An Introduction to Cash Advances
Maybe your car broke down? You’ve got a bunch of phone bill charges? Or you're facing a small, but annoyingly expensive emergency? Whatever the situation is, a cash advance can be the lifeline you're searching for. But, what exactly is it? It's basically getting a portion of your salary a little bit sooner. The cash advance is then repaid when you receive your next paycheck.
In this blog, we'll run you through how to get one from a cash advance app.
Let's go 📱
Looking for a cash advance? Let us introduce you to Cleo. She's got your back with advances up to $250*. The best part? Absolutely no credit checks and no interest.
So, What Is a Cash Advance App?
A cash advance app is mobile application that lets you access money you may need to cover yourself until payday.
There are plenty of financial apps offering cash advances, which means you could be able to access money on the same day you apply. (But don't forget the express fee).
Before you dive headfirst into the world of cash advances, here's a few things you should know.
The Scoop on Same Day Cash Advances
Sometimes same day cash advances are the quick fix you need. And unlike loans, they don't require you to fill out a bunch of paperwork, wait, get a co-signer, etc. A cash advance is a great alternative which can let you access cash (if you're eligible) on the same day (if you pay an express fee).
Cash advance amounts can vary between $20 and $750 depending on the app and your eligibility.
And the application process is super straight forward, often requiring only basic information like name, address, bank details, SSN number, income, etc.
Fees and Credit Checks
The policies around fees and credit checks vary among different cash advance apps, but let's break it down:
Fees: Some cash advance apps operate on a subscription model, charging a small monthly fee for their services (like Cleo). Others offer their services for free, but may ask for a voluntary "tip" or charge a fee for instant transfers. There are also apps that provide cash advances with no fees, but you may have to set up direct deposits.
Credit checks: Most cash advance apps don't require a traditional credit check. Since they're offering you a portion of the salary you've already earned, they don't generally need to assess your creditworthiness in the traditional way. Instead, they may verify your employment and income by confirming minimum direct deposits or timesheets. (Cleo doesn't require timesheets, minimum direct deposits, or w-2 forms to access a cash advance. She believes everyone should be apply to apply for a cash advance) 💙
Remember, the policies vary from one app to another, and these details may change over time or depending on specific circumstances. So it's always a good idea to read the terms and conditions before you decide to use a particular cash advance app.
The Right Time for a Same Day Cash Advance
So, you need a same day cash advance and you need it now? Sh*t happens. Luckily cash advances are a much more simple way to access funds than calling your mom. (Love you mom).
How to Get an Cash Advance With Cleo 💙
If you’re in need of some emergency cash, Cleo can spot you up to $250* when you subscribe to Cleo Plus*. There are no credit checks and no interest. And if you need a same day cash advance, you'll just need to pay an express fee.
Cleo doesn't require minimum direct deposits, timesheets, or w-2 forms like some other apps. This makes her the perfect app for freelancers.
Getting started is easy:
1.) Download Cleo (iOS/Android)
2.) Connect your main bank account (the one you get paid into)
3.) Find out if you're eligible for the cash advance and decide if it's right for you
4.) If eligible, confirm your details
5.) Decide when you want the money
💵 Maximum amount: $250
🏦 Fees: $5.99 monthly subscription and no late fees
🚀 Speed: Three to four working days or today if you pay an express fee
✅ Repayment: It’s up to you when you want to repay
🔎 Credit check: No
📈 Interest: Hell no
So, What Makes Cleo Different?
When you subscribe to Cleo Plus*, you can get access to a load of other cool features which are designed to help you eventually stop needing a cash advance.
🌱 Credit coaching – Clear information explaining your score, and the steps you’ll need to take so you can manage your money in a way that can help improve your score.
🛍️ Cashback – Cashback up to 7% when you spend at some of your favorite stores.
🔥 Roast mode – Cleo picks up on your bad spending habits and roasts the sh*t out of you for it (particularly for Amazon purchases).
And if your mind is already made up…
The Dos and Don’ts of Same Day Cash Advances
Now that we've got the basics covered, let's chat about some dos and don’ts when it comes to same day cash advances.
- Do: Use them for emergencies. Same day cash advances are ideal for unforeseen costs that pop up out of nowhere, but they often require express fees. If you can wait a few days, there are often free transfer options.
- Don't: Depend on them regularly. These are meant to be short-term solutions, and relying on them often could lead to a cycle of debt.
- Do: Make sure you have a repayment plan. Remember, your cash advance needs to be repaid when you get your next paycheck.
- Don’t: Forget to check the fees. Same day cash advances come with costs, so always check the terms and conditions.
Use a Cash Advance Wisely
So, there it is… your beginner's guide to same day cash advances. They can be a helpful solution when you need cash quickly, but it’s essential to use them responsibly. Always remember to read the terms and conditions and make sure you have a repayment plan in place. Financial independence is all about managing your money smartly, and same day cash advances can be a handy tool when used correctly.
*Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. If you don’t want to subscribe, you can also apply for cash advance by contacting our customer service at firstname.lastname@example.org. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.