What Are Cash Advance Loans, and Are They Different from Personal Loans?When choosing from a lot of different options for borrowing money, it helps to have information. While it can be overwhelming to learn about all the various types of loans available to you, knowing more will ensure you make a smarter decision. A couple of options that most working adults come across are personal loans and cash advance loans. We’ll sort out the differences and similarities and help you choose the right loan for you.
Personal Loan is a Very Broad Term
The first thing to understand is that the term personal loan refers to a wide range of loans. They are loans that are available to individuals for personal expenses, as opposed to business loans. A personal loan is generally smaller than a business loan and also easier to get approved for. This is the kind of loan you want, but not necessarily the traditional personal loan. A traditional loan is usually one that comes from a banker or loan office, requires good credit, and may be larger than other personal loans, maybe more than you need or can afford.
Cash Advance Loans Are Specific Personal Loans
Personal loans referred to as cash advance loans are typically smaller, faster to get, and depend mostly on your income. Think of it like an advance on your paycheck. Use this kind of loan when you need a small amount of money, quickly, to cover some expenses you have before payday. The requirements for getting approved are much easier than with traditional personal loans and don’t usually include a credit check at all. Approval is based mostly on how much you earn on your regular paydays.
Get Cash Advance Loans Online
Another big difference between cash advance loans and more standard personal loans is that the former are available online. You can apply for a cash advance online or through a mobile app in just minutes. A more typical personal loan requires that you go into a bank or office to fill out an application. With the convenience of an online application and an app, you can apply for cash any time, even if it’s after work at night or on the weekends. The online process also makes approval faster. The whole process is streamlined.
Pay off Cash Advance Loans Sooner
Cash advance loans online are a lot like payday loans, which means that you repay them with your next one or maybe two paychecks. This makes repayment easy and fast. You get out of debt quickly and don’t carry that burden of payments and interest around for months. Traditional personal loans may have you in debt for much longer.
Spend Cash Advance Loans and Personal Loans However You Need
One thing these loans have in common is that you can spend the money any way you want. Unlike business loans, mortgages, and car loans, these are not for any specific purpose. Use the cash for bills, consolidating debt, buying groceries, or anything else you want or need. There are no strings attached.
For more information about Green Leaf Loans, the products and services they offer, and how to apply, please visit GreenLeafLoans.com