious financial crisis.
Therefore, we do our best to help each and every cash advance loan applicant through this tough phase by connecting them with the right direct lender. We do this by taking into account the terms and conditions offered by the direct lender. We then compare it with the amount that the customer requests for, the interest rates that the customer is willing to pay and the period for which the customer requests to borrow a cash advance loan. So, through this extensive process, we only facilitate cash advance loans from reliable ethical lenders but do not lend them ourselves.
To secure a cash advance loan in the UK, you must have completed at least 18 years of age in order to be a major and enter into a valid contract, without a guardian. Besides being a major, most of our direct lenders also require you to be a UK citizen and have a UK bank account. Plus, you need to also have a job or a steady income stream which confirms your ability to repay the cash advance loan.
Although we have given you a gist of what our network of direct lenders looks for, their terms remain flexible. So, the eligibility criteria for cash advance loans vary from one direct lender to another. However, since we have an entire network of direct lenders, we can conveniently connect you with one, irrespective of your current financial condition. So do not hesitate to apply for a cash advance loan from Money Pig.
If you have finally decided to apply for a cash advance loan from Money Pig, be assured that we are here to solve your problem and not to create one for you. Our Approval rates for cash advance loans are exceptionally high and even if your application gets rejected by us, you can be sure that it wouldn't hurt your credit score. That's mainly because we are a financial intermediary and not a direct lender.
To apply for cash advance loans, you need to fill out our cash advance loan application form, which is a quick and easy process. In this application, you are required to truthfully state your particulars such as the purpose of borrowing, required loan amount, repayment duration, etc.… We urge you to clearly mention the reason why you wish to borrow a cash advance loan. Once we receive your cash advance loan application, we immediately start pulling out the most suitable offers from our network of direct lenders.
To do this, we take into account the particulars furnished by you in the cash advance loan application, so always make it a point to fill it promptly. Next, we intimate you about your cash advance loan options and let you make the final decision regarding the loan amount, interest rates and repayment period offered. Once you have finalized on a particular direct lender’s cash advance loan proposal, we then intimate that particular lender.
Next, that lender runs the necessary credit check to ascertain your suitability for the cash advance loan and accordingly makes the final offer to you. Upon acceptance of that offer, you and the direct lender enter into a loan agreement, after which the loan amount is transferred to your bank account. This could take anywhere between minutes to a couple of days, depending on how fast both you and the lender decide. As most of the communication takes place online and through phone, all the formalities are executed quickly.
Cash advance loans allow the borrower to cope up with small and midsized expenses, which the borrower cannot put off temporarily. For example, if your car or HVAC appliances need a major repair just before winter, then you simply cannot put that off until you have saved up enough, as this could take a couple of months. This is precisely when you would consider borrowing a cash advance loan as a payday loan amount may or may not suffice. In other words, cash advance loans are generally borrowed to meet sudden expenses such as repairs or replacement of the car, large home appliances, etc.…
The demand for cash advance loans shot up due to the drawbacks of payday loans and short-term loans. There had to be a loan that was not as little as a payday loan nor as formal as a short-term loan and that is precisely what a cash advance loan does. The repayment terms of this type of loan are extremely flexible and can be anywhere between 3 months to 3 years.
This gives the borrower the flexibility to gradually repay the loan, as committed to the direct lender in the cash advance loan agreement. Since the interest rates of this type of loan would be relatively higher, you need to borrow just as much as you require. Also, remember that the interest rates may be higher for those with bad credit history. So, borrowing a cash advance loan is not recommended unless you are in dire need of it. Therefore, we strongly advise you to refrain from borrowing cash advance loans for vacations or gifts.
Cash advance loans and all other types of loans in the UK cannot be sanctioned by financial institutions or direct lenders, without running a credit check. In the UK, the Financial Conduct Authority (FCA) regulates all entities and individuals involved in offering financial services. The FCA mandatorily requires the lender to run a credit check prior to sanctioning a loan, in order to maintain the high standards and integrity of the financial services sector. So, yes, credit check for cash advance loans is mandatory but you need not worry about its adverse impact on your current credit scores.
Money Pig makes use of a strategic approach and accordingly connects applicants with direct lenders that are willing to sanction them a cash advance loan. We do this by comparing the terms of the direct lenders against the details specified in the cash advance loan application. By doing so, we focus on finding you a direct lender willing to sanction your loan as soon as possible.
This process greatly reduces the possibility of a cash advance loan rejection, which could affect your existing credit score. To further minimize the impacts of rejection, we partner up with direct lenders that are willing to run a soft credit check. This type of credit check does not impact up to fifty considerations made by direct lenders, so you can heave a sigh of relief. Also, the soft credit check only allows the direct lender to see your financial records as you do. This is done solely to confirm your ability to repay the cash advance loan.
If you are wondering how the credit check would affect the terms of your cash advance loan agreement, then that largely depends on your current credit score. Those with good credit scores often need not worry about high-interest rates or guarantor. However, those with low credit scores may be subject to a higher interest rate and may or may not be required to have a cash advance loan guarantor.
While making a short-term borrowing such as cash advance loan, you may often wonder about the formalities that you would have to go through. However, there is no definitive answer to this as all our direct lenders have their own set of guidelines. So, if you have a low credit score and cannot bring in a guarantor to back your cash advance loan, then we recommend that you mention it in the cash advance loan application. Thereby, we will do our best to connect you with direct lenders who would be willing to sanction cash advance loans without a guarantor. This initial screening process of your applications for cash advance loans is designed to increase your chances of a cash advance loan approval, considerably.
As your trusted financial services intermediary, Money Pig understands the problems you face with a low credit score. In such times, we know that finding someone willing to guarantee your cash advance loan can be extremely difficult. Therefore, we ensure that we have direct lenders willing to lend cash advance loans to those with all types of credit scores — both good and bad. Also, we make it a point to facilitate cash advance loans without a guarantor for those with bad credit. Although there are very few lenders willing to take this risk, we do have them within our network of direct lenders.
Interest rates charged on cash advance loans are generally lower than that of the payday loans but higher than that of short-term loans. Also, the interest rates offered to you largely depend upon the direct lender’s discretion. Usually, the direct lender takes into account your credit history, existing loans, and your ability to repay them along with the cash advance loan that you have applied for. If you have a decent job, good credit score but are already burdened by other loans then the rate of interest on your cash advance loan could be higher. Likewise, if you have a low credit score, then the interest charged on your cash advance loan could also be higher.
Money Pig’s cash advance loans bring you an assortment of benefits in terms of interest rates, repayment period, and processing time. This type of loan is extremely useful for those who wish to deal with sudden expenses such as major repairs or replacements. Unlike payday loans, the interest rates on cash advance loans are comparatively lower and the repayment period is much longer.
As you do not have to wait as much as you may have to wait for a short-term loan, this type of borrowing works great during emergencies. Especially, when payday loans don’t seem to fit in, or short-term loans aren’t required. Since the cash advance loan requires minimal formalities, you can have the money in your bank account much faster. Most importantly, cash advance loans are flexible and allow the direct lender and the borrower to decide its duration anywhere between 3 months and 3 years.
Most banks in the UK offer cash advance loans on both credit and debit cards, but with a strict limit. Also, they have fixed guidelines for the approval of cash advance loans which makes them less flexible when compared to that offered by our lenders. Also, if you have other existing loans or a low credit score, then most premier banks may decline your cash advance loan application. This loan rejection would further lower your credit score and may adversely impact your future.
However, Money Pig’s direct lenders run soft credit checks before sanctioning cash advance loans. That’s because, at Money Pig, we firmly believe in solving your financial problems and not creating one for you.
Depending on your credit score, you may or may not be able to simultaneously borrow a cash advance loan and a payday loan. Also, borrowing two short-term loans at the same time isn’t advisable even if you have a good credit score and a sound source of repayment. That’s because most short term loans such as payday loans and cash advance loans come with higher interest rates and shorter repayment periods.
So, although your credit score and your financial capability to repay the loan may not hold you back from qualifying for these two loans simultaneously, we do not recommend it. That’s because doing so may cause financial strain which could lead to late payments or non-payment of your financial obligations. As a result, your credit score could drop and mess up your finances. Therefore, it is always recommended that, unless unavoidable, you must stick to having only one long term loan and one short term loan, at the same time.