“Anyone who lives within their means suffers from a lack of imagination.”
― Oscar Wilde
Every invention seemed to be a stupid thought of a lunatic but it was out of the box idea and the imagination of a person which rolled our civilization on the road of progress. The daring people dream big and their dreams are watered by the financial organizations. There are number of institutions like banks, credit unions who are ready to nurse your dreams by giving cash advance
Cash advance is the loan taken from a bank or an alternative lender. This term also covers the service provided by many credit card issuers allowing cardholders to with draw a certain amount of cash.
As the name suggests, it is financial help taken for different purposes and for different span of time.
It can be taken to meet a medical emergency or for fulfilling fluffy dreams like destination wedding, vacations, business startups. Dreams are priceless, only the dreamer knows its value. So dreams need to be protected.
Under the canopy of Cash advance comes, Credit Card Cash Advance, Merchant Cash Advance and Payday loans.
Credit card cash advance
It is the most popular type of cash advance in which the money can be withdrawn at an ATM or depending on the credit card company, from a check that is deposited or cashed at a bank.
This kind of facility provided by your credit card issuers can be used to meet an emergency situation when you don’t have enough cash on hand or to meet one- time expense when your checking and saving account is out of cash.
Merchant Cash Advances
It refers to loans received by a company or a merchant from bank or alternative lenders. These loans are crucial to the entrepreneurs .The businessmen who have less than perfect credit use cash advance to finance their activities and in some cases are paid for with future credit card receipts or with a portion of the funds the business receives from sales in its online account. Merchant cash advances don’t have a fixed repayment date. They are also fast and cash is received within 48 hours of applying.
Arturo Calderon realized his dream with Merchant Cash Advances
Arturo thought he had enough finances to start his new restaurant in The Woodlands, Texas but the construction of his 3,000 square foot eating joint ate the operating cash he had set aside for opening. So Arturo applied for a cash advance of $80,ooo which he received within 48 hours whereas his bank would have taken at least four to five weeks. So merchant cash advance rescued Arturo from financial emergency situation.
It is a very short term financial advance which varies from $50 to $ 1000 dollars and the borrower is expected to pay it on his next payday. These loans are taken to meet the unexpected expenditures popping during the month. It can be used for car repair or to furnish medical bills or to throw a party to a newly wedded couple. Online payday loans are easy to gain. It can be obtained online too. It is believed that 51% of Americans have availed this loan at least once in their life. It is easily accessible and is speedy. It is good for those who do not have good credit history as the lenders ignore the struggling period of an individual and focus more on the present economic condition of the person.
Unlike traditional loans there is no need to seek and fix appointments with the bank officials. Filling of long forms have been replaced by filling of online information. The time of weeks taken by traditional banks to clear loan has been cut down to a few hours.
Cash advance has something for everybody. It has widened the horizon of opportunities for dreams to grow wings and take off into the world of success.