Cash advance – Payday Loans And Beyond http://paydayloansandbeyond.com/ Tue, 08 Nov 2022 16:18:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://paydayloansandbeyond.com/wp-content/uploads/2021/10/cropped-icon-32x32.png Cash advance – Payday Loans And Beyond http://paydayloansandbeyond.com/ 32 32 Cash advance apps that don’t use Plaid https://paydayloansandbeyond.com/cash-advance-apps-that-dont-use-plaid/ Tue, 08 Nov 2022 16:18:03 +0000 https://paydayloansandbeyond.com/cash-advance-apps-that-dont-use-plaid/

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Before the digital age, people would sometimes visit storefronts that offered what are called payday loans. With exorbitant interest rates, these companies would provide an upfront payment when you need it, using your next paycheck as collateral.

For the unbanked or those who didn’t have enough credit to get a credit card, these loans could be a lifeline to put food on the table, help prevent car repossession , keep the electricity or pay the rent. These loans could also be used for emergencies like car repairs, medical issues, or sudden death in the family.

But they came at a high price. The Consumer Financial Protection Bureau reports that the average payday loan is $320, but the average interest on this loan is $520.

Today, payday loans have largely been replaced by cash advance applications. The apps serve the same purpose: to provide money to people before payday to get through a difficult situation. While some charge interest and fees, others don’t charge fees unless you need the money fast. But, let’s face it, if you’re using a cash advance app, it’s probably an emergency that requires expediting the funds.

Still, fees on cash advance apps tend to be lower than payday loans, and many have no interest charges. But most require you to download an app called Plaid that links all your bank accounts and financial apps for added security and ease of use. Some people avoid Plaid because it forces them to link their bank account to a third-party app that isn’t their payment provider. In other words, Plaid is an intermediary in transactions between consumers, banks and payment platforms, including many cash advance applications. People can trust the app they’re using – whether it’s PayPal or a cash advance app – but they may be hesitant to trust a third party they don’t. wanted or, in some cases, not even heard of.

What is a plaid?

Plaid powers many well-known financial apps, including Venmo, Betterment, Chime, and Dave. Plaid connects to more than 11,000 financial institutions in North America and Europe, according to the company’s website.

Plaid encrypts data and transmits it securely, acting as an intermediary between banking and financial apps and the businesses or consumers who use the apps.

Is Plaid Trustworthy?

Plaid uses security and encryption protocols to protect your data. It also offers 2-factor authentication protocols, which some banks may not. Plaid offers convenience and security when it comes to managing your money online. Company Terms of Use promise never to rent or sell your information to other companies, allowing you to control which companies have access to your data and specifically what data may be shared with those companies.

However, even with protocols and certifications in place, Plaid has faced a class action lawsuit alleging the company took “inappropriate steps” when securing connections between users’ bank accounts and online apps or apps. financial services, according to a Fox29 report. The lawsuit alleged that Plaid obtained more data than necessary for transactions and also obtained user login credentials through its interface, Plaid Link. Plaid users between January 2013 and November 19, 2021 may have received money as part of the class action. However, the lawsuit took place before Plaid was acquired by Visa, the most reputable and largest credit card network in the United States.

Still, the bad publicity, especially for security and finance apps, tends to persist, and many people may be hesitant to download Plaid for their personal banking and finance needs. You might be wondering, are there any cash advance apps that don’t use Plaid?

Luckily, yes, there are cash advance or earned salary apps that don’t use Plaid.

Cash advance apps that don’t use Plaid

If you’re looking for cash advance apps that don’t use Plaid, keep reading to learn more about them.

1. Advance B9

B9 Advance is a membership-based cash advance application that gives you instant access to 100% of your salary once your account is created. Membership fees range from $9.99 to $19.99, depending on your membership level. The $9.99 Basic Account allows you to withdraw up to $300 instantly during each payment cycle.

To use B9, you must have a checking account set up to receive direct deposits from your employer. According to B9’s privacy policy, users can log into the B9 cash advance application through Argyle Systems instead of Plaid, but only if their employer uses Argyle to manage employee data. Otherwise, you will need to use Plaid to log in and receive your prepayment.

You must also have made at least $300 via direct deposit in the last two weeks before receiving a cash advance through the app to qualify for the service.

2.Cash Master

CashMaster offers a variety of services, including title loans, loans secured by your vehicle as collateral, and cash advances or payday loans from $50 to $500. If you prefer not to use the app, you can receive a check advance in person at a CashMaster store in Tennessee or Alabama.

Otherwise, you can download the Cashmaster app. You will need to provide photo ID, current bank statement, proof of income, and social security verification.

3. Line

Available as an app for Android or Apple, Line gives users access for between $20 and $1,000, depending on the service plan they choose. Currently, for just $1.97 per month, you can access up to $100 in funds, deposited directly into your account at no additional cost. You can also get instant delivery on a Line debit card for $4.

The $9.97 plan gives you access to $500, which can gradually increase to $1,000 with your one-time payments.

Line offers the ability to collect information through a payment processor that facilitates a transfer to your bank account, or through a third-party secure access tool “such as Plaid”. This means that depending on your bank and account setup, Line may or may not use Plaid.

4. Daily payment

DailyPay is a cash advance app provided as a service by many employers, including Kroger, McDonald’s, Lid, T-Mobile, Dollar Tree, and Six Flags. Once you’ve created your account, you can access your payment in advance, immediately, and have it sent to your bank account, debit card or prepaid card instantly for one low fee or the next day. You can also refer friends and colleagues to DailyPay and earn an extra $5 when they sign up and access their pay through the app.

The app also lets you set up the AutoSAVE, DirectSAVE, and RoundupSAVE tools, making it easy to manage your money and set up an emergency savings account to reduce your reliance on cash advances. AutoSAVE lets you save a set amount each payday, while DirectSAVE lets you choose how much you want to save each time you get paid. RoundupSAVE transfers money to your savings account each time you make an advance transfer using the DailyPay app.

Unlike other cash advance apps, DailyPay does not mention Plaid in its privacy policy. This indicates that you can choose to create or complete your account using a third-party website or service. However, this does not seem necessary if you use DailyPay’s online registration form and provide an email address, postal address, mobile phone number, date of birth, proof of identity and password. outmoded.

5.David

The Dave ExtraCash account gives you access to up to $500, which you pay back the next time you get paid or – if Dave can’t determine your next payday – the nearest Friday after withdrawing the advance. You’ll receive the funds in 1-3 business days with no fees, or you can pay between 99 cents and $6.99 to have the money deposited into your Dave Spending account in seconds. For a fee ranging from $2.99 ​​to $11.99, you can have the funds transferred to an external bank account.

According to Dave’s privacy policy, Dave uses Plaid or Galileo to transfer information between the platform and your financial institution, making Dave one of the cash advance apps that doesn’t necessarily use Plaid.

Final grip

If you use peer-to-peer payment platforms, it may be harder to find cash advance apps that don’t use Plaid as a third-party intermediary between the platform and your financial institution. But some cash advance apps use other means to receive and verify bank account information, including third-party services like Argyle Systems or Galileo Financial Technology.

FAQs

  • Which apps give you instant cash advances?
    • Once your account is set up, the B9 app gives you instant access to up to 100% of your salary as a premium member and $300 with their basic account. CashMaster also provides immediate cash advances in person or through the app. Line gives you instant access to funds on a debit card for one low fee. DailyPay lets you start accessing your payroll from day one of using the app. For a small fee, you can receive cash instantly into your Dave Spending account using Dave ExtraCash.
  • Does Brigit use Plaid?
    • Like many cash advance apps, Brigit uses Plaid to connect her platform to your financial institution.
  • Which app will give me $100?
    • Line, B9, CashMaster and DailyPay users can instantly access $100 depending on the membership plan you choose and the amount of your paycheck.
  • Does Dave use Plaid?
    • Dave uses Plaid or Galileo Financial Technology to obtain bank account and transaction information.

Information is accurate as of November 7, 2022.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every stat, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

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How to reduce the cost of a cash advance https://paydayloansandbeyond.com/how-to-reduce-the-cost-of-a-cash-advance/ Sat, 05 Nov 2022 07:00:00 +0000 https://paydayloansandbeyond.com/how-to-reduce-the-cost-of-a-cash-advance/

If you already have a credit card, getting a cash advance is very easy.

But it can also be super expensive. Before borrowing money from your credit card, make sure you understand how a cash advance works, how you can minimize cash advance fees, and whether there are better alternatives.

How do cash advances work?

A cash advance is a way to borrow money from your credit card company. You can initiate your cash advance online, through cash advance checks sent with your credit card statement, or through an ATM.

To withdraw money from an ATM using a cash advance, you will need the PIN associated with your credit card. You will then need to agree to all cash advance fees before you can get your money. You may also incur ATM fees.

If you’re starting the cash advance online, you can set it up to be deposited directly into your checking account via an ACH transfer. You’ll also need to agree to any cash advance fees before you get your money this way.

Another way to get a cash advance is to use convenience checks that your credit card issuer sends with your statements. These may be provided with every statement, every few months, or once a year upon renewal, depending on your credit card issuer. As soon as you sign and submit the check, you agree to the terms of the cash advance.

Your cash advance limit may be lower than your credit card purchase limit. Check your documentation or contact your card issuer to find out your credit limit for a cash advance.

What makes credit card cash advances so expensive?

Cash advances are an extremely expensive way to borrow, even more expensive than using your credit card to make a purchase. Cash advances come with additional transaction fees and higher APR than regular credit card purchases. And that APR starts accumulating immediately unlike credit card purchases.

Transaction fees

The first expense to consider is transaction fees. These fees are usually between 3% and 5%. Typically, there is a minimum charge of around $10.

Let’s say you took out a $250 credit card cash advance with a 3% transaction fee, but a minimum transaction fee of $10. Three percent of $250 is $7.50, but that’s less than the minimum charge. You would therefore be charged a $10 transaction fee, even if it is higher than 3%.

But if you take out a $1,500 cash advance, 3% would be $45. Since 3% is more than the minimum transaction fee of $10, you would pay $45 in transaction fees.

High APR

Credit cards almost always have a high APR. But each card actually comes with at least two APRS: one for purchases, then another for cash advances. The cash advance APR is almost always higher.

This is true even if you sign up for a card with a 0% introductory APR. This 0% rate generally applies for a fixed period, say 12 months, and generally only applies to credit card purchases or balance transfers. It generally does not apply to the APR for cash advances.

Interest begins to accrue immediately

Not only do credit card cash advances come with a higher APR, but that interest starts accumulating immediately. With credit card purchases, you’ll enjoy a grace period and you won’t pay interest if you pay your balance in full by the due date on your first statement after purchase.

This is not the case with cash advances. There is no grace period. You start owing interest the moment the money comes out of the ATM (or is transferred to your bank account). Because interest starts accumulating immediately, it becomes much more expensive to pay off much faster.

What is the average cost of a cash advance?

The cost of your credit card cash advance varies depending on the amount you borrow. To simplify this analysis, let’s say you borrow $1,000. The average cash advance fees and interest rates on a cash advance are:

  • 3% to 5% transaction fees
  • 24.99% APR

On a balance of $1,000, your transaction fees can range from $30 to $50. With an APR of 24.99%, if you pay off your balance on the 30th day, you will owe approximately $20.83 in interest. If it only took a month to repay the money, the total financing costs would be between $50.83 and $70.83.

The longer it takes you to pay off the debt, the more it costs. Credit card interest is usually compounded daily. This means that what seems like a manageable amount of interest at first can quickly spiral out of control.

How to reduce the cost of a cash advance

A credit card cash advance is an expensive way to borrow, and one that you should avoid if possible. But if you find yourself in a situation where you absolutely need it, there are several ways to slow the bleeding. These are simple concepts, but they may not be easy to implement.

Minimize the amount you borrow

The fees and interest on your cash advance are a percentage of the amount you borrow. This means that one of the best ways to limit your interest and fees is to reduce the amount you borrow.

If you’re borrowing that money to pay a down payment on a car loan so you have transportation to work, you might not be buying the fanciest model of vehicle. Instead, get something functional, safe and affordable without all the bells and whistles.

You can also try to negotiate with the dealer on the base price, which should reduce the amount required for a down payment by the bank.

Anything you can do to reduce the amount you borrow through a credit card cash advance is worth considering.

Repay your cash advance as soon as possible

Just trying to scrape together enough money to buy groceries until payday? Then be sure to repay your cash advance as soon as your paycheck hits your account.

Since interest is compounded daily, each day you owe money will significantly increase your amount owed, the longer it will take you to pay it off.

Cash Advance Alternatives

If you need cash fast, there are other products you might want to consider. Some are better than credit card cash advances – and some are worse.

Personal loan vs cash advance

Personal loans tend to be cheaper than cash advances if you have good credit. Unsecured personal loans don’t require any collateral, and you ideally want one with a fixed interest rate for predictable monthly payments.

If you have good to excellent credit, you can expect these loans to come with an APR of between 7% and 20%. If you have poor credit, however, interest rates could be even higher than cash advances.

Personal loans sometimes come with an origination fee, which is an additional fee, but is also already factored into the cost of the APR. If you take out one of these loans, the ideal is to find one without any prepayment penalty. That way, if you pay off the loan early to save money on interest, you won’t have to incur any additional expenses.

Also beware of personal loans with lump sum payments. With these loans, your monthly payment will be lower at the start, but you will only have one lump sum payment at the end. If you can’t afford the lump sum payment, you’re back to where you started – you need to borrow more money.

One downside to these loans is that they tend to have terms of at least one year, although you can find some with shorter terms. Another problem is that if you only need to borrow a few hundred dollars, most financial institutions offer a minimum amount between $500 and $1,000. So you might end up borrowing more than you need.

In many cases, a personal loan is preferable to a cash advance. But keep in mind that if you have bad credit or the interest rate offered to you is over 20%, this might not be the case. Run your own personal numbers with care.

Payday loan vs cash advance

The interest rate advertised by payday lenders is rarely in terms of APR. If it did, it would often be over 100%.

Different states have different laws governing exactly how much payday lenders are allowed to charge, but even still, a cash advance will be considerably cheaper than a payday loan.

Borrowing money from family and friends versus a cash advance

If you are in a difficult financial situation, you can always ask a family member or friend for help. Depending on your relationship and the amount of money, they may keep the debt informal or draw up a formal contract with or without interest.

Before borrowing money from family or friends, make sure you can afford to pay them back in the near future. If you can’t, it can hurt your relationship. However, if you can find a favorable and realistic arrangement, this method is likely to be less expensive than taking out a cash advance.

Ask for help or cash advance

Take a cash advance to cover something like a utility bill? There may be a program to help you so you don’t have to borrow from your credit card company.

For utility bills in particular, there are usually two options: payment plans or charitable assistance programs.

If your utility company offers you a payment plan, they may be willing to spread your current balance over several months, making repayment more feasible than paying off all of the duty in one lump sum. They can also set you up with a plan that estimates equal payments over the course of a year, so you don’t pay $20 for heat in July and $300 in January. Instead, you might get a more stable monthly bill of $150 or something.

If there is a state, government, or charitable program associated with your utility, it may have funds available to help people going through economic hardship. It may hurt your ego to apply for a program like this, but the amount of interest and main, it saves you money and helps you keep the lights on without going into unaffordable debt.

Brynne Conroy, a Pittsburgh-based writer, is the founder of the blog Femme Frugality and the author of “The Feminist Financial Handbook.” She is a regular contributor to The Penny Hoarder.


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8 cash advance apps that work with Chime https://paydayloansandbeyond.com/8-cash-advance-apps-that-work-with-chime/ Tue, 11 Oct 2022 21:11:15 +0000 https://paydayloansandbeyond.com/8-cash-advance-apps-that-work-with-chime/

insta_photos/Getty Images/iStockphoto

Chime is a fintech company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, NA, Members FDIC.

Chime is a popular fintech app that provides users with simple banking services like a checking account, savings account, and secure credit card. It is a very popular application due to its simplicity and user-friendly interface. Although Chime simplifies the banking process for its users, you might need some extra help if you’re in a cash crunch.

Best cash advance apps that work with Chime

Although they seem like an obvious option, payday loans are actually very dangerous. This is why you should consider cash advance applications because of their easier processing and quick service. If you use Chime, you should research cash advance apps that work with it for easier processing.

Here are some of the most popular cash advance apps that work with Chime:

  • albert
  • Cleo
  • Empower
  • Varo
  • SilverLion
  • David
  • Fork
  • Klover

1.Albert

Albert is one of the most popular cash advance apps compatible with Chime. There are no processing or late fees. You can get an advance of up to $250 that you can repay with your next paycheck.

Albert is not a bank itself and banking services are provided by Sutton Bank. He deposits the advance directly into your Chime account.

Advantages

  • Funds deposited in Albert Cash and Albert Savings are FDIC insured.
  • Users can earn up to 20% cash back when they purchase gas, groceries and more with an Albert debit card.

The inconvenients

  • The free version of Albert does not include personal finance tips and rewards.

2. Cleo

Similar to Albert, Cleo is one of the cash advance apps that will work with Chime. There are no processing fees when trying to get a cash advance in the Cleo app. A user can get up to $100 cash advance through Cleo.

Advantages

  • Cleo has many useful features that help users build credit and avoid overdrafts.
  • It provides users with tools that encourage savings and prepare budgets.

The inconvenients

  • Cleo’s cash advance feature is not free. Users must subscribe to Cleo Plus or Cleo Builder by paying a monthly fee of $5.99.
  • Cleo charges an additional $4 fee for express transfers.

3. Empower

You can easily connect your Chime account to Empower as it is one of the Chime compatible cash advance apps. You can get instant credit up to $250 on the app. Empower is a very popular cash advance app and has provided over $400 million in cash advances.

Advantages

  • Empower does not charge any interest on the money it advances.
  • There are no late fees for late payment.
  • It has a debit card called Empower Card which has no overdraft fees and users can get express cash advance delivery on the debit card.

The inconvenients

  • Cash advance features are not free, and users must sign up for an $8 monthly subscription after a 14-day trial period.

4. Varo

Varo has a financial management system and is one of the best cash advance apps that works with Chime. It helps users take control of their money with Varo Bank Visa contactless debit cards and 24/7 branchless mobile banking. Depending on your usage, you can get up to $100 instant cash advance.

Advantages

  • Users can get up to 6% cashback for using Varo cards. Each time the cashback amount reaches $5, Varo automatically transfers the amount to your bank account.
  • Varo has high-yield savings accounts that pay interest.

The inconvenients

  • The criteria for receiving cash advances are complicated. You can only qualify if your account has been active for more than 30 days.
  • A cash advance is only available to those who have received $1,000 in direct deposits in the last 31 days. The user must have their Varo Bank debit card linked to their Varo bank account.
  • There is a tiered fee structure for cash advances.

5. Silver Lion

MoneyLion is a complete banking platform and one of the best cash advance apps that works with Chime. Similar to Varo, MoneyLion’s cash advance limits are dependent on direct deposits. A user can get an advance of up to $250.

Advantages

  • MoneyLion offers different financial products and users can get an advance of up to $1000 if they register with them.
  • If you have a MoneyLion debit card, you can access instant cash advances.

The inconvenients

  • Users need to pay 3%-5% of the total cash advance amount as a fee.

6.David

Dave can be considered one of the best cash advance apps that work with Chime. It is very popular due to its ExtraCash feature which allows users to get a cash advance of up to $500. The process is quick and you can easily transfer funds to your Dave spending account to spend the money you received.

Advantages

  • There is no interest or credit check required to obtain a cash advance from Dave.
  • You can spend the money instantly with the Dave Debit Mastercard®. There is no waiting period or low balance issue.

The inconvenients

  • Dave charges a subscription fee, even though it’s only $1 per month.
  • There are additional fees for Instant Funds Transfer.

7. Branch

Although Branch is one of the cash advance apps that work with Chime, you must place your direct deposits into the Branch account to qualify for a cash advance. It is a comprehensive financial management tool that provides advances of up to $500 on a user’s earned salary.

Advantages

  • Branch has several financial wellness tools that can be used by businesses and incorporated into their policy structure. It can act as a complete financial management system for all employees.
  • Users can get cash advances of up to 50% of their paycheck – limited to $500 – which are automatically deducted on the next payday. There are no fees involved in these advances.
  • Branch Cards are debit cards that come with a free checking account and digital wallet that can be used to pay bills and make purchases. There are no overdraft fees or minimum balance requirements for these cards.

The inconvenients

  • Branch’s mobile app often experiences disruptions that create issues with cash advances.

8. Klover

Klover is a cash advance app that works with Chime. It’s a good option if you need extra money before payday and lets you get up to $100 free of charge.

Advantages

  • The registration process is very simple and fast. The user just needs to provide their personal details, link their bank account and verify their paycheck to get started.
  • You can win extra cash in daily raffles in the Klover app. Winners are announced daily and you get cash rewards. You can also earn points by adding information about yourself which is converted into cash and increases the amount of your advance.

The inconvenients

  • To be eligible for an advance, the user must have made three regular direct deposits within the last two months. They cannot have a job gap and the payments must come from the same employer.

Final take

Sometimes, when money is urgently needed, asking your friends and family can get awkward. That’s why a cash advance is often seen as a convenient option for getting some quick cash.

Although they may seem useful, you should be careful when borrowing money from cash advance apps, never borrow more than you can afford to repay.

Chime Cash Advance App FAQs

  • Does FloatMe work with Chime?
    • FloatMe is a cash advance app that provides instant cash to its users. However, FloatMe does not currently work with Chime.
  • Which apps will allow me to borrow money instantly?
    • There are various cash advance apps like Dave, Earnin, Albert, and Varo that allow users to borrow money instantly. The amount of the advance depends on the eligibility criteria defined by each of these applications. However, the user should check the requirements and restrictions before using the services of these apps.
  • Can I get a cash advance on my Chime card?
    • Chime does not have a direct cash advance program. However, when you use a Credit Builder card to withdraw cash from an ATM, it is considered a cash advance. Since Chime charges no interest or fees on this transaction, it works like a debit card.
  • Do any lending apps work with Chime?
    • Cash advance apps and payday loan apps like Dave, Varo, Albert, Cleo, Empower, and MoneyLion work well with Chime. Users should check individual app requirements and ways to link their Chime account to them.
  • Does Albert work with Chime?
    • Albert is a cash advance app that works perfectly with Chime. You can easily connect your Chime wallet to the Albert app to receive the cash advance directly to your Chime account.

Information is accurate as of October 10, 2022.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

Chime is a fintech company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, NA; FDIC members.

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Freecharge’s Merchant Cash Advance aims to build trust in the MSME lending space https://paydayloansandbeyond.com/freecharges-merchant-cash-advance-aims-to-build-trust-in-the-msme-lending-space/ Mon, 03 Oct 2022 08:07:00 +0000 https://paydayloansandbeyond.com/freecharges-merchant-cash-advance-aims-to-build-trust-in-the-msme-lending-space/

The Micro, small and medium enterprises (MSME) in India has had a tough few years. Rising inflation, soaring commodity costs, restricted access to formal banking capital, finance and credit, and the pandemic have left the sector reeling. According to government data, 5,079 businesses closed in fiscal years 2020-21 and 2021-22.

Such developments are discouraging considering the positive impact that MSMEs have on job creation and industrialization in rural and underdeveloped areas of the country. India’s MSME sector is estimated to contribute about 50% to the country’s GDP by 2025. It is also the second largest job generator in India, as of FY22, with over 111 million of people employed.

Siddharth MehtaCEO, Free loadsat down with Priya ShetSenior Anchor, YourStory Media to discuss MSMEs, loan eligibility for these businesses, and a new loan product called Merchant Cash Advance.

Reduce the merchant’s financial burden

Most MSME transactions are cash-based (given the low scale of operations, working style and limited financial management). Due to limited access to financial support through traditional means, small businesses often struggle to cover their employees’ salaries, bills, taxes, and EMIs in a timely manner. Also, as Siddharth pointed out, business owners don’t have time to go to a bank or fill out paperwork because they lack the time to run a business. Also, the problem with the banks was that they were not able to reach this segment and understand how to guarantee these customers due to the lack of information in place.

Keeping this in mind, Freecharge has launched a new product – Merchant Cash Advance (MCA) in association with Axis Bank. MCA comes with a free Axis Bank current account where the merchant or customer can contact the branch for any assistance or questions regarding the loan.

This product aims to broaden the scope of loan eligibility for micro, small and medium-sized (MSME) traders and reduce the burden of heavy monthly repayments. MCA is designed to provide these traders with the necessary working capital as well as easy repayment options. Businesses can digitally apply for loans ranging from Rs 5,000 to Rs 5 lakh depending on their transaction history on the Freecharge platform and their CIBIL score.

MCA also offers MSME business owners a feature known as Easy daily payment (EDI) whereby installments are deducted in small amounts from their daily QR settlements, eliminating the burden of paying a heavy installment at the end of the month. This digital product does not require any documentation except for Aadhaar and PAN details and allows businesses to choose their loan term.

“The idea is that you use this loan to scale your business capabilities, expand inventory in your stores and grow your business,” Siddharth said.

Target micro to small businesses

According to Siddharth, a large part of MSME lending goes to medium and large enterprises. This leaves micro and small businesses on the sidelines. The MCA product aims to pave the way for small businesses with instant digital loans. Small businesses can apply with very little paperwork and the loan is disbursed in 10 minutes. Additionally, Freecharge has worked on the right pricing of the loans, offering some of the lowest interest rates in the segment. Finally, merchants can use the free bank account for all their business activities except lending. The EDI functionality will also serve microentrepreneurs well, allowing them to repay their loans as they come along without disrupting their working capital or cash flow.

Build trust in the lending space

The road to recovery will be paved by the digitization of financial products and services. Already, these products facilitate remote transaction management, seamless delivery of products, and easier access to services. It will also help create better customer experiences and a smoother customer journey. MCA offers clean processes, on-time loan disbursements and daily collection of loan amounts. All of this will go a long way in building trust with MSME traders. Moreover, with Axis Bank, traders also have an extensive network of bank branches where they can go to clear their doubts.

Over the past five years, Freecharge has been working to strengthen their financial capabilities and services, such as BNPL (Buy Now Pay Later) loans for their customers, or an FD express on the Freecharge platform. Currently, the company has plans to add more product variants to the MCA and refine the user experience based on the traction it sees in the future.

You can watch the full interview,


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Arrest of three people who stole a cash advance on a car https://paydayloansandbeyond.com/arrest-of-three-people-who-stole-a-cash-advance-on-a-car/ Fri, 30 Sep 2022 19:34:00 +0000 https://paydayloansandbeyond.com/arrest-of-three-people-who-stole-a-cash-advance-on-a-car/

Police arrested three robbers who were fleeing with stolen money from a car, after threatening three Mundalam youths who came to Vavuniya Thandikulam on Thursday (29) with Rs. one million to pay an advance for the purchase of a car. The young man, a resident of Mundalam, had come to Vavuniya with his two friends by car with the intention of buying a car according to an advertisement on the internet.

He had also brought one million rupees with him to confirm the deal.

Police said the two sides met near the army welfare store in Thandikulam, Vavuniya.

There, the young man from Mundalama, who had come in the hope of buying the vehicle,

first checked the vehicle papers. Police say the deal was rejected due to an issue with the car’s documents.

At that time, the people who were there to sell the car robbed the young man from Mundalam of Rs 1 million and drove away in the same car which they had come prepared to sell.

After the youths informed the police in Vavuniya, the police immediately took action

inform the surrounding police stations of the car in which the fleeing group was traveling.

As a result, the Nedunkerni police were able to trap these robbers on the road to Oddusudan.

Police said the suspects fleeing after stealing the cash were residents of

Kilinochchi. They are 22 and 21 years old. Police said a problem had arisen with the car which was to be sold and an investigation had been launched to find its rightful owner.

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The best cash advance credit cards in 2023 https://paydayloansandbeyond.com/the-best-cash-advance-credit-cards-in-2023/ Mon, 26 Sep 2022 13:11:39 +0000 https://paydayloansandbeyond.com/the-best-cash-advance-credit-cards-in-2023/

PHILADELPHIA CREAMWhen it comes to finding the best cash advance credit card; there are many factors to consider. Fortunately, there are easy ways to find the right card for your needs. You can use a website like GOBankingRates to compare credit card sign-up rates, fees, and bonuses.


Wells Fargo Active Cash(r) Card

The Wells Fargo Active Cash(r) card offers excellent rewards and a solid portfolio of Visa benefits. In addition to cash back, the card provides protection for your cell phone up to $600 per claim. It also has a low deductible of $25. The only downside is that the rewards program isn’t as robust as some other 2% cash rewards cards.




The Wells Fargo Active Cash(r) Card offers an introductory APR of 0% on purchases for the first 15 months. Intro APR is also available for balance transfers. However, you must complete balance transfers within 120 days of receiving the card. Otherwise, you will have to pay a balance transfer fee.

Other benefits include cell phone insurance and two-step verification. You can make up to two claims per year for a maximum of $600 each. You can also use the map’s concierge service for personal assistance. This service is available 24 hours a day, seven days a week. Also, if you lose your credit card, the concierge service will send you a replacement card within 24 hours.




Citi Double Cash

The Citi Double Cash Advance credit card offers many benefits and no annual fee. It also has a 0% introductory APR on balance transfers. This card also offers $0 fraud liability and 24-hour fraud protection. However, there are some things you should keep in mind. If you plan to use this card to make purchases, you need to make sure you can make your payments on time.

The Citi Double Cash Card credit limit is undefined and varies based on your personal credit score. It is usually $500 or less. You will know your limit when you receive your card. You’ll have the option to increase your limit after 12 months, but you’ll need to make a minimum of $25 in purchases and payments to redeem the full amount.




The Citi Double Cash Card is a good choice for consumers with fair or good credit. Its no annual fee structure and flexible balance transfer offer make it an ideal second card. You can also use this card to transfer high-interest balances to it. In addition to its rewards, it is a reliable and stable credit card.

Capital One Venture Rewards Card

You may want to consider the Capital One Venture Rewards credit card if you are looking for a card with high refund rates. It offers cash back on purchases across multiple categories, including dining, shopping, and entertainment. On top of that, you can use your card to earn points on flights and hotel stays.

In addition to rewards points, the Capital One Venture Rewards card offers several other benefits. The card grants users access to the Capital One lounge at select airports, which will include regionally curated take-out food stations, restaurants with bartenders, and dedicated exercise and relaxation areas. The card is a good choice if you travel frequently or want to enjoy your travels in style.

The Capital One Venture card offers 75,000 miles that you can convert to cash or use as a travel voucher. These miles can be transferred to various airline and hotel transfer partners. For example, you can use your Capital One Venture miles to book a room at a Wyndham hotel or rent a car with Vacasa.

Favorite Citi Diamond

Among the best cash advance credit cards, the Citi Diamond Preferred has many positive features, including its long introductory APR period, typically 12 to 15 months. However, its variable APR after the introductory period is high. The credit card offers lower transfer fees and rewards for purchases, but it’s important to remember that you need to have good or excellent credit to get this card.

This card comes with a welcome bonus of $150 after a purchase of $500. Although this bonus is modest, it is in line with other cash back credit cards. Additionally, this card offers a long 0% APR intro period, which is useful for balance transfers.

The 0% APR offer is ideal for transferring existing balances to the card and consolidating high-interest debt. It also offers a generous 18-month balance transfer period. The card is designed for those with interest aversion. Other benefits of this card include Easy Deals and Citi Entertainment programs.

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How do cash advance apps work and are they better than payday loans? https://paydayloansandbeyond.com/how-do-cash-advance-apps-work-and-are-they-better-than-payday-loans/ Wed, 21 Sep 2022 07:00:00 +0000 https://paydayloansandbeyond.com/how-do-cash-advance-apps-work-and-are-they-better-than-payday-loans/ If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo.

But cash advance apps like Earnin and Dave provide advances with the same borrowing and repayment structure as payday lenders, and consumer advocates say they carry similar risks. Both are quick, no-credit-check options for closing an income gap or easing the pressure of inflation.

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances.

Also see: New laws and more affordable lenders could shake up the payday loan market

Cash advance apps work like payday loans

Like most payday loans, a cash advance or paycheck app lets you borrow money without a credit check. You are also required to repay the advance, plus any fees you have agreed, on your next payday.

One payment cycle is usually not enough for borrowers to repay a payday loan, so many people fall into the habit of getting another loan to pay off the previous one, says Alex Horowitz, senior director of The Pew Charitable Trusts.

App users may find themselves in a similar cycle. A 2021 study by the Financial Health Network found that more than 70% of app users get back-to-back advances. The study doesn’t say why users re-borrow, but Horowitz says the behavior is particularly similar to payday loans.

“Direct-to-consumer payday advances share DNA with payday loans,” he says. “They’re structured the same, they have repeat borrowings, and they’re scheduled based on the borrower’s payday, which gives the lender strong collectability.”

Read also : ‘We haven’t seen a spike in food inflation yet’: Food price increase is highest since 1979, and this staple is up nearly 40% from last year

Apps can offer more flexibility

Payday lenders and payday advance apps collect repayment directly from your bank account. If your account balance is too low when funds are withdrawn, you could incur overdraft fees, says Yasmin Farahi, senior policy adviser at the Center for Responsible Lending.

An application may try to avoid overcharging your account. Mia Alexander, Vice President of Customer Success at Dave, says the app reviews users’ bank accounts before withdrawing the refund. If the refund puts the balance close to zero or negative, the app may not withdraw the funds, she says.

However, apps typically include language in their user agreements that while they try not to overcharge your account, they aren’t liable if they do.

In states where payday loans are allowed, a payday lender is unlikely to offer a free, unsolicited payment extension, as some apps say. Some states require payday lenders to offer extended payment plans at no cost to troubled borrowers, but a 2021 report from the Consumer Financial Protection Bureau says some lenders are misrepresenting plans or not disclosing them.

Unlike payday lenders, the apps don’t make collection calls. If a user revokes access to their bank account to avoid a refund, the app will not attempt to collect the funds. The user simply cannot get another advance until they repay the previous one.

Check: This Millionaire Couple Changed Their Lives With Passive Income

Payday loans cost more

Payday loans tend to have high mandatory fees, unlike apps. Instead, they charge a small fee that users can accept throughout the borrowing process. These fees can add up, but they are usually lower than those charged by payday lenders.

For example, an app might charge a monthly subscription fee or a fee for instant access to funds. Most cash advance apps also ask for a tip for service.

The charges on a $375 payday loan are most often about $55 over a two-week period, Horowitz says. Since the cash advance application fee is mostly optional, you can easily keep the cost below $10.

Earnin user Sharay Jefferson says she’s used payday loans in the past, but switched to a cash advance app because it’s a cheaper way to cover bills and unexpected expenses.

“If you get a $200 payday loan, you might be paying something back three times over,” she says. “With Earnin, I’m going to have to pay that $200 back, plus whatever I decide to give them. It’s much cheaper. »

Don’t miss: What will student borrowers do after getting $10,000 or $20,000 debt forgiveness? MarketWatch asked readers – this was their #1 answer.

Technically, apps are not lenders

Regulators like the CFPB have not classified payday advance apps as lenders, despite their similarities to payday loans.

Earnin CEO and Founder Ram Palaniappan says the app is more like a payroll service or an ATM because it makes it easier to access your own funds. Earnin asks users to upload a timesheet showing they worked enough hours to earn the cash advance amount. Other apps scan a user’s bank account for income and expenses to determine if they qualify for an advance.

Farahi says applications should be treated like creditors, meaning they would follow the Truth in Lending Act, which requires creditors to disclose an annual percentage rate. An APR allows consumers to compare costs between financing options. For example, users can compare the APR of a cash advance app to that of a credit card and choose the most affordable.

“People still need to know what the real cost of credit is and to be able to assess it and really compare that cost with other options,” she says.

Applications should also comply with applicable state lending laws. Currently, 18 states and Washington, DC, have maximum interest rate caps that could limit application fees, she says.

Cash Advance App vs Payday Loan: Which is Better?

If you’re in dire need of cash, you may have better alternatives than payday loans and advanced apps, Farahi says.

Local charities and nonprofits can provide basic food and clothing needs. A family or friend could lend you money at no additional cost. If you have a few hours to spare, a side gig could generate as much money as a typical payday loan or cash advance application.

If you have the choice between an app and a payday loan, the app is probably the best option because:

  • It is less expensive.

  • It may not trigger overdraft charges.

  • If you don’t pay it back, the app won’t send you to collections.

A cash advance from an app is unlikely to leave you in a better financial position, Farahi says. But it may be a little less likely than a payday loan to make things worse for you.

More from NerdWallet

Annie Millerbernd writes for NerdWallet. Email: amillerbernd@nerdwallet.com.

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Cash Advance Apps vs Payday Loans: Which is Better? https://paydayloansandbeyond.com/cash-advance-apps-vs-payday-loans-which-is-better/ Sun, 18 Sep 2022 07:00:00 +0000 https://paydayloansandbeyond.com/cash-advance-apps-vs-payday-loans-which-is-better/

(NerdWallet) – If you were asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday “. You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo.

But cash advance apps like Earnin and Dave provide advances with the same borrowing and repayment structure as payday lenders, and consumer advocates say they carry similar risks. Both are quick, no-credit-check options for closing an income gap or easing the pressure of inflation.

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances.

Cash advance apps work like payday loans

Like most payday loans, a cash advance or paycheck app lets you borrow money without a credit check. You are also required to repay the advance, plus any fees you have agreed, on your next payday.

One payment cycle is usually not enough for borrowers to repay a payday loan, so many people fall into the habit of getting another loan to pay off the previous one, says Alex Horowitz, senior director of The Pew Charitable Trusts.

App users may find themselves in a similar cycle. A 2021 study by the Financial Health Network found that more than 70% of app users get back-to-back advances. The study doesn’t say why users re-borrow, but Horowitz says the behavior is particularly similar to payday loans.

“Direct-to-consumer payday advances share DNA with payday loans,” he says. “They’re structured the same, they have repeat borrowings, and they’re scheduled based on the borrower’s payday, which gives the lender strong collectability.”

Apps can offer more flexibility

Payday lenders and payday advance apps collect repayment directly from your bank account. If your account balance is too low when funds are withdrawn, you could incur overdraft fees, says Yasmin Farahi, senior policy adviser at the Center for Responsible Lending.

An application may try to avoid overcharging your account. Mia Alexander, Vice President of Customer Success at Dave, says the app reviews users’ bank accounts before withdrawing the refund. If the refund puts the balance close to zero or negative, the app may not withdraw the funds, she says.

However, apps typically include language in their user agreements that while they try not to overcharge your account, they aren’t liable if they do.

In states where payday loans are allowed, a payday lender is unlikely to offer a free, unsolicited payment extension, as some apps say. Some states require payday lenders to offer extended payment plans at no cost to troubled borrowers, but a 2021 report from the Consumer Financial Protection Bureau says some lenders are misrepresenting plans or not disclosing them.

Unlike payday lenders, the apps don’t make collection calls. If a user revokes access to their bank account to avoid a refund, the app will not attempt to collect the funds. The user simply cannot get another advance until they repay the previous one.

Payday loans cost more

Payday loans tend to have high mandatory fees, unlike apps. Instead, they charge a small fee that users can accept throughout the borrowing process. These fees can add up, but they are usually lower than those charged by payday lenders.

For example, an app might charge a monthly subscription fee or a fee for instant access to funds. Most cash advance apps also ask for a tip for service.

The charges on a $375 payday loan are most often about $55 over a two-week period, Horowitz says. Since the cash advance application fee is mostly optional, you can easily keep the cost below $10.

Earnin user Sharay Jefferson says she’s used payday loans in the past, but switched to a cash advance app because it’s a cheaper way to cover bills and unexpected expenses.

“If you get a $200 payday loan, you might be paying something back three times over,” she says. “With Earnin, I’m going to have to pay that $200 back, plus whatever I decide to give them. It’s much cheaper. »

Technically, apps are not lenders

Regulators like the CFPB have not classified payday advance apps as lenders, despite their similarities to payday loans.

Earnin CEO and Founder Ram Palaniappan says the app is more like a payroll service or an ATM because it makes it easier to access your own funds. Earnin asks users to upload a timesheet showing they worked enough hours to earn the cash advance amount. Other apps scan a user’s bank account for income and expenses to determine if they qualify for an advance.

Farahi says applications should be treated like creditors, meaning they would follow the Truth in Lending Act, which requires creditors to disclose an annual percentage rate. An APR allows consumers to compare costs between financing options. For example, users can compare the APR of a cash advance app to that of a credit card and choose the most affordable.

“People still need to know what the real cost of credit is and to be able to assess it and really compare that cost with other options,” she says.

Applications should also comply with applicable state lending laws. Currently, 18 states and Washington, DC, have maximum interest rate caps that could limit application fees, she says.

Cash Advance App vs Payday Loan: Which is Better?

If you’re in dire need of cash, you may have better alternatives than payday loans and advanced apps, Farahi says.

Local charities and nonprofits can provide basic food and clothing needs. A family or friend could lend you money at no additional cost. If you have a few hours to spare, a side gig could generate as much money as a typical payday loan or cash advance application.

If you have the choice between an app and a payday loan, the app is probably the best option because:

  • It is less expensive.
  • It may not trigger overdraft charges.
  • If you don’t pay it back, the app won’t send you to collections.

A cash advance from an app is unlikely to leave you in a better financial position, Farahi says. But it may be a little less likely than a payday loan to make things worse for you.

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Is it always a good idea to get a cash advance on your credit card? https://paydayloansandbeyond.com/is-it-always-a-good-idea-to-get-a-cash-advance-on-your-credit-card/ Tue, 13 Sep 2022 11:00:43 +0000 https://paydayloansandbeyond.com/is-it-always-a-good-idea-to-get-a-cash-advance-on-your-credit-card/

Image source: Getty Images

It’s not always a bad idea.


Key points

  • Credit card cash advances come with high fees and interest rates.
  • Usually, you should try to avoid a cash advance.
  • There may be circumstances where getting one isn’t the worst idea, such as if you’re using it as an alternative to an expensive payday loan for an emergency expense.

Most of the time when you use your credit cards, you charge for purchases. But there is actually a way to withdraw money from your credit card: you can do it by taking a cash advance. Often this just means going to the ATM or bank and asking for one.

Taking out a cash advance might be a good solution if you have an essential expense that you can’t charge to your card and can’t afford to pay. But, in reality, there are serious financial drawbacks to doing so.

That doesn’t mean you should never take out a cash advance – but before you do, you should seriously ask yourself if it’s the right decision.

There are good reasons to avoid cash advances

In general, cash advances should be avoided as they can be a very expensive way to get cash.

You will usually be charged an upfront fee when taking a cash advance, which can range from around 3% to 5% of the amount borrowed. The interest rate may also be higher on a cash advance than your standard card rate, and you’ll usually start earning interest immediately. This is different from when you charge items to a credit card, because you don’t have to pay interest on items charged if you pay your balance in full before your grace period.

You may also not be able to borrow as much with a cash advance, as there is often a lower limit that applies. For example, if you have a $10,000 line of credit, you may only qualify for a cash advance of up to $4,000 or whatever your card issuer sets as a limit.

So, since a cash advance will cost you more and be more restrictive than simply charging something to your card, you generally shouldn’t do it.

Here’s when you might want to consider grabbing one anyway

While a cash advance should always be avoided in a perfect world, the reality is that sometimes people find themselves in financial binds and need help getting out of it. And a cash advance could be a way to do that. if alternatives will cost you more.

Say, for example, you need $500 to fix your car today and the mechanic won’t take a credit card. If you have no other way to pay for car repairs and you won’t be able to get to work and would lose your job, a cash advance might be an option if you plan to pay the money back quickly.

Or if you’re considering a payday loan to pay for an essential expense like covering your rent until your paycheck arrives, a cash advance may be cheaper.

Basically, as these examples are designed to illustrate, if you’re stuck in a corner with no other way to borrow and the consequences of not taking a cash advance would outweigh the costs of taking care of you, you have this option available. If you exercise it, however, you will want to make a plan to pay the money back as soon as possible. and a plan to make sure you won’t need to do this in the future – like saving an emergency fund.

Ultimately, cash advances are a financial tool at your disposal. But since they’re so expensive, save them for serious emergencies and do what you can to make sure you don’t end up in that situation.

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Get a cash advance with bad credit https://paydayloansandbeyond.com/get-a-cash-advance-with-bad-credit/ Sun, 11 Sep 2022 13:01:00 +0000 https://paydayloansandbeyond.com/get-a-cash-advance-with-bad-credit/

Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WFTS.


With the current state of the economy, it’s proving difficult for many Americans to stay afloat financially — let alone maintain a healthy emergency fund. So, when most people have a financial problem, they turn to loans to save the day. But it’s not always easy when you have bad credit.

In most cases, not-so-stellar credit will keep you from getting a quick loan from conventional financial sources. Fortunately, many lenders offer same-day payday loans with guaranteed approval to help these people access credit.

Here are our top 10 picks for same-day payday loans:

  1. WeLoans – Best set for fastest payday loans
  2. iPaydayLoans – Ideal for small payday loans without a credit check
  3. CocoLoan – Ideal for online payday loans with instant approval
  4. Problematic loans in the United States – Ideal for same day payday loans with no credit check
  5. American Installment Loans – Ideal for reliable installment loans with fast approval
  6. Loans for bad credit in UK – Ideal for bad credit payday loans in the UK
  7. Quick Payday Loans – Ideal for payday loans with quick approval
  8. Payday Loans UK – Ideal for UK payday loans no credit check
  9. Get a payday loan – Ideal for multiple payday lenders with same day approval
  10. Easy payday loan – Ideal for easy payday loans with quick approval

WeLoans – Best Bundle for Fastest Payday Loans

PAID CONTENT

WeLoans is an online platform that connects you with direct lenders who offer bad credit payday loans with same day approval. The website makes it easy for customers looking for fast payday loans to identify reputable lenders who would quickly approve loan applications.

The platform has a simplified three-step process to ensure that you get money to your bank account as quickly as possible. First, you must complete and submit a brief online form containing information about yourself and your financial situation. Lenders will then review and provide you with an offer in just minutes. After signing the contract, you will receive your funds the same day or the next day.

WeLoans also uses next-generation encryption technologies to protect all your personal and financial data and prevent data breaches. They also adhere to privacy standards and will not disclose information to unauthorized third parties.

Advantages

  • Doesn’t check your credit score
  • Available 24/7
  • Easy and fast approval, no waiting time
  • Highly approved by previous customers (97% rating)

The inconvenients

  • Must provide proof of income

Apply Here For Payday Loans No Credit Check With WeLoans Now >>

iPaydayLoans – Best for small online payday loans with no credit check

Best loans for bad credit

Paid content

Paid content

iPaydayLoans is a popular same-day cash advance option that many Americans turn to when looking for quick loans. This site has an excellent reputation for partnering with a long list of direct lenders that offer fast approval for payday loans with no credit check.

iPaydayLoans is the place to go if you are looking for a secure and reliable platform to find lenders who will provide you with payday loans even if you have bad credit. After four simple steps, your funds will be transferred directly to your account and you will have cash ready to meet your emergency.

The whole process is done online and all the steps are fully automated to ensure you get your money without much fuss. Once you find a lender and accept the offer, the money will be in your bank account within hours.

Advantages

  • Great customer service
  • May qualify even with bad credit
  • Transparency and no hidden fees
  • Different types of loans are available

The inconvenients

  • Rates can be high for borrowers with extremely low credit scores.

Get instant payday loans with iPaydayLoans here>>

CocoLoan – Best for Online Payday Loans with Instant Approval

Best loans for bad credit

Paid content

Paid content

CocoLoan is another reputable website that connects borrowers with lenders who offer bad credit payday loans. In addition to payday loans, the platform also offers short-term loans, online fast loans, and bad credit loans.

CocoLoans understands that an emergency requires you to find money very quickly. Therefore, it partners with a long list of highly reliable lenders who will ensure that there are no delays in the loan process and that the money reaches you as quickly as possible. The platform has measures in place to ensure that you as a customer are always protected and can easily find a lender without much hassle.

When you apply for a loan through Cocoaloans, you guarantee that your loan will be processed quickly and securely. Your personal data is protected by bank-grade encryption technology which ensures that no data is leaked to hackers or other third parties.

Advantages

  • Your data and privacy are protected
  • Simple application process
  • Easy to use and intuitive user interface
  • Low credit is also considered

The inconvenients

  • Proof of employment is essential.

Access CocoLoan’s fast payday loans here >>

What are payday loans without online credit checks and how do they work?

Payday Loans No Credit Check are short-term online cash advances that are not based on a credit score. However, it’s not as simple as it sounds, as US lending regulations require all loans to undergo a credit check. When you apply for a payday loan without a credit check, the lender will still need to do a due diligence, but will rely more on your ability to pay.

How We Picked the Best Alternatives to Payday Loans No Credit Check Online

We considered many factors when putting together this list. These are some of the key things we considered;

  • Number of direct lenders on the platform
  • 100% online loan application process
  • Loan conditions
  • Approval rate
  • Process efficiency and effectiveness

Don’t same day payday loans with no credit check really exist?

Due to US lending regulations, same day payday loans without credit check do not exist. The law requires that all loans be subject to a credit check. Also, checking your credit is the only way for lenders to know how much to lend you and what interest rates to charge for the loan. But lenders will rely more on your ability to pay.

Can I apply for a loan even if I am unemployed?

Yes. You can apply for and qualify for a loan even if you are unemployed. However, you must provide a reliable source of income, such as retirement benefits. Whether you are employed or not, lenders need to know that you can afford to repay the loan on time and in full.

Last words

Online payday loans are a great source of quick cash when you’re stuck between a rock and a hard place. They are fast, reliable and available when you need the money most. The above platforms will connect you with various lenders who will consider you for a loan, even with bad credit.

However, keep in mind that the best solution to your financial difficulties is to find ways to better manage the finances you already have so that you have money set aside for rainy days.

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