Money is the basic need for survival, and everyone strives to build wealth for their future. However, there always comes a situation when you require advance cash urgently for home renovation. Such situations require cash advance options that can help you in an emergency.
Not everyone is financially educated and hence faces trouble finding cash advance options. This article will provide enough knowledge about the most common option, i.e., cash advance loans.
What are Cash Advance Loans?
Cash advance loans are often termed short-term loans that credit card companies offer.
Credit home advance loans are easily available as it doesn’t include hard eligibility criteria. The cash advance loans are also known as urgent loans and are considered unsecured loans as there isn’t any guarantor or collateral.
It is the right and most feasible option to curb your emergencies when you don’t receive your monthly salary.
The borrower needs to repay their loan amount and interest as soon as they receive their salary.
Reasons Why Cash Advance Loans are Good for You:
Before you apply for a cash advance loan, it’s crucial to know why it suits you best for you. Below are the reasons that make it a good option to choose.
- Quick Disbursement: You don’t need to wait for days; your loan request is approved within hours based on your eligibility and loan request.
- Soft Credit Check: Hard credit check takes time and lowers your approval chances. Credit cash loans run soft credit checks that complete the review process quickly and disburse your loan ASAP.
- Minimum Documentation Needed: Nowadays, many lenders/banks offer zero documentation cash advance loans. It eliminates the hassle of submitting required documents and the loan form.
Features of Cash Advance Loans:
If you have finalized to take a cash advance loan in an emergency, it’s essential to know what features it serves you. Below listed are the features of cash advance loans available in India.
- You can get a cash advance loan as low as Rs, 10,000
- The maximum repayment tenure is 60 days
- Interest rates are usually high as there isn’t any collateral or guarantor
- There is a loan processing fee that is debited from your credit card
Now you have sound knowledge about cash advance loans, it’s time to note down important points that will help you find the right lender to get your cash advance and handle your financial troubles seamlessly.
- Read Documents Thoroughly: Reading every documented line is essential to keep everything transparent. You can even ask the lender about your doubts before signing the contract.
- Know About Interest-Free Period: Unlike other credit facilities, cash advance loans don’t come with an interest-free period. It means missing repayment will impose a high penalty.
- Make a Repayment Plan in Advance: Before you apply for a cash advance loan, it’s highly recommended to plan its repayment in advance. Skipping a foolproof plan will affect your budget.
It’s better to take a cash advance loan at priority as it comes with a higher interest rate.