cash advances canada

With a cash advance, the borrower will be able to borrow money against their next paycheck. These loans will have a higher interest rate and can often lead to trouble if not paid off in time. This is why it's important that you compare cash advances and payday loans to better understand each loan, and how it can help your personal financial situation.

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Cash Advances vs. Payday Loans

Today, pay day loans are more popular than ever. With thousands of lenders out there, customers often have a hard time finding one that works for their financial situation. Different types of loans can likely lead to confusion, and with one wrong move, your financial situation could be a complete mess. Since there are so many types of fast loans, it's important that you know how each one works. If you're thinking about applying for a payday loan, here are a few points that you should know.

Pay day loans are short-term and are given for immediate expenses such as a medical emergency. With this short-term loan, no collateral will be needed.

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This type of loan will be given out depending on the income of the applicant. While some lenders may look at a credit report, this won't be a deciding factor. Once the lender acquires this information, they will be able to set up a due date and interest rate. On average, these loans will last anywhere from one to two weeks.

With a cash advance or payday loan, there are some other requirements that the borrower should know about.

In the United States, most loans won't exceed the $1,500 threshold. It's also important to note that borrowers that make less than $1,000 won't be able to apply for a loan. An advance on the other hand is ideal for borrowers who can't get a loan from a regular bank.