Cash Advance Loans

When it comes to getting a loan to cover emergency or unexpected expenses one option you may come across is a cash advance. The term cash advance can encompass several different lending products and can vary depending on the source you are accessing to initiate the cash advance. One way to receive a cash advance is by withdrawing cash against a credit card or a line of credit. If available, you would typically be provided a separate line of credit specific for cash advances, with a set maximum amount you could withdrawal at any given time. You may encounter a fixed fee to withdraw cash through these methods, and such cash advances generally are subject to much higher interest rates if not paid back in full on a customer’s next billing cycle.

Another form of a cash advance is known as a cash advance loan, which is what we offer at Cash Central.

What is a Cash Advance Loan?

A cash advance loan, also known as a payday loan, works like a cash advance one would get on a credit card, but is made by a loan provider, such as Cash Central and has a single set repayment due date. This means you don’t need to have a credit card or an existing line of credit to receive funds. To get a Cash Central payday loan, you can begin by completing a new customer application. If approved for a payday loan, you would be informed of the maximum loan amount you’re able to receive. You can, subject to the minimum amount offered or required by law, then request the loan amount that works best for you and your situation, up to the maximum. With Cash Central, there are no fees required upfront to apply or receive funds from your payday loan. Then on your due date, which is typically your next payday, the full balance of your loan is due.* Once approved for a payday loan, there’s no need to complete a full Cash Central loan application again, meaning once your loan is paid off you can request a new cash advance loan at any time, pending any state-required cooling off periods.

When Should I Get a Cash Advance Loan

There are many reasons a person may consider getting a cash advance loan. Mainly, these loans are used to bridge the gap to your next payday in the event of an unexpected or emergency expense. Payday loans can also be an option for people who may have difficulty or are unable to get credit from banks and traditional financial institutions. Some other uses for payday loans include:

  • To ensure on time bill payment
  • To bridge costs in medical or health related situations
  • To cover unexpected car or utility expenses
  • As a readily available safety net in the event of unexpected life expenses

What are the costs of a Cash Advance Loan?

Costs for a cash advance loan vary from lender to lender and the state in which you live. Fees for a Cash Central payday loan typically range from $15 to $27 per $100 borrowed. While at first glance these fees may seem high, fees for a payday loan are often a much more affordable option for a person who may otherwise be facing expensive bank fees for a returned payment or late fees from a missed payment. To see the costs of a Cash Central payday loan in your state visit our Rates & Terms page.

Benefits of a Cash Advance Loan with Cash Central

  • Accessible. Whether you live in a big city, or way out in the country, you can easily access the services you need when you need them.
  • No need to wait. You can apply, request a loan, and manage your account anytime you want, 24 hours a day, 7 days a week, and 365 days a year.
  • Complete privacy. Cash Central’s online loans allow you to completely manage your account from the privacy of your own home.
  • Fast. The application is quick and simple. You can typically apply for, and receive approval for, an online loan in five to 10 minutes with funds made available as soon as the very next business day.**
  • Skip the bank. Funds from your online payday loan will deposit directly into your checking account, so you won’t have to hassle with a trip to the bank.
  • Transparency. You’ll know what you’re getting with fixed terms and rates which enables you to budget for your payments more easily.
  • Flexible. With varied loan amounts available you can better select a loan amount that fits your personal needs.

*Alternative repayment options such as courtesy moves, refinances, extended payment plans, or variable payment plans may be available. Please see our Frequently Asked Questions or give us a call at 1-800-460-4305 for more information.

** When application is submitted by 7:45 PM EST. Customers entering into their first loan with Cash Central may experience a delay in loan funding.

Payday Advance Customer Notice: A single payday loan is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday loans are not recommended as long-term financial solutions.