April 27, 2023
Money Hacks

The Benefits of a Cash Advance for Unexpected Expenses

Need quick cash? Here's why a cash advance can be a safer alternative to payday loans or dreaded overdraft fees

No matter how well you plan, if you have limited funds, getting hit with emergency expenses can throw anyone off course. And unfortunately, when you need quick cash the most, you’re also the most vulnerable to predatory payday loans and shady “overdraft protection” fees.

Whether it's a sudden medical bill or a car repair, getting a 0% interest cash advance now might be the safest option, especially given that many states in America allow payday loan companies to charge over 600% interest rates 🙃

With Cleo, you could get a quick cash spot of up to $250.* No interest. No credit checks. No stress.

So in this blog, we’re gonna take a look at the benefits of a quick cash advance for emergencies. This includes:

  1. No interest charges
  2. Speed of access
  3. Lower fees
  4. Flexibility of repayment
  5. Manageability

Let’s jump in.

Cash advance benefit #1: No Interest Charges

One of the most significant benefits of a cash advance is the lack of interest charges on some services (like, ahem, Cleo). Unlike predatory payday loans, many cash advance services are available with 0% interest rates.

For example, with Cleo, if you borrow $70, you pay back $70. If you pay to access your advance sooner, that’s $73.99 total. It’s that simple.

However, it's important to note that cash advances may come with some other fees that should be considered. These fees can vary depending on the service and the amount of the advance - things like a membership fee or late fees, but they are often lower than those associated with payday loans.

We have a whole article on how to calculate the true cost of a cash advance, so you can be fully informed if you are planning on taking one out.

Cash advance benefit #2: Speed

Another benefit of a cash advance is the speed at which your funds can be accessed. Many cash advance services, such as cash advance apps, are designed for super quick cash advance access.

With Cleo, there’s no need for a credit check, or proof of employment. You just connect your bank account, provide some personal details such as your name and address (so we know you’re not a robot), and our fancy algorithm calculates your eligibility.

If you are eligible, and you decide Cleo Plus is right for you, you can:

💰 Get your cash advance 3-4 working days

💰  Get your cash advance now, with an additional cost of $3.99

Cash advance benefit #3: Lower Fees

Compared to payday loans, quick cash advances typically come with lower fees. Payday loans are notorious for having high-interest rates and fees, which can quickly add up and trap you in a cycle of debt.

On the other hand, many cash advances are available with 0% interest. A number we like much more. If you wanna shop around, check out our list of the top cash advance apps of 2023 to compare your options with 0% interest quick cash advances.

Cash advance benefit #4: Flexibility of Repayment

Cash advances also offer more flexibility in terms of repayment than other types of loans. As well are charging no interest, with a cash advance from Cleo, you can choose the date of repayment that works for you. So you’re not gonna be charged 2 days before payday.

Cash advance benefit #5: Manageability

Cash advances are typically more manageable than payday loans, because they’re calculated against your income, so you’re more likely to be able to pay them off.

And, because Cleo is the money app designed to help you eventually not need a cash advance, you get access to a ton of free features, like a personalized budget.

Here’s how easy it is to set up:

1) Get connected 🤝

Download the app, sign up, and connect your main checking account. Select the Budget tab, then under Next Steps just tap on each icon to customize.

2) Income 💸

Select your latest paycheck or paychecks so Cleo knows when you get paid.

3) Bills 👀

Add your bills so Cleo can track them for you. And you don’t have to.

4) Spend limit 🥡

Set a realistic spend limit. Like, an amount you definitely don’t want to overspend on.

🔒 Once you’re done customizing your cute budget, you’ll unlock your ‘left to spend’ and ‘left per day’ amount, so you can comfortably get your Starbucks without The Guilt lingering over you 😌

Cleo will also make saving easy with autosave. You tell Cleo how much you wanna put into your savings. Each week, if you have enough money, Cleo will confirm with you, and put some money aside for you to transfer to savings. You just have to sit back and watch your savings stack up.


How to get a Cash Advance with Cleo

A Cleo cash advance comes with 0% interest.

There’s no credit check, and no need for proof of employment. We see you gig workers.

To access Cleo’s cash advance feature, you’ll need to decide if Cleo Plus is right for you. On top of a ton of free budgeting features, Cleo Plus gives you access to the cash advance, credit score coaching, and cashback from selected stores.

If you’re someone who overdrafts regularly, you could actually save money with a Cleo Plus membership.

Here’s the math: statistically speaking, if you overdraft once in a month you’ll overdraft two more times. With overdraft fees of up to$35, this can add up to $100 dollars a month. That’s $1,200 in overdraft fees over a whole year.

Cleo Plus is $71.88 for a year. If the Cleo cash advance helps you avoid overdrafting twice, you’ve already made your money back.

It’s as simple as this:

  1. Download the app for free (at this point, you get access to all of Cleo’s free budgeting and saving features)
  2. Connect Cleo to your main bank account (just so we can calculate your eligibility)
  3. Find out if you’re eligible
  4. Decide if signing up for Cleo Plus is right for you**
  5. Confirm your details so we know you’re human
  6. Choose when you want the money
  7. Choose your repayment terms

That’s it.

There’s only one thing left to do.

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference. Big love. Cleo 💙

*Eligibility requirements apply.

**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. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.

Read more

signing up takes
2 minutes

Talking to Cleo and seeing a breakdown of your money.