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Cash Advance

A cash advance is pretty much what it sounds like: money advanced to you until your next payday. Cash advance loans are short term loans that you can use to get yourself out of tough financial situations. Some common situations people looking for a cash advance might face are:

  • Rent or mortgage being past due.
  • Needing to pay a bill in order to avoid a late payment fee or having an interruption in your service.
  • Unexpected expenses that left you without cash to meet your basic needs.

These are just some of the situations that inspired Friendly Lender to become committed to helping you with the means to access an easy cash advance online. Get your payday loan in Canada today so that your bills are less likely to overtake you tomorrow.

How to Get a Cash Advance?

Getting an online cash advance is easy when you choose to work through Friendly Lender and the lenders that we work with. All you need to do is complete our online form and provide a few basic pieces of information. Some examples of the information you need to provide are:

  • Your name, address, phone number, and email
  • Checking account information
  • Proof of income

Friendly Lender and the lenders we work with use your loan application information provided to access a quick approval decision from the lenders. Because the short term loans often do not require us to run a hard credit check, some decisions are made within minutes of completing the form. Once your request is approved by a lender, you will be redirected to a page where you can electronically sign a contract that will include other important information such as the amount you were approved for, the interest rate, your minimum payment due and the term of your loan. Friendly Lender is not a lender, but we work with many that can provide funds to you when you need fast cash.

Once you sign the contract and accept the terms, the funds will be deposited in your checking account. The entire process can be completed online without you ever having to leave the comfort of your home and is much faster than applying for a loan through a traditional bank.

These types of loans are not limited to a single purpose. Some common reasons that individuals request a cash advance, payday loan, or similar type of short term loan are:

  • Emergency medical bills
  • Pay utilities, rent, or mortgage
  • Make a car payment on time
  • Purchase necessary school supplies
  • Unexpected expenses come up

How Does Cash Advance Work?

Getting cash online has never been easier with a cash advance through Friendly Lender.

All you have to do is follow the easy process for completing the form, and if you’re approved then you will have the money deposited directly into your account.

Once the approval process is complete, the funds could be available as soon as the next business day depending on the lender. Cash advances are a type of short term loan. So unlike borrowing money for a new car, you can typically pay back your loan within a matter of weeks rather than taking years to complete the process. That means not carrying a payment over a long period of time.

When you use Friendly Lender and the lenders we work with to apply for a cash advance, payday loan or installment loan, there is a credit check. The direct lenders we work with do not often require a hard credit check that looks into your credit history that could impact your credit report. We do our best to help you find a cash advance so that your past mistakes don’t hold you back from meeting your financial needs.

How Much Do Cash Advances Cost?

Just like any loan, you will be required to pay back your entire loan, plus interest. The exact amount of how much your loan will cost varies depending on a number of factors. Always make sure to read your loan contract before you sign so that you understand the terms of repaying the loan and remember never to borrow more than you can afford to repay.

Your contract will have all of the details regarding your interest rate, including TILA (Truth in Lending Act) pages or charts that will show you more detail about the interest rate for your particular loan.

You also want to consider the term of your loan. Some cash advances can be very short term and require that you pay them back on your next payday. Others, such as installment loans, may allow you to pay them back over a longer period of time.

What Does Cash Advance Mean?

A cash advance is a short term loan for a small amount of money. Most cash advances are for less than $1,000 and are intended to be repaid within a matter of weeks.

Some borrowers use cash advances for unexpected expenses such as copays at the doctor or hospital, family emergencies, surprise car repairs, or to avoid late payment fees on their utilities, loans or credit cards.

A cash advance may be ideal if you have no credit, bad credit or simply want to avoid the hassle and time involved getting a traditional loan from a bank. It can also be used to protect your credit rating and avoid future issues. If you have good credit, but are thinking, “I need money now” then a cash advance may be the right choice for you, because they sometimes do not add a credit check to your credit report.

Getting a cash advance is much faster than getting a loan through a traditional bank and Friendly Lender’s direct lenders we work with could deposit funds as soon as the next business day after once approved for a cash advance.

A cash advance online is advantageous for some because the process is fast. You can fill out the form in a matter of minutes and get a decision quickly. Because there is no hard credit check involved, proof of income and employment may be required to verify that you are able to repay your loan.