Latest Update: March 17, 2017
If you’re in a tough spot and you need cash immediately, there are many options to turn to. You may be able to pawn some of your things off, in exchange for some cash. Many people don’t want to do this, however.
If you have poor credit due to a bankruptcy or large collections bills, you may be unable to get a loan from most banks. Because of this, getting a short-term loan may be the best option.
Payday lenders are all over the place, many times charging exorbitant APR’s and keeping people trapped in a cycle of borrowing and repayment. They can be very dangerous, especially if one relies on them for cash infusions. However, sometimes these loans are a short term necessity.
CashAdvance.com is a site that directs people to lenders that are able to offer loans regardless of credit history. It should be used wisely, because APRs can range from 200% to almost 2300%!
What Is CashAdvance.com?
Cash Advance is a portal for people who need to get a short-term loan and wish to do it safely online. It is managed by the Ute Indian Tribe and is subject to the laws of that tribe’s reservation.
It is very simple to use the website. All you need to do is enter your name, zip code, and e-mail address and you may be matched up with a lender who can offer you a short-term cash loan. After approval, the money is sent directly to your bank account and is yours to do what you wish.
The lender will send you payback instructions and information about your APR and finance charges. Your APR and finance charges are treated separately. Think of APR as simply your interest due, and your finance charges as a fee for receiving the money in a timely manner.
Lenders may vary depending on your state or zip code. Some institutions are run by Indian tribes, whereas others are run by independent payday lenders. Some may be local to you, others may not be.
CashAdvance.com should be used carefully and you absolutely must pay back the money you owe on the day it is owed. Often times, you will accumulate very high interest charges and sometimes, interest is compounded on a daily or weekly basis, resulting in very high due payments.
Some lenders will allow you to pay back your loan in installments over time. The biggest pro to this is that you don’t need to come up with money immediately. The biggest con to this is that it increases your total amount due, and with APRs reaching over 2000%, this could mean that you pay double or triple what you originally borrowed.
In order to use it, you must:
- Be a US citizen, 18 years of age or older;
- Have an after-tax income of $1,000 or more a month, with proven employment;
- Be subject to a background check;
- Have a valid home address, telephone number, and checking account.
Once all of this is verified, and you are accepted for a loan, the money will appear in your checking account within 24 hours of verification.
Is CashAdvance.com a Scam?
First, we need to look at what it means for a platform like this to be a scam. Cash Advance does not leave out much information on its homepage and tells you exactly what you need to know about the money you will be borrowing.
It’s important to note that Cash Advance will NOT be the one lending you the money. You don’t receive any money from CashAdvance and they do not provide you with the terms. CashAdvance.com does NOT know how much your finance charges will be. They do NOT know what your APR will be. They do NOT know who will be lending you the money until you choose a lender.
They, nor the Ute Indian Tribe, are NOT responsible and CANNOT be held liable for a situation arising from failure to pay. If you owe 5 times what you borrowed, you indemnify Cash Advance and/or Hawk LLC from any wrongdoing.
The website is simply a portal for you to choose between payday lenders, typically run by Indian tribes or independent lenders.
Therefore, the site is NOT a SCAM and it IS legit. It’s legit because it does exactly as it promises: it will provide you with lenders offering loans with APR’s ranging from 200% to 2,290%. It does not lie to you: it tells you that it won’t know what your finance charges are.
This does NOT mean that using them, or any payday lender is a good idea 99% of the time! These types of lenders tend to cause borrowers to be trapped in a cycle of debt.
How to Avoid Using Payday Loans
- Use pawn shops. Pawn shops allow you to send your valuable items (TVs, jewellery, video game consoles) in return for money. You can get your item back by purchasing it for more than the cash you got it for. Or, you can sell your item to them for them to resell. Using pawn shops to gather enough money for a rent or bill payment is much more recommended than using a payday lender, because you’re not at risk for huge interest payments.
- Get a secured credit card. Even people with poor credit can apply for a secured card, which requires a cash collateral payment to be held by the bank. You can get your cash back after proving creditworthiness. This is a great way to pay bills online and hold balances with much smaller APR’s.
- Car title loans. Using your car as collateral is a great way to get a much lower APR on a short-term loan. Since cars are physical and low-risk investments, your APR can even lower than that of a credit card! However, this can be risky as if you do not repay the loan in time, the title lender can seize your car.
However, if you absolutely need a short term loan and want it delivered to you in 24 hours, check out CashAdvance.com – the quickest way to get money directly to your bank!