What is a cash advance?

A cash advance is a short-term loan that allows individuals to receive a small amount of money before their next paycheck. It is designed to provide quick financial support in emergency situations or when unexpected expenses arise. Cash advances typically have a repayment term of a few weeks or until the borrower's next payday. These loans are obtained through various sources, including online lenders, banks, or credit unions. The application process is simple and typically requires basic personal and financial information. Once approved, the funds are generally deposited into the borrower's bank account within one or two business days. However, it is important to note that cash advances come with high interest rates and fees, and should only be used as a last resort for urgent financial needs.