Need a quick spot and wondering how to get a cash advance?
We’ll jump straight to it…
If eligible, you can get up to $250* with no credit checks or interest. And if you’re looking for an instant cash advance, it’s $3.99 to get it the same day. Speedy.
But firstly, what is a cash advance? And how can you use them responsibly? (And by that, we mean how can you refrain from spending it all on brunches.)
In this blog, we’ll explore the ins and outs of cash advances including what they are, how to get a cash advance, and most importantly, how to use them responsibly because financial health matters y’all. 💙
What is a Cash Advance?
A cash advance is a short-term loan offered by many credit card companies, banks, and cash advance apps like Cleo (ahem), Dave, and Chime.
A cash advance gives you small amounts of money quickly and easily. It’s often used as a way to cover unexpected expenses or to bridge the gap between paychecks.
It's important to note that cash advances from credit card companies and banks typically come with higher fees and interest rates than regular credit card purchases or personal loans. This is because they are considered high-risk.
However, if you’re looking to go down the cash advance app route, you should know that the majority don’t charge interest, and they also don’t run credit checks.
Interested? Keep scrolling for a list of cash advance apps. 👀
How to Get a Cash Advance
If you're interested in getting a cash advance from a bank or credit card company, the first step is to check to see if they offer this service. If they do, you can typically request a cash advance through your online account or by contacting customer service and asking politely. 👀
You'll need to provide your credit card or bank account information, as well as the amount you want to borrow. Keep in mind that there may be limits on how much you can borrow, and you'll probably need to pay it back with interest and fees.
We know it’s boring, but always carefully review the terms and conditions of your cash advance before accepting it. Make sure you understand the fees and interest rates, as well as any other terms that may apply. If you have any questions or concerns, contact your lender for clarification.
How to Use Cash Advances Responsibly
Whether you’re getting a cash advance from a bank, a credit card company, or an app, it's important to use them responsibly to avoid falling into poor financial habits.
Here’s some tips to help you use cash advances responsibly:
Use them sparingly: Cash advances should be used sparingly and only when absolutely necessary. They shouldn’t be used to fund everyday expenses or non-essential purchases. Before taking out a cash advance, think about whether the expense is truly necessary and if there are any other options available to you.
Would the cash advance be a one-off or could it become a cycle?
Understand the fees and interest rates: As mentioned previously, cash advances via banks and credit cards come with higher fees and interest rates than regular credit card purchases or personal loans. Before accepting a cash advance, make sure you understand the fees and interest rates involved.
If the fees and interest rates are too high, it may be better to explore other options such as a cash advance app. 🙌
Pay it back as soon as possible: Always try to pay back as soon as possible. If you’re taking an advance from a credit card or a bank and unable to pay back it back in full, at least make the minimum payment required to avoid additional fees and interest.
Don't use them to cover other debts: Cash advances should not be used to cover other debts, as this can lead to a cycle of debt and financial instability. If you're struggling to pay off other debts, it's important to seek help from a financial counselor or credit counseling agency.
If you are currently a victim of debt, we asked Cleo’s resident financial advisor, Anna, to explain The Need-to-Know on Debt Management.
If you’re in need of a quick spot, the Cleo Plus feature can offer up to $250* with none of that dumb interest or credit checks.
Cleo doesn’t require a specific income, and we don’t have to verify your employment status, making it the ultimate gig worker cash advance app.
1) Download the best money app (us, obviously)
2) Connect Cleo with your main bank account
3) Find out if you're eligible for the cash advance
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 of $3.99
✅ Repayment: It’s up to you when you want to repay
🔎 Credit check: No
📈 Interest: Hell no
In an ideal world, you wouldn’t need a cash advance to help cover you until payday. A cash advance should just be a quick spot to help you cover the bills or other unexpected expenses until payday.
If you’re looking for tips on how to break free from the cycle, here’s How to Break the Cycle of Living Paycheck to Paycheck.
You’ve got this.
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Big love. Cleo 💙
*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.