Cash Advance Apps
Use an app like Dave to get an advance of up to $500. There are a number of cash advance apps to choose from, but Dave is trustworthy (it's been around since 2017), easy to use, doesn't have a lengthy application period, and will determine your eligibility for an advance of up to $500 without a credit check with an ExtraCash™ account. Download Dave for iOS or Android and sign up for an account. Once you install the app, create your account and tap ExtraCash™ to see how high of an advance you are eligible for, up to $500. You can send your cash to an external account or transfer it to your Dave Spending account. Sending the cash to your external bank account has no fee, but it will take up to three business days to transfer. If you send the money to your debit card, it'll be ready in an hour, but you'll pay an express fee of 5% (minimum $5). Sending the money to your Dave Spending account costs 3% (minimum $3), and your money is ready in seconds. Dave doesn't charge interest or late fees, so you won't be surprised by extra fees when you settle your account. Designed by Dave, not a bank. Evolve Bank & Trust, Member FDIC, provides banking services. Advances are subject to eligibility requirements, and are provided as an overdraft, which causes the ExtraCash account to have a negative balance. The average approved advance is $160, updated quarterly based on the prior 6 months. See the Dave ExtraCash™ Deposit Agreement and Disclosures for details.
Cash advance apps still may have eligibility criteria. While many cash advance apps don't use your credit score to determine your eligibility, they may have other requirements before you can get an advance. Each app will have different requirements. For example, Dave looks at the following information (and more) when determining your ExtraCash advance eligibility and maximum advance amount: At least three recurring deposits (with $1,000 or more deposited monthly to potentially get a higher advance amount) Income history (of at least 60 days if you link your bank) Spending habits A positive bank balance
Credit Card Advance
Get an advance from your credit card. If you have a credit card, you may be able to get a cash advance by withdrawing cash from your card at an ATM or bank. If you can get a cash advance on your credit card limit, the information you'll need will be detailed in your account terms. Most credit card issuers that allow cash advances only allow a certain percentage of your limit to be taken as an advance. While each card issuer will have a different percentage, it's typically 20% to 30%, which means you'll need a limit of at least $2,500 with at least $500 remaining on your card. Credit card advances also have up-front fees. These also vary depending on your card issuer, but it's usually 3 to 5% of the total advance (though some card issuers have a fee cap and will charge whichever fee is higher). This doesn't include any ATM fees if you get your advance at an ATM.
Credit card advances are subject to higher interest rates. Again, the exact cash advance interest rate will vary based on your card issuer, but the average cash advance interest rate is about 25%, with some cards going up to 36%. This is much higher than the average credit card interest rate of 23%. Because of this, it's generally a good idea to pay off a credit card cash advance as soon as possible and only take out what you need. Taking out more than you need will lead to more fees and more interest paid over time.
More than just cash withdrawals may count as a cash advance. While using your credit card to get cash from a bank or ATM is the most straightforward way to get a cash advance, your credit card issuer might count other transactions as an advance. Check with your issuer to learn what counts as an advance for your card. Some common transactions that might count as advances are: Peer-to-peer transfers (like PayPal or Venmo) Paying bills or loans Wire transfers Traveler's checks Money orders Foreign currency exchange Lottery tickets or other gambling purchases
Payday Alternative Loans
If you bank with a credit union, you can get a Payday Alternative Loan. Payday Alternative Loans, or PALs, are just that—an alternative to payday loans, which have incredibly high interest rates and can easily lead to a borrowing cycle that's difficult to break out of. PALs are offered at several federal credit unions around the United States. Unlike payday loans, which are due all at once, PALs are installment loans where you make payments in installments at predetermined intervals (such as once a month, every other week, etc.). PALs do, however, require an application, and some credit unions will require you to be a member for at least a month before you can apply for a loan. As such, it's not the quickest method to get a cash advance. The National Credit Union Administration (NCUA) has set rules for PAL terms. PALs cannot have an interest rate over 28%; application fees are capped at $20. To find a credit union that offers PAL, use the NCUA's mapping tool. Under Additional Search Options you can tick the box for Payday Alternative Loans to see which credit unions near you offer them.
There are two types of PAL. These two PALs—PAL I and PAL II—have different terms and borrowing limits, which are listed below: PAL I: You must be a credit union member for one month before applying. Loan terms range from 1 to 6 months, and you can borrow $200 to $1,000. PAL II: You can apply for a loan as soon as you become a credit union member. Loan terms range from 1 to 12 months, and you can borrow up to $2,000.
Some credit unions may not require a credit check to get a PAL. There is no minimum credit score set by the NCUA to be approved for a PAL. As such, each credit union will have different policies—and some may not require a credit check. To find out if a credit union will do a credit check during your PAL application, check the union's website or call one of their locations for more information. While some credit unions may not do a credit check for a PAL, they will likely need some verification that you can make your monthly payments. If you're applying for a PAL at a credit union you are already a member of, having a good standing with that union is key. If you're applying for a PAL II at a union you've just joined, they may request pay stubs or bank statements before approving your loan.
Pawn Shop Loan
Pawn shop loans are quick, but have high interest rates. On average, pawn shop loans run an interest rate of about 200%. This is much higher than using a cash advance app (which often have zero interest fees), getting a credit card advance, or applying for a PAL, but it's still a lower interest rate than payday loans (which can have interest rates up to 400%). Besides interest charges, pawn shops may collect other fees when you come to pay off your loan and collect your item. As such, while a pawnshop loan isn't the most expensive cash advance you can do, it's still not recommended unless you have no other options.
There's no credit check with a pawnshop loan, but there are other requirements. For starters, you must be 18 years old or older and have proof of identity (such as a driver's license, state-issued ID card, or a passport). You also may need proof of ownership for the item you want to get a loan with, especially if it's an expensive or in-demand item, such as electronics, collectibles, firearms, or jewelry.
Pawn shops will loan you about 25% to 60% of the item's resale value. So, if you're looking to get a loan of $500, you'll need to bring in an item (or combination of items) with a resale value of around $840 to $2000. Determining resale value can be tricky, especially because pawn shops can access special databases with values that are not available to the public. You can try checking eBay for resale values to get a rough estimate of your item's worth.
Pawn shop loans are usually for 30 days to two months. During the loan period, you must return to the pawn shop and pay off the loan (and any fees and interest) to get your item back. If you can't pay off the loan by the end of the term, you can potentially extend or renew the loan, but the pawn shop may only allow so many renewals or extensions. If you can't repay the loan, the pawn shop will keep your item as payment and sell it to recoup the money.
Payday Loans
Payday loans don't require a credit check, but lenders do need some information. You'll need to provide your income and checking account information. You will also need to provide permission for the lender to withdraw payment for the loan (plus any interest and fees) on your next payday. If you got your payday loan in person, this may be accomplished by providing a signed, post-dated personal check that the lender can use to take payment for the loan on your next payday. If you got your loan online, the lender will usually ask for permission to withdraw funds from your account on the agreed-upon repayment date.
Payday loans are relatively easy to get but have some major drawbacks. Payday loans are short-term but very high-cost, with many loans having an interest rate of nearly 400%. Because payday loans are usually small ($500 or less) and paid back quickly, the interest charged doesn't always appear to be as expensive as it is. For example, a payday loan of $100 with a term of 14 days and an interest fee of $15 is an interest rate of about 391%.
If you can't repay a payday loan, you may be able to get an extension. If you can't repay a payday loan and you got it in person, you can usually return to the lender and ask for an extension. If you can't get an extension or you forget to extend your loan period, the lender will charge late fees or returned payment fees, and your bank may charge non-sufficient funds fees (if the lender attempts to withdraw payment and it bounces) or overdraft fees (if the lender withdraws payment and you overdraft). If you live in certain states in the U.S., your payday lender must provide extended payment plans if you request one, if you default on your loan, or if you're at risk of defaulting. These states are Alabama, Alaska, California, Delaware, Florida, Idaho, Indiana, Louisiana, Michigan, Mississippi, Nevada, South Carolina, Utah, Washington, Wisconsin and Wyoming.
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