Cash Advance
Is This Your Business?Author: Kaitlyn Short
Cash Advance is a payday loan matching service. They match customers with a network of lenders so customers can get the best rates. Like 500Fast Cash, Cash Advance is a tribally-owned company. It is chartered and governed by the laws of the Ute Indian Tribe and is wholly owned by enrolled members of the tribe.
Top Ranked Companies
The Good
- Matching Service
- Fast Application Process
- Great Info for Your State
Matching Service
Cash Advance is not a traditional payday loan lender. They do not provide short-term loans, but instead match customers with lenders who can provide loans. They give the customer the power to choose which lender they want to choose by enabling the customer to compare offers from multiple lenders.
Fast Application Process
The Cash Advance application process only takes 3-5 minutes. To qualify, you must be at least 18 years old, be a US citizen, have been employed at your current job for at least 90 days, be able to verify employment, have a valid checking account, and have valid home and work phone numbers. After filling out the online application, multiple lenders will either send you offers via email or call you with offers that you will be able to choose from. You will have the chance to read the APRs, terms, and promissory note before you decide which, if any, lender you want to use. If you choose not to go ahead with the loan, there is no fee, but you must cancel the request. Upon approval of the loan with the outside lender, funds are directly deposited into your account within 24 hours. Repayment is just as easy: automatic debit setup is processed through the lender, and your repayment will be debited on the day it is due.
Great Info for Your State
Cash Advance provides information like maximum loan terms, APR rates, and fees in the state you reside in. Four states (New York, West Virginia, Georgia, and Arkansas) do not offer cash advance loans or other options for consumers. The remaining 46 states featured on the Cash Advance website list information regarding cash advance requirements and options.
The Bad
- Higher APRs
- Policies Vary By Lender
- Can Take More Time
Higher APRs
The APR rates of Cash Advance's lenders vary from state to state, but they are consistently higher in comparison to other types of loans. For example, the estimation tool on Cash Advance's website showed us an APR of 391-782% for a $1,000 loan on a 14-day term. In Texas, the state's loan term is from 7-31 days and APR rates range from 83.43% for a 30-day term, $350.00 loan to 569.92% for a 7-day term, $100 loan.
Policies Vary By Lender
All repayment terms, approval time, penalties, and time until receiving funds can vary by lender, so Cash Advance doesn't provide clear information about these points. There is also little information on the site about borrowers' rights and responsibilities and payment options. However, there is a glossary of payday lending terms and a Scam Alert section of the site, both of which provide educational information for borrowers.
Can Take More Time
Using a company like Cash Advance may lengthen the amount of time it takes to get your payday loan. The application process is short, but you will have to wait to receive estimates from various lenders and compare them before completing the process and being able to receive the money. Cash Advance's customer service telephone line is available during the week, but is not open during weekends. If you need assistance over the weekend, your only option will be to browse the website.
The Bottom Line
Cash Advance is great because it compiles multiple loan options for you to choose from based on the information compiled from one application. This provides you with options so that you can shop around to get the best rate for you. Cash Advance is available in 45 states, which is much more than other payday loan companies. On the flip side, why would you go to a third party company when you can go straight to the source? Sometimes using a matching service creates more issues because should you have additional questions, do you go to the matcher or the direct company? This is not reassuring in terms of customer service. For these reasons, Cash Advance is not a recommended payday loan company. Be sure to research multiple options before choosing your payday loan company.
