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4 Advantages of a Cash Advance Loan Over a Traditional Loan

If you are in need of quick access to cash, it can be tough to know where to turn to. Although you may want to first turn to a traditional bank in order to have access to a loan, this may not be your best option. Instead, you should consider a cash advance loan in order to obtain the cash you need quickly. Here are four advantages of obtaining a cash advance loan instead of a traditional bank loan when you are in need of money.

High Approval Rating

Unlike traditional banks, cash advance loans are not concerned with your credit rating. Even if you do not have the best credit score, you will be able to obtain a cash advance loan. Although traditional banks put their customers through a vigorous process in order to qualify for a loan, cash advance loans typically only require you to have proof of employment, a working checking or savings account and a steady income. This makes the approval rating for cash advance loans extremely high. Next time you are strapped for cash, you don’t need to even check your credit score, as a cash advance loan is almost guaranteed to give you the money you need without one.

Quick Application Process

With a traditional bank loan it can take hours to properly fill out an application. You must be able to provide a variety of information including your credit score, your social security number, etc. and so if you are unable to pull up the information right away you may be in for an even longer process. With cash advance loans on the other hand, the application process is extremely easy, as cash advance lenders only need a few key pieces of information in order to lend you the money you need. In fact for many cash advance lenders, the application process can be completed in only a matter of minutes and is extremely easy to understand. Even if you have a problem, cash advance lenders are more then willing to help you through the process.

Speedy Access to Cash

Getting a loan from a traditional bank often takes time, as a bank will have to make sure that all the information you provided them checks out and that you are credit worthy. On the other hand, you may walk into a cash advance store or fill out an online cash advance application and have the money you need within as little as an hour, either in your hand or in your bank account. This is simply not the case with a traditional bank loan. If you are in an emergency financial situation that requires that you have cash on hand right away, a cash advance loan is the way to go. For example, if you are in need of money in order to repair your car to get to work the next day, a cash advance loan will provide you with the cash you need right away to get the job done, whereas a traditional bank loan may leave you stuck at home with no way to get to work.

Flexibility

Another major advantage of cash advance lenders is that they are extremely flexible. When you receive your cash advance loan, you can spend the money as you see fit, in anyway you like. You could even use the money to go on a vacation to Hawaii, although it is not recommended. This is not the case with many other types of loans, as you often have to have a good reason to take out other loans.