Reputable Loan Service or Scam?
If you’ve ever needed money when you’re in a pinch, you’ve probably come across CashAdvance.com.
This online loan marketplace matches borrowers with bad credit to lenders willing to lend to them.
Before you get excited at receiving a quick $10,000, be advised that these short-term loan offers come with a high-interest rate.
Read on to learn if CashAdvance.com is the right option for you.
What is CashAdvance.com?
CashAdvance.com is a loan marketplace, so it is the platform that connects potential borrowers to best lenders that are willing to offer a loan to those with poor credit.
Loans obtained through CashAdvance.com don’t actually come from CashAdvance but from a range of third-party lending partners that work with them.
Low credit borrowers can secure anywhere from $100 to $10,000. Unfortunately the maximum loan amount if capped at $10,000. There is no minimum credit score that potential borrowers need to meet, which can mean that interest rates on the loans can be very high. The lower your credit score, the higher your interest rate will be.
CashAdvance is a loan marketplace owned by Hawk, LLC and is run by the Ute Indian Tribe. As the Ute Tribe runs it, it doesn’t have to follow the same state laws as other LLCs. Therefore, if the need arises, you would not be able to sue CashAdvnace.com in a US court of law.
How does CashAdvance.com work?
CashAdvance has an easy-to-use interface that eliminates confusion from the personal loan lending process.
The application process is simple. Potential borrowers simply need to fill out a personal information form for the online loan request to get started. On the online form, the information needed will include: the desired loan amount, the borrower’s zip code, full name, social security number and phone number and email address.
From there, CashAdvance gives the borrower’s information to its lender network, and the lenders then assess the borrower’s creditworthiness. Then, if they want to work with the borrower, they’ll make them an offer.
If the borrower decides to accept the lender’s loan offer, they work directly with the lender themselves – CashAdvance does not play a role in this part of the transaction.
Loan Criteria for CashAdvance.com
There are basic requirements that need to be met to submit a loan offer request. Potential borrowers must:
- Be at least 18 years old
- Be currently employed and earn at least $1,000 per month
- Be a permanent resident or U.S. citizen
- Have a checking or savings account
Pros and Cons of CashAdvance.com
Before you decide to use CashAdvance’s service, consider this list of pros and cons. There are both advantages and disadvantages to using this loan service provider. Let’s take a look.
- Free to use
- No minimum credit score
- Variety of lenders
- A rating from better Business Bureau
Free to use
There is no fee applied when submitting your information to potential lenders. The only fee paid is the interest rate detailed in the loan offer request.
No minimum credit score
Do you have bad credit? That isn’t a problem for CashAdvance or their many lenders. There is no specific credit score requirement needed for submitting a loan request. However, individual lenders may have their own standards that need to be met in order for them to offer a loan.
Variety of lenders
As the middleman between borrowers and lenders, CashAdvance provides borrowers easy access to their lending options. In addition, this website offers a huge convenience for those who do not have time to shop around on many different sites.
- High annual percentage rate and finance charges
- Limited loan amount
- Must be employed
- Unavailable in some states
- Cannot sue if necessary
- Must be over 18 years old
The most significant drawback to obtaining these short term loans is their high interest rates. Borrowers can expect to pay up to a triple-digit interest rate depending on their credit score.
Limited loan amount
CashAdvance offers loans ranging from $100 to $1,000. However, if you need a loan for a higher amount, it would be best to seek out other loan providers who can offer you the amount needed.
Must be employed
Potential borrowers cannot be unemployed. A requirement to submit a loan request is that borrowers must earn at least $1,000 per month in income. You cannot use CashAdvance as a short-term loan option if you do not have a regular job or do not earn the minimum income.
Unavailable in some states
CashAdvance does not operate in all 50 states. Before you submit your information, be sure to check if this low credit loan marketplace is an option for you.
Cannot sue if necessary
CashAdvance is owned by the Ute Tribe so it is exempt from the state laws that other low credit lending marketplaces are bound to. If the need were to arise, you would not be able to sue CashAdvance in a US court of law.
Must be 18 years old
While age limits for loan services aren’t uncommon, it’s important to note that minors are not able to apply for or receive short-term loans through CashAdvance.com.
CashAdvance.com Rates and Fees
CashAdvance offers loans for borrowers with low credit at amounts ranging from $100 to $1,000. If you need a loan for more than $1,000 or you have good credit it may be a good idea to look elsewhere.
There is no fee to apply for a loan, but high-interest rates are associated with these short-term CashAdvance loan offers.
Interest rates start around 200% and can range all the way up to 1,500%.
Loan terms range from 7 days to 12 months and vary by specific lender.
Is CashAdvance.com a Scam?
CashAdvance.com should not be confused with CashAdvanceUSA, or any other cash advance service, as they are entirely separate and unassociated companies.
CashAdvance is a registered Online Lenders Alliance (OLA) member, which is a trade organization that sets the best practices for the short-term loan industry. OLA describes its members as “among the most innovative financial technology companies committed to the highest standards of conduct, dedicated to ensuring the best possible experience for their customers, and fully compliant with federal law.”
But CashAdvance is a middleman, and it cannot speak for its network of lenders.
There are few online reviews for CashAdvance.com, and what reviews are provided are somewhat contradictory.
One CashAdvance.com review claims to be a victim of a scam:
“I went online to apply for a cash advance, and I was contacted by a representative who worked under the business of CashAdvance.com. I was offered a loan of $2,000. I was advised that I needed to send via money gram $120.00 to prove I was able to pay back the loan. I was told the $120.00 would be deposited into my checking account when cash advance was processed. I wired the money believing I would get it back. Then I was told I would now be connected with the wire transfer department and the loan would be transferred in 20 min. A different rep comes on the line and says okay there is a wire transfer fee of $249.00.”
This scam is not unique, but it is important to note that CashAdvance is not a direct loan lender – it is simply the middleman. That isn’t to downplay CashAdvance’s role in lining up lenders for borrowers.
CashAdvance may be aware of this scam as it as visible warnings on its homepage regarding the fraudulent phone calls.
Other CashAdvance.com reviews have only positive things to say:
“Wow, I can’t believe what I read in the comments here. CashAdvance.com is a site I have used for years. I have irregular paychecks because I am an independent contractor and sometimes if I don’t have a gig I need to take out cash advance loans to cover me until my next one. I have never, ever had a problem with it. I never even got a single phone call from them. The whole thing was done online and it was very reliable and trustworthy.”
Users’ experiences vary based on who the loan lenders are, not on CashAdvance themselves.
It’s important to research the direct lender you are accepting a loan from before accepting the offer. Understand all terms and conditions for the loan before agreeing to any terms.
Is CashAdvance Right For You?
CashAdvance.com is a great option for borrowers with poor credit seeking a short-term loan, especially if there isn’t much time to waste before they need the money. They may also be a better option than the high interest bad credit loans.
There is no one-size-fits-all answer to this question, as it depends on your credit circumstances and your ability to meet all criteria.
If you need money quickly and have the means to pay back the loan and interest rate, CashAdvance is a great service that offers many low credit borrowers the solution they need.
Wrapping It Up
CashAdvance is a short-term, high-interest rate middleman between low credit borrowers and loan lenders.It can be considered a good alternative than going to your local payday loans.
They have been around for 25 years and are OLA certified.
If you have poor credit and need a money in your bank account, CashAdvance may just be the solution to your unexpected expense instead of use a pay day loan as a last resort option. As always, review your loan options and read the fine print before agreeing to take on any loan.