Cash Advances vs. Regular Loans

Many Get Cash Tomorrow visitors are not clear on how cash advances differ from traditional loans. On this page, we'll explain the primary differences between the two types of loans.

Less Rigorous Qualification Standards

As we mentioned before, Get Cash Tomorrow lenders are able to relax their qualification requirements somewhat because the loan is secured by your paycheck. This means that the lender doesn't face the same amount of risk as a traditional lender would. Consequently, most Get Cash Tomorrow lenders just require that you are employed, earning at least $1000 per month, are at least 18 years old, are a U.S. citizen, and have an active bank account (varies by lender). These simple qualification standards make Get Cash Tomorrow loans generally more accessible than traditional loans or lines of credit.

Expedited Application Process

With a loan from a bank or a credit union, the application process is usually extensive and very time-consuming. You have to fill out stacks of application materials, usually in person, and then wait for an approval decision. By contrast, most Get Cash Tomorrow lenders offer online applications that can be completed in less than five minutes (varies by lender). As an added benefit, many of Get Cash Tomorrow lenders also provide applicants with approval decisions within seconds after receiving your application (varies by lender). Overall, the waiting and processing time with Get Cash Tomorrow loans is significantly less than with other loans.

Various Repayment Options

Of course, repayment terms and conditions will vary from lender to lender. Although, most Get Cash Tomorrow lenders offer very flexible terms for repayment. For example, if you cannot repay your Get Cash Tomorrow loan on the due date, some lenders give you the option of rolling the loan over. This means you extend the loan for extra repayment time as long as you agree to pay an additional finance charge. To do this, most lenders require that you pay at least the original finance charge of the loan on the due date. You might also have the option of paying the finance charge and part of the loan on the due date and then extending the loan for more time.

No Collateral Required

Unless you have an immaculate financial record, most traditional lenders require you to put up some piece of property as collateral when you take out a personal loan. Get Cash Tomorrow lenders do not require collateral from their borrowers. With cash advances, your paycheck serves as the collateral.