Cash advance up to $1500 in less than one hour to your bank account.
Bam Cash Advance gives you access to cash in less than one hour. Bad Credit? No Problem, your credit is never checked. We can solve your cash crisis with a cash advance today. Don’t have a fax machine? Many of our lenders do a cash advance with no faxing. Need a cash advance fast? Cash can be directly deposited into to your bank account after your instant approval in one hour or less. Don’t let your car insurance lapse, get quotes for the cheapest cash advance today.
A cash advance is a small, short-term cash loan (typically up to $1500) without a credit check that is intended to bridge the borrower's cash flow gap between pay days. Note, however, that the term cash advance can also mean cash provided against a prearranged line of credit such as a credit card.
Our easy to use application takes only seconds and some of our lenders can approve your cash advance instantly. Since we represent over 20 of the largest available cash advance lenders, you can assure yourself you will get the right cash advance you are looking for. Our lender fees for a cash advance are some of the lowest around. Fees to cash advance are as low as $10 per $100 borrowed. At Bam Cash Advance, we make it affordable to have the cash advance you need.
The cash advance is typically given in cash and secured by the borrower's post-dated check that includes the original loan principal and accrued interest. The maturity date usually coincides with the borrower's next cash pay day. On the maturity date the lender processes the check traditionally or through electronic withdrawal from the borrower's checking account.
Cash advance lenders typically operate small stores or franchises, but large financial service providers also offer variations on the cash advance. Some mainstream banks offer a "direct deposit cash advance" for customers whose paychecks are deposited electronically. Some income tax preparation firms partner with lenders to offer "refund anticipation loans" to filers.
As of 2001, lending for a cash advance is legal in Canada and twenty-five of the United States. Elsewhere in the US, a cash advance lender may affiliate with an out-of-state chartered bank to conduct business.
As a form of sub-prime lending, such as high interest rate credit cards, a cash advance is the subject of controversy. Some critics claim that a cash advance targets the young and the poor, near military bases and in low-income communities, who may not understand the time value of cash. Others go further, comparing a cash advance to loan sharks due to high interest rates-- typically 250% or more when annualized.
There have been reported cases in which lenders of a cash advance have pursued criminal bad check charges, despite the fact that they (presumably) knew the check was bad at the time when it was written. Likewise, it is argued that the interest rates on cash advance lending unfairly disadvantage the poor, compared to the middle class who pay at most 25% or so on their credit cards.
For example, borrowers seeking a cash advance may write a post-dated personal check for $115 cash to borrow $100 cash for up to 14 days. The check casher or lender of cash advance agrees to hold the check until the borrower's next payday. At that time, the borrower has the option to redeem the check by paying $115 in cash, or refinance (rollover) the check by paying a fee to extend the cash advance for another two weeks. If the borrower does not refinance the cash advance, the lender deposits the check. In this example, the costs of the initial cash advance is a $15 finance charge, or 391 percent APR. If the borrower chooses to roll-over the cash advance three times, the finance charge would climb to $60 cash to borrow $100 cash.
Defenders of the higher interest rates note that cash advance processing costs do not differ much from their higher-principal, longer-term counterparts such as home mortgages. They argue that conventional interest rates at these lower dollar amounts and shorter terms would not be profitable. For example, one-week cash loans for $100, at a 20% APR (compounded weekly) would only generate 38 cents of interest, which would fail to match processing costs for the cash advance. They also argue the interest on a cash advance is less than the costs associated with bounced checks or late credit card payments. They also argue that the interest cost accurately reflects the increased risk of default, a concept known as risk based pricing.