CashAdvance.com Review (2020)
CashAdvance.com is an online loan marketplace that connects borrowers to lenders willing to work with people with bad credit. However, these are short-term, high-interest loans that must be paid back quickly, so it's a good idea to shop around for possible alternatives.
What Is CashAdvance.com?
CashAdvance.com is an online loan marketplace, which means it doesn't finance or service loans directly. Rather, it allows borrowers to submit a single application through an online portal and then receive potential loan offers from a network of lenders.
The CashAdvance website is owned by Hawk, LLC, which is the corporate entity behind the Ute Indian tribe. Through the CashAdvance website, users can borrow anywhere from $100 to $1,000.
Because the lenders in the CashAdvance network typically don't require a minimum credit score, the interest rates can be quite high. In some cases, a borrower might pay an interest rate in the triple digits.
CashAdvance is quick to point out that the loans its partner lenders offer are "intended for short-term financial relief and do not constitute long-term financial solutions." While the repayment terms vary by lender, most loans must be repaid within one year.
How Does CashAdvance.com Work?
One of the advantages of CashAdvance.com is that the site is easy to use. To receive loan offers, borrowers simply submit their information through an online loan request form and click "get started."
CashAdvance then distributes the borrower's information to its network of lenders, who can assess the borrower's creditworthiness and decide to make an offer. If a borrower decides to pursue a loan offer, they can do so directly with the lender.
Is CashAdvance a Scam?
CashAdvance is a legitimate company that has been in business since 1997. While the interest rates offered by some of the lenders in its network can be comparable to those of payday loan and title loan companies, this is common among lenders that work with those with very poor credit.
If you have bad credit and need a loan or cash advance, it's important to do your research. The lower your credit score, the more interest you can expect to pay.
Pros & Cons of Using CashAdvance.com
As with any lender or loan marketplace, there are both good things and bad things about CashAdvance.com. Before you submit your info to the site, it's a good idea to look at all the pros and cons.
CashAdvance.com offers some advantages. Here are the positive things about working with this loan marketplace.
No minimum credit score required - You don't need a specific credit score to apply, although some individual lenders might have internal requirements for offering a loan.
Convenience - By submitting a loan offer request through CashAdvance, you get deals from a variety of lenders. This can be a big convenience when you need a loan and don't have time to shop around.
Free to use - There is no fee to use the CashAdvance site or to receive loan offers from lenders.
Employment requirement - To apply for loans, you must have a regular job and receive at least $1,000 a month in income.
High interest rates - Borrowers can expect to pay high interest rates. For example, the company's loan repayment calculator shows a sample interest rate ranging between 782% and 1564%.
Limited loan amount - You can only borrow up to $1,000 through CashAdvance. If you need to finance a bigger purchase, you might have to look for another loan provider.
Unavailable in some states - CashAdvance doesn't operate in all states. You can check if loans are available in your state by visiting the company's locations page.
How to Apply for a PayDay Loan
It's easy to apply for a loan through CashAdvance.com. If you're interested in receiving loan offers, you can do so by following these three steps.
Step 1: Fill out the basic information form - First, fill out the basic information form on the CashAdvance homepage, then click "get started."
Step 2: Fill out the loan offer request form - This will take you to a loan offer request form, which will ask a number of personal and financial questions, including how much money you earn and how much you want to borrow.
Step 3: Submit your request - When you've completed the form, you can submit it online, and lenders will email you with any loan offers. There is no obligation to pursue a loan offer, and you won't be charged a fee if you decide not to move forward with a loan.
To submit a loan offer request form through CashAdvance.com, you must satisfy a few basic requirements. These requirements include:
At least 18 years old
U.S. citizen or permanent resident
Currently employed and earn at least $1,000 a month
Have a checking or savings account
If you're approved for a loan, the lender will deposit the funds directly into your account. If you don't have an active checking or savings account, you'll need to open one prior to applying for loans through CashAdvance.com.
Like a lot of loan marketplace sites, CashAdvance.com doesn't have many online reviews, which can make it difficult to get an idea of what to expect as a borrower.
CashAdvance has a D- rating with the Better Business Bureau (BBB), as well as three complaints on its BBB profile page.
However, BBB ratings are based on a company's responsiveness to customer complaints. There are no responses from CashAdvance listed on the BBB site, which might explain the company's poor rating.
There are also numerous online reviews for a company called Cash Advance USA. However, this is a separate entity from CashAdvance, and the two companies don't appear affiliated in any way.
As with all online lenders, it's important to do your homework before accepting an offer. If you receive a loan offer from a lender in the CashAdvance network, make sure you understand all the terms and conditions before you move forward.
Best Alternatives to CashAdvance.com
CashAdvance is a short-term, high-interest loan marketplace, and it's best used as a last resort when you've run out of other options.
If you've been turned away by other online lenders, there are other ways to get quick access to cash. Here are three options to consider.
1. Secured Credit Card
Even with bad credit, you may be able to qualify for a secured credit card. With a secured card, you're required to put down a security deposit as collateral in case you stop making your payments.
While most secured credit cards have low credit limits, some cards are quite generous when it comes to offering a higher limit.
For example, the Capital One Secured Mastercard lets you put down as little as $49 to receive a $200 credit limit and the possibility of a limit increase after six months. The interest rate is 26.99%, which is much lower than the rates you're likely to receive with a personal loan through CashAdvance.
A secured credit card also gives you an opportunity to rebuild your credit. If you make your payments on time every month, this can help improve your payment history, which is the most important factor in determining your FICO score.
2. Paycheck Advance Apps
Paycheck advance apps let you tap into your regular salary ahead of time. Unlike payday or auto title loans, however, they don't require you to pledge collateral or pay sky-high interest.
For example, Earnin allows you to receive up to $100 and in some cases up to $500 prior to payday. Once you receive your paycheck, the app auto-deducts the money you owe from your account.
There are no fees to use Earnin, and the app doesn't charge interest or overdraft fees. On the downside, you're required to give Earning your bank account details, and at least half of your paycheck must be auto deposited into your account each month.
3. Peer to Peer Lending
Peer to peer lending got its start in 2005 and has quickly grown to become a popular alternative to traditional bank lending. With peer to peer platforms like Prosper and LendingClub, borrowers can get loans from individual investors.
This allows people who might not otherwise qualify for a personal loan to receive funds. As with any type of loan, borrowers with lower credit scores can expect to pay more in interest.
If you've been turned down by a bank or credit union and you would rather avoid a payday or title loan, peer to peer lending might be an alternative worth exploring. Both Prosper and LendingClub offer loans up to $40,000.
The following are some of the most commonly asked questions and answers regarding CashAdvance.com.
Is CashAdvance a Legit Company?
Yes, CashAdvance is a legitimate company that has been in business since 1997. As a member of the Online Lenders Alliance, it's required to comply with best practices and a code of conduct for online consumer lending.
Do Cash Advances Hurt Your Credit Score?
According to CashAdvance, it doesn't pull your credit when you submit an application to receive loan offers. However, the third party lenders in its network may do a soft pull or hard pull of your credit when making a lending decision.
According to CashAdvance, the lenders in its network "may conduct a non-traditional credit check" when you apply for a loan. While this typically means the lender doesn't run a credit check through Equifax, Experian, or TransUnion, it doesn't necessarily mean the credit check won't show up on your credit report as a soft or hard inquiry.
If you're concerned about a cash advance hurting your credit score, it's best to ask the third party lender what kind of credit check it performs when assessing a borrower's creditworthiness.
How Much Will a Cash Advance Cost Me?
There is no fee to apply for loan offers through CashAdvance.com. If you decide to pursue a loan offer from a lender in the CashAdvance network, you might have to pay a financing charge or other fee to receive your loan.
Loan fees are set by the individual lender, so it's a good idea to make sure you understand each lender's terms before you accept a loan offer.
Can You Get a Cash Advance Online?
Yes, you can apply for loan offers and complete your loan application entirely online. If you decide to accept a loan offer through CashAdvance.com, the lender will deposit your funds directly into your bank account.
If you have bad credit and need a loan, CashAdvance might be able to help you get in touch with lenders willing to work with you. However, you should expect high interest rates and a short repayment period, so it's important to explore alternatives if possible.
About the Author
Mike is a recognized credit expert and founder of Credit Takeoff. His credit advice has been featured in CNBC, Investopedia, CreditCards.com, Bankrate, Huffpost, The Simple Dollar, Reader's Digest, LendingTree, and Quickbooks. Read more.