Cash advance loans are short-term loans that are offered by several banks and non-banking financing companies (NBFCs) in order to help their customers meet their urgent financial requirements. While a customer can choose to opt for this kind of an easy loan through various lines of credit, the most common way to apply for these loans is using credit cards. Most of the credit card companies offer customers the option to avail the cash advance feature through which they can withdraw a small credit in advance through an ATM or over the counter at a bank or NBFC. Customers can also apply for these loans through the phone. The loan applications of such loans can be approved within as less as 1 hour. The repayment tenure of this loan typically ranges from a few weeks to a couple of months starting from the date of loan approval. The terms of the loan repayment is generally mentioned in the loan agreement issued by the lender.
There are a numerous advantages to availing credit through cash advance loans. Check out the list mentioned below to learn about the benefits you can earn if you apply for this kind of loan:
There are numerous reasons that doesn’t make this type of a loan a wise choice for everyone. Learn about the key points one should keep in mind before availing funds using this quick cash loan scheme:
Before you decide to opt for a cash advance loan, it is imperative that you learn whether you are eligible for this kind of a financing plan. Learn about the eligibility criteria for these loans mentioned below.For individuals:
If you are planning to secure a small cash loan using this scheme, follow the steps mentioned below:
Step 1: You will have to collect the form from the nearest branch or through the online portal of the lender.
Step 2: Fill out the necessary details in the form and submit it to the lender.
Step 3: Attach all the required documents as mandated by the lender to apply for a cash advance loan.
Step 4: Wait for the lender to verify all the details and documents, and approve the loan.
Step 5: Once the loan has been approved, the approved amount will be credited to your current bank account.
In case you want to get fast cash using a credit card, you may do so by visiting a nearby ATM and withdrawing the required amount using your credit card.