Instant cash advances are an important financial tool that anyone can use to improve their money management, infuse cash into their monthly budget or pay for unexpected expenses. While you may be familiar with cash advances, the instant cash advance is a little bit different.
What Is an Instant Cash Advance?
An instant cash advance stands in contrast to a traditional cash advance in that it occurs right away and often includes favorable terms.
When you want an instant cash advance, you go to your financial platform’s mobile app or website, request the advance, select the amount you need and wait for the platform to deposit that money in your internal or external account.
Do Instant Cash Advances Include Fees or Interest?
Traditionally, cash advances offered by banks or credit cards included fees and interest. Modern, digital financial platforms tend to offer no-interest advances with no fees. Additionally, many of these platforms don’t check your credit.
How Do You Pay Back an Instant Cash Advance?
You pay back an instant cash advance with an automated payment. When you request and accept the cash, you are put on an automated payment plan that withdraws the payment from your connected account in regular intervals. This process makes it easy to keep up with your payments, but you can reach out to the financial platform if you need to adjust your payment plan.
Why Should You Request an Instant Cash Advance?
An instant cash advance allows you to access cash for a number of scenarios, including:
- Car repairs
- Medical expenses
- Family celebrations
- Groceries or gas
- To pay back friends or family
- When your paycheck is a bit short
Because anyone can come up short in their checkbook, you should look into whether or not your bank or preferred financial platform offers cash advances.
If so, see how much money the financial institution can provide. Remember, however, that traditional cash advances were generally funded via a paper check. With an instant cash advance, that money goes straight to your preferred account. No waiting. No worry, and it’s easier to reach out to the customer service team through an app or website.
Plus, you should make sure that your preferred financial platform does not check your credit, charge fees or collect interest. A no-interest advance is much easier to deal with, and it doesn’t reduce your spending power.
MoneyLion is a digital financial platform that works to help the average consumer feel better about their finances. The platform functions through a powerful mobile app, and you can avail yourself of several services, including:
- Mobile accounts
- Cashback rewards
- Zero hidden fees
- Financial tracking tools and calculators
- Buy now pay later
- Investing and crypto accounts
- Credit building loans
- Instant cash advances with InstacashTM
Frequently Asked Questions
How can I get immediate money?
You can get immediate money by taking out a cash advance from a credit card or instant advance from your preferred financial partner. There are loans on the market that can offer larger amounts, but instant money comes from simple advances that often have no interest or fees.
What apps lend you money instantly?
Apps like MoneyLion provide you with instant cash advances that require no credit checks, fees or interest.