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Financial difficulties, bank overdraft, urgent need for cash, unexpected costs, payment of taxes … Sometimes, for unexpected reasons, it is difficult to wait until the end of the month to receive your salary. By definition, wages are paid in return for work performed. However, to respond to this type of problem, such companies as Approved Cashed introduced a service of the payment of advance wages. There are two types of it, which must be distinguished: payday loans and cash advance. What to choose?
While talking about short-term loans, payday loans and cash advance are two types of options that are used most often by customers. They provide applicants not only with a quick access to the money lent, but they also come with rather moderate lending requirements.
Therefore, even if you are an owner of a bad credit history and significant link cannot apply for other types of online loans, these two variants might be open for you. Considering the fact that people with poor credit usually need money more frequently, these two types of cash loans online are a real godsend.
But which type is better for you in the case “I need a loan” urgently? Let’s take a closer look.
What Is A Cash Advance Online Or Online Payday Loans?
A payday loan is a credit for your forthcoming salary. For instance, you need to repair something in your house, but cannot afford buying the necessary materials, because your salary will be only in 2 weeks. Here, payday loans online come to help you.
Such a service was specially introduced to give you money for a short period of couple of days and no longer than a few weeks. If you cannot fulfill the obligations, be ready to pay rather high interest charges. Nevertheless, if you succeed to adhere to all the terms of the agreement, it might be a great possibility to access cash fast prior to clearing the debt quickly as well.
A cash advance is a bit different, but it is also given for a short timeframe. Generally, it is handled by credit card issuers. They permit users to withdraw money by credit card directly. It provides quick access, but do not mix this type of loan with conventional credit card lending.
Cash advance near me can also be provided in some varieties, like merchant cash advances. This offers customers a lot more possibilities, for instance, when you need money for business purposes.
How Do A Cash Advance At Approved Cash Function?
Thanks to online cash advance and pay day loans, lending service has become more accessible. Although the requirements are not so severe here, it is still better to be aware how they operate.
Cash advance consists of transferring money from the credit card to the current user account, up to the limit of the credit card. If you need to have money on hand or in your account, this is a solution you can adopt.
In payday loans online you will receive cash in exchange for writing a check to the lender, usually for your next salary. The check includes the loan amount plus the financing fee. For example, if you borrow $ 100, the lender may ask for a post-dated check for $ 115, an additional sum of 15 represents a borrowing fee. If all goes well and you don’t experience another financial setback before payday, the lender will collect your check that day and the loan will be paid.