What is a Debit Card Cash Advance?
Many different breeds of cash advances exist, and one of the more popular types is the debit card cash advance. Maybe you don't have the credit to get a credit card, or you simply don't want to have this go on your credit record. Some cash advances are secured against a credit card, with a charge being placed on your bill at the time of repayment so the lender is assured that he or she will get his money back. Obviously, you can't opt for these without a credit card, but luckily, the debit card cash advance does exist for situations like these.
Did you rack up too many bills to pay in a month? Perhaps you found yourself suffering due to a pay cut, forgetting to adjust your budget down in some areas, or just not being able to meet the bottom line of income versus expenses at the end of the day. There are plenty of scenarios that can lead to you looking into getting a debit card cash advance.
Once you are approved, offered a cash advance, and you accept it, the debit card cash advance is given to you in the form of cash, a check, or a sum put into your bank account via direct deposit. This means the money can be in your hands very quickly in comparison to a traditional loan.
Payday loans and cash advances are two names for what is essentially the same thing; both are supplied by lenders who screen applicants based on some very general criteria such as age, employment status, and credit status. If this is a problem, there are faxless cash advances designed to help you avoid the need for a credit check. The amount of money you can borrow is generally fairly small: between $100 and $1,500, depending on the lender. It may be a week to a month before you have to pay back the money, depending on when your next paycheck is due.
A regular payday advance will often require a postdated check or a credit card so you can be charged regardless of your bank account balance. With a debit card cash advance, the lender will attempt to automatically withdraw the money from your debit card or bank account when the repayment date rolls around.
If you're broke and need cash fast, a debit card cash advance is a great option to help you get out of the situation now.