iQuanti: Even if you have a steady job, there may be times when you need extra funds before your next payday. Whether you need to cover essential expenses or have to pay an unexpected bill, cash advances can provide you with the funding you need to get out of a financial bind. These loans often come with less strict credit score requirements and can get you money as soon as the same day you apply. Read on to learn how same-day cash advances work and some instances where this type of loan may come in handy. 

What is a cash advance?

A cash advance is a short-term loan typically worth a few hundred dollars that can give you extra funds before your next payday. You'll typically repay this loan in two to four weeks, depending on when you get your paycheck.

Many cash advance lenders will approve borrowers with poor or fair credit. They'll consider factors like income and employment history in addition to credit score when deciding whether to approve you. 

3 instances where a cash advance can come in handy

Here are some scenarios where getting a cash advance may make sense:

Your rent is due

If your rent payment is coming up soon and you don't have the funds to cover it, you may want to consider getting a cash advance. Using this loan to pay the rent can give you temporary financial relief and keep you in good standing with your landlord. Then, you can repay the cash advance with your upcoming paycheck.

You need to cover essential day-to-day expenses

Sometimes, you just need some extra funds to get through the month. Whether you have to buy groceries or gas, a cash advance can give you some extra room in your budget for those essential day-to-day expenses.

You have to pay an unexpected car repair or medical bill

Car repair and medical bills can come up unexpectedly, and can be hard to budget for if you're running low on funds. A cash advance can help you pay these bills right away and get you out of a financial pinch. Just make sure you have a plan in place to repay the loan when it comes due.

The bottom line

Same-day cash advances can provide you with the cash you need immediately. From covering a medical or car repair bill to paying for groceries, there are many situations where having some extra funds can come in handy. Do research to compare cash advance lenders and make sure you have a repayment plan in place ready before applying for a loan. Once you find the right cash advance for your needs, you can start covering expenses in no time.

  Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.