Question 1

Debit card Cash Advance

Accepted Answer

While debit cards can be used to withdraw cash, they can only withdraw from accounts that already have money in them. If you’re facing unexpected bills or an emergency expense before payday and you don’t have money in your bank account, you can’t simply use your debit card to withdraw money “in advance” of your paycheck.

But this doesn’t mean you can’t use your debit card to access the money you borrow from a Cash Advance loan. We’ll explain more as we discuss the different types of cash advances available.

Question 2

Types of Cash Advance loans

Accepted Answer

There are two kinds of financial products that are considered cash advances, but they are very different from one another.

Credit card cash advance

A “credit card cash advance” is when you borrow against the available credit on your credit card, usually through an ATM or at a physical bank branch. You will need a credit card for this type of cash advance. If you have poor or bad credit, it may be challenging to be approved by some credit card companies — or they may only approve you for a small credit limit.

For example, let’s say you have a $2,000 credit limit. If your current credit card balance is $1,500, you can theoretically take out a $500 cash advance at an ATM (if your credit card company allows cash advances). Simply insert your credit card into the ATM and select the “cash advance” or “cash withdrawal” option.

After borrowing money against your credit card limit, you then repay what you owe as part of your monthly credit card payments. Keep in mind, however, that most credit card companies charge extra fees for credit card cash advances.

Cash Advance loan

The other type of Cash Advance is a small-dollar loan, also known as a Payday Loan. This type of Cash Advance loan is designed to be repaid in full on your next payday, hence the name, and availability is determined by your income and your state’s loan regulations.

Since a lender can deposit your Cash Advance into a bank account that you can access with a debit card, these loans are also sometimes referred to as debit card loans. Essentially, you can use your debit card to withdraw the funds from your bank account.

Whether or not you have a debit card, a Cash Advance loan can be easier to get when you don’t have good credit. While a lender may run a soft credit check, they’ll also look at your employment history and the amount of money you earn when making their loan approval decision.

Question 3

Do I need a debit card to get a Cash Advance?

Accepted Answer

It depends on the lender. Some lenders require you to have a debit card linked to an active checking or savings account. This account is where they’ll direct deposit the funds from your Cash Advance loan. Other lenders that don’t require a bank account may provide your loan funds via a prepaid debit card, check, or cash.

Question 4

Benefits of a Cash Advance

Accepted Answer

There are notable advantages that can make Cash Advance loans a good option when you need money quickly.

Convenience

Applying for an online Cash Advance from your computer or mobile device means you can apply any time of day when it’s convenient for you.

Speed

It doesn’t take long to fill out an application, and you’ll typically know within minutes if you’ve been approved for your loan. Once approved, you’ll receive your money quickly, sometimes as soon as the same day you apply.

Flexible credit requirements

Because many Cash Advance lenders have lenient credit requirements, borrowers of all credit types can apply. This makes a Cash Advance a good option if you have bad credit but need money for emergency expenses.

Question 5

What can I use a Cash Advance for?

Accepted Answer

There are no restrictions on how you use your Cash Advance loan. For example, if you have the funds deposited in your bank account, you can then use your debit card to pay for things like:

In some cases, the fees and interest associated with a Cash Advance loan may be less than any past-due charges or late fees charged by your landlord, utility company, or credit card company.

Question 6

How do I apply for a Cash Advance loan?

Accepted Answer

The first step of any loan process is to figure out how much money you need. Remember, you don’t want to borrow more than you can afford to repay on your next payday. Once you know the amount you need, take the following steps:

1. Research lenders

Compare Cash Advance lenders online to see what options are available in your area. Check their Google reviews and look for them on Trustpilot to see how customers have rated them. Pay attention to lenders that have lots of 4- and 5-star ratings and positive customer reviews.

Once you’ve identified some lenders you feel good about, compare their Cash Advance loan rates and terms to see which best fits your budget and needs.

2. Gather your documents

When applying for a Cash Advance, you may need to provide the following:

Be sure to have these items on hand as you fill out your loan application.

3. Apply for a Cash Advance

Visit the lender in person or navigate to their website to complete your Cash Advance application. Before submitting it, take a moment to look over your information to make sure everything is correct, as any mistake could mean a delay in the loan process.

4. Wait for the approval decision

Once you submit your loan application, you should know quickly if you’ve been approved. Many lenders will let you know within minutes, while others may take up to a few hours. At Advance America, we offer instant approval decisions.

5. Receive your Cash Advance

If approved, you’ll typically receive your money that same day or on the morning of the next business day. If the money is deposited into an account linked to your debit card, you can start using your debit card to access that money as soon as the funds are available.

Can You Get a Cash Advance With a Debit Card?