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Written by Sam Pennington on July 9, 2021
FTC Disclosure Review 2021: Are Short Term Loans Worth It?

Many of us have experienced a time in our lives where we couldn't quite make ends meet. Perhaps a car broke down or an AC unit quit working. Whatever the case may be, there are times when a short term loan could be beneficial.

However, for those with a low credit score, qualifying for a short term loan or a credit card may be out of the question. is a company with exactly this focus in mind, however there are a few key details that are crucial to understand before accepting a short term loan.

In this article, we will provide a complete review and cover the pros and cons of using their services. Review: Highlights

  • is a marketplace that connects lenders and borrowers
  • The company does not offer loans themselves
  • Loans of $100 - $999
  • Free to Use's Platform
  • The company does not perform any credit checks, though a lender may perform a credit check
  • Customers have the ability to choose between loan options
  • These short terms loans typically feature high-interest loans Review
  • Transparency
  • Simplicity and Ease-of-Use
  • High Interest Rates
  • Qualifications
  • Loan Amount
2.8 Review Summary is an online marketplace that connects clients to local lenders. Once a loan request is submitted, a client will have the option to browse any loan offers and choose the one that makes the most sense for them. has been around since 1997. Since, they have established themselves as a leader in this sector.

It is important to remember that does not actually make any loan offers, rather they connect a client with a local lender. Any loan that is offered should be reviewed carefully by the individual.


  • No Credit Check
  • Free Platform to Use
  • Convenience


  • High-Interest Rates
  • Must Be Employed

What is is a marketplace for short term loans, which means that the platform does not offer clients loans themselves. Instead, they connect lenders and borrowers.

This company was created in 1997 and has been a trusted marketplace since. A company like usually is not seen in the best light due to poor reviews; however, it is important to note that does not actually provide any loan offers.

When a person submits a request for a short term loan, CashAdvance connects this individual with local lenders. From there, the lender may perform a credit check in order to determine if they want to make an offer. At this point, the client has the option to accept a loan or not. CashAdvance clearly outlines this process and is very transparent up front.

CashAdvance also states directly on their website that they make money by sharing a client's information to various lenders. This is how they connect a client with a lender nearby the location.

cash advance 1997

How Does Work?

In order to submit a loan request, a client will need four things:

  1. You must be currently employed.
  2. You must be 18 years of age or older and a citizen or permanent resident of the United States.
  3. You must have a take home pay of at least $1,000 a month after taxes.
  4. You must have a current phone number and valid email address.

After submitting a loan request, the process is actually pretty fast. Most applicants will receive a phone call or email within a few minutes letting them know if they are approved. CashAdvance will then look for a local lender. If they find a lender near you, then the lender will be given your information, and they will decide whether to offer a loan or not.

If a loan is offered, the client will have the option to accept or decline the offer. CashAdvance encourages clients to read the entire offering to best understand the interest rate and other payback terms.

While CashAdvance is free to use and does not perform any credit checks, the lender is certainly not free. They also may perform credit checks to determine whether they want to offer a loan. With a short term loan, you can expect to receive an offer with high-interest. The lower your credit score, the higher the interest rate.

While we can't offer exact interest rates as an example since every lender is different, you can expect to pay very high interest, sometimes in the triple digits. Rates are often between 300% to 1,000%. Payback terms can also range from 7 days to 12 months. Remember, every lender is different and will offer different rates and various payback terms.

cash advance states available

How Is the Money Paid Out?

After receiving an offer and reviewing all the terms, an individual may choose to accept a loan. If a loan is accepted, then the client can expect to receive the money directly into their bank account through direct deposit as early as the next business day.

Is CashAdvance Safe?

CashAdvance is safe to use. They are a legit company that has been around since 1997. They offer 256 bit encryption software to ensure your data is secure. They are also very transparent about the process and how the company works and makes money.

It is important to remember that every loan comes from a third party, meaning it is the responsibility of the client to do their due diligence before accepting a loan.

CashAdvance also discusses the possibility of a scam on their website and warns that other companies exist with "Cash Advance" in their name. It is because of this that has received many poor reviews, when in actuality, it was another entity that disappointed a client.

Why Do They Need My Social Security Number?

Like any loan or credit line with a bank or brokerage, CashAdvance needs your SSN to provide to your local lenders. While CashAdvance does not perform any credit checks, a lender may use your SSN to perform a soft or hard credit check.

Additionally, if you fail to pay the loan back, the lender may report the delinquency to a credit bureau.

cash advance loan calculator

Are There Any Short Term Loan Alternatives?

While short term loans can be beneficial in a bind, they also typically feature short payback terms and high interest. With this in mind, there may be a few other alternatives to consider:

  • Credit Building Credit Cards: While many credit cards are not available for someone with poor credit, there are also many credit cards designed for low credit scores. These starter credit cards often feature small lines of credit, but can grow over time as you prove an ability to pay it off on time. Some of these credit cards are called Secured Credit Cards as they require a down payment as collateral in case you fail on payments.
  • Peer to Peer Lending: There are a number of peer to peer lending platforms that offer personal loans to individuals that may not be able to qualify for a loan elsewhere. Some top peer to peer lending platforms include LendingClub and Upstart.
  • Paycheck Advance Apps: You may have seen a commercial for an app that offers a service like this. A common one is Earnin. A paycheck advance app typically allows an individual to receive a part of or their entire paycheck early. They still feature an interest rate, but could be another alternative to a short term loan. Review: Final Thoughts is a platform designed to help individuals find short term loans. The company does not make any loan offers themselves.

After submitting a loan request, a client may receive 1 or more loan offers. It is important that the client reviews the loan offering in its entirety before agreeing to its terms and conditions. Looking for the interest rate and payback terms will be most important.

One of the main downsides of a short term loan is the high-interest that almost always accompanies it. While each lender is different and will feature a different interest rate, you can be sure that it will be high. The payback terms will also be quick. The lower the credit, the higher the interest rate.

Sometimes we find ourselves in an emergency where we need quick money. CashAdvance could be the option for you if you need a loan between $100 - $999 and can accept the terms and conditions of a lender. You will need to be employed with at least $1,000 of income each month.

There are also some alternatives to a short term loan that may be better suited for your needs. These options include secured credit cards or starter credit cards, peer to peer lending, and paycheck advance apps. is a legit company that has helped many receive a short term loan. If you are interested in learning more, be sure to check out their website and browse their FAQs.

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Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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