The Borrower's Guide to Short-term Payday Loan Alternatives
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A cash advance was formerly the obvious choice when a borrower needed access to funds quickly. Now borrowers can get cash just as fast as a cash advance loan by applying online for a short term loan. Connecting to the internet and filling out an online loan application can get you the cash you need in a couple days. There's no waiting for the banks to open or maxing out a credit card. Online loans provide borrowers a cash advance loan alternative to pay for rent, gas, text books, entertainment, utilities, and other expenses. Additional benefits include no upfront charges and no prepayment penalties. This new financial shortcut costs less and offers more.

A cash advance is a service provided by a credit card issuer and allows the customer to withdraw cash from their credit card balance. The loan amount varies. Sometimes credit card companies allow borrowing all the way up to the total credit limit. The higher rates (1 to 7% higher than the card's normal interest rate) and withdrawal fee (often $10 or 5%, whichever is greater) are a couple reasons to choose an alternative financing option. Problems arise from using a cash advance when you forget or are unable to pay your bill on time. Missing a credit card payment lets the creditors charge late fees, can negate any prior credit agreement, and can cause your interest rate to rise. If you have trouble managing your monthly budget, an alternative to a cash advance offers borrowers financing with less fees and fairer rates.

Payday Alternative FAQs

Most Common Questions about Payday Loan Alternatives

What is a payday loan?

A payday loan is a small dollar loan that allows borrowers to obtain cash on short notice. Sometimes, these loans are referred to as "short term loans," as the loans are usually for a short duration (until the borrower's next payday).

What are payday loan alternatives?

A payday loan alternative is an online loan option for millions of consumers who need to get fast access to cash before their next payday.

As a borrower with bad credit, can I get a payday loan alternative?

Borrowers with bad credit can apply for a short term loan. The interest rates and terms will vary depending on your credit score.