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What is a Cash Advance Loan?

The term Cash Advance may mean different things depending on who you talk to. A cash advance could be similar to a payday loan5, it could mean borrowing cash from your credit limit using your credit card, or it could even be a loan from your employer deducted from your next pending paycheck.

Loan advocate ready to help you.

OppLoans offers fast online personal installment loans that you could use like a cash advance.

Typical OppLoans Installment Loans Typical Cash Advance Loans
Loan Amount $500 to $4,000 $500
APR 99 to 199% 400%
Term Up to 24 months in some states 14 days
May build credit history X
No collateral needed X

Common Cash Advance Questions

Are Cash Advances safe?

Cash Advances like Payday Loans are often not recommended by financial advisors.
They typically carry very high interest rates (400% APR) and are offered for very short terms (two weeks). These high interest rates and short terms can make these cash loans difficult to repay. In fact, four out of five such cash advances are rolled over (extended for another term, at the cost of more fees and additional interest).

If you need an alternative, consider researching a personal installment loan from BBB-accredited and highly rated OppLoans.

Are Cash Advances bad for your credit?

Typically, taking out a cash advance will not have an impact on your credit score (unless you fail to repay it).

If you want to rebuild your credit history, an installment loan could be an alternative
solution for you! Except in the state of Texas, OppLoans reports payment history to
all three credit bureaus.

How do cash advance loans work?

Typical storefront cash advances (also known as payday loans5) are usually two week loans secured by your paycheck. The lender has access to your bank account. The loan principal will either be electronically deposited in your checking account or you’ll get cash on the spot. However, repaying a short-term loan can be very difficult and often leads borrowers into cycles of debt.

With a typical credit card cash advance, you use your credit card to take out a cash loan. Your credit card statement will show the cash advance in much the same way that it would if you had bought something. You’re responsible for paying back the cash advance plus fees and interest. Unlike using your credit card for a purchase, with a cash advance you won’t get a grace period in which you don’t have to pay interest.

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Applications submitted on this website may be originated by one of several lenders, including: Opportunity Financial LLC, a licensed lender in certain states; or one of our lending partners. All loans originated by our lending partners will be serviced by OppLoans.

DE residents: Opportunity Financial, LLC is licensed by the Delaware State Bank Commissioner, License No. 013016, expiring December 31, 2020.

NM Residents: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website http://www.rld.state.nm.us/financialinstitutions/.

NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

1 Subject to credit approval and verification. Actual approved loan amount and terms are dependent on standard underwriting guidelines and credit policies. Funds are typically deposited via ACH for delivery for next business day if verification is completed and final approval occurs before 7:30 PM ET, Monday-Friday. Availability of the funds is dependent on how quickly your bank processes the transaction.

2 OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

3 Testimonials reflect the individual's opinion and may not be illustrative of all individual experiences with OppLoans. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Check loan reviews.

4 Rates and terms vary by state. This is an expensive form of credit and you should determine whether our product(s) meets your financial needs.

5 According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 199% and loan sizes range from $500 to $5,000. https://paydayloaninfo.org/facts

† OppLoans reports customer payment history to the three major credit bureaus. On-time payments may improve credit score. Credit reporting not available for Texas customers.

USA PATRIOT ACT NOTICE: IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

If you have questions or concerns, please contact the Opportunity Financial Customer Support Team by phone at 855-408-5000, Monday – Friday, 7 a.m. – 11:30 p.m. and Saturday and Sunday between 9 a.m. – 5:00 p.m. Central Time, or by sending an email to info@opploans.com.

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