Cashback loans are simply a short term loan that allows you to get quick cash from a direct lender. Once you have cash in hand, there are typically no restrictions on how to use the money and you can pay back the amount borrowed over a period of weeks or months. With most cashback loans, the money is given to you all at once at the beginning of a contract and then paid off over a short period of time. Cashback loans should be paid off quickly or even better before your due date so that you don’t accumulate a lot of interest.
What Do I Need To Qualify For Cashback Loans?
Most cashback loans don’t require much in terms of qualifications because you aren’t looking at a long term solution to your financial troubles. If you have a need for fast cash, and it’s needed in the short term, this type of online loan is right for you. The best part is that you can qualify for cashback loans even if you have bad credit history. Because these online loans are only meant for short term use and come with high interest rates, most lenders are willing to work with all types of credit histories so that they can get their money back quickly from the borrower
How Does A Direct Cashback Loan Work?
Most cashback loans are small amounts of money designed to be repaid within weeks or months depending on the amount borrowed. When you take out cashback loans, there are typically two payback options for borrowers to consider. The first option is to pay back the full amount whenever you have the cash available. By doing this you can save a large amount of money by avoiding the high interest payments that come with the back end of the loan. The second option is to pay back the loan according to the payoff schedule. The payments are often made every two weeks and you should be fine as long as you stay current and avoid missing the due dates.
How Much Money Can I Borrow With Cashback Loans
The amount of cash a first time applicant can borrow will depend on the state you live in and your overall borrower profile. Cashback loan amounts will often range from $100 to $1,000 and you can get cashback loans for more than one purpose. The cash is typically sent by bank wire or ACH into your bank account immediately following your cashback loan application. Once you have cash in hand it’s up to you on how you use the money and most cash advances come with unlimited rollover provisions. This means that if you’re not able to pay off the cash advance when it comes due, there won’t be any penalties or fees associated with having the funds rolled forward another two weeks
How Long Will It Take To Get My Cashback Loan?
It’s important before applying for cashback loans to understand how long it will take to get your cash from a direct lender. Like the vast majority of direct online payday lenders, companies that offer money back advances can typically approve the loans quickly but the time it takes to get you cash depends on bank processing times. On most business days the cash can be sent within 24 hours. When it comes to weekends and holidays you may be looking at a longer period of time.
Another option is to get your money in person from a cashback lender near you. By doing this you can apply directly online, fill out the application and send in all the paperwork upfront. As soon as you’re preapproved you can then meet with your direct lender near me and pick up the money in person. Some payday loan companies that also offer cash advances can hand over the funds often in one hour or less!
Are There Any Drawbacks That Come With A Cashback Loan?
The main drawback to consider before applying for cashback loans is the high interest rates that come with these types of cash advances. Cash advances should be treated as a part of emergency cash and not something that you use on a long term basis. Similar to online payday loans, this money back offers have an APR that approaches triple digits and those finance charges can add up quickly! If you take out cash advance loans and expect to carry them over, it’s very likely that you will wind up paying more than twice the amount of the original cashback loan. To avoid this try to pay off your cash advance as soon as possible or only roll over your cash advance loans once instead of multiple times.
How To Apply For Cashback Loans Near Me
Getting cashback loans from a direct lender near me is easier than you may think. Typically direct lenders have easy online cash advance applications and they can use your income and employment information to quickly approve your loan request.
When applying for cash advance loans either online or in person, expect that you will need your social security number as well as other personal information like bank account details and proof of residence. You should also be prepared to provide verifiable salary statements if you’re employed as this detail can help direct lending companies process the application more quickly. If you’re looking for direct loan offers a good place to start is our list of online direct lenders. Not only do these companies offer online payday loans and payday installment loans, but they also provide many different variations of cashback loans and you can also compare the different payoff options and finance charges!