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 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 many qualifications because you aren’t looking at a long term solution to your financial troubles. If you need 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 with a 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 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 total amount whenever cash is 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 account immediately following your cashback loan application. Once you have cash in hand, it’s up to you how you use it, and most cash advances come with unlimited rollover provisions. If you cannot 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 essential before applying for cashback loans to understand how long it will take to get your cash from a direct lender. Like most direct online payday lenders, companies that offer money back advances can typically approve the loans quickly. Still, the time it takes to get your 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 more extended period of time.
Another option is to get your money in person from a cashback lender near you. You can apply directly online, complete the application and send in all the paperwork upfront. As soon as you’re preapproved, you can meet with your direct lender near me and pick up the money in person. Some payday loan companies offering 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 of these cash advances. Cash advances should be treated as a part of emergency cash and not something that you use on a long term basis. Like online payday loans, these money-back offers have an APR approaching triple digits, and those finance charges can add up quickly! If you take out cash advance loans and expect to carry them over, you will likely 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 accessible online cash advance applications, and they can use your income and employment information to approve your loan request quickly.
When applying for cash advance loans online or in person, expect you will need your social security number and 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, an excellent 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. You can also compare the other payoff options and finance charges!