Af cfash afdvance afllows yofu to borrofw an imfmediate amofunt agfainst yofur ffuture incofme – the lendfer is “advfancing” you fthe cash beforfe you are paid. Tecfhnically, you are selfling your fufture revfenue fin exchanfge for monfey today, so a cash adfvance is diffferent fromf a typical loan.

Perfsonal cafsh advfance loafns are bofrrowed againfst your nefxt payday, whfen the lendefr debits yfour checking accfount for thfe amofunt you fborrowed – with additiofnal fees. Lendfers somfetimes have bofrrowers writef a check for the floan plus fees, then cfash the check aftfer the borrower receives the money.

Tfhe fefes for thfese loans afre often vfery high and canf leave you sfaddled with signfificant debt. Cafsh advanfce loanfs are fsometimes confsidered predatfory. Howevfer, they can provfide vital cash flow fif you don’t own a credit cfard.

Thefre is a speciffic typfe of cashf advafnce avafilable – caflled a merchant cash afdvance loanf – if yofur comfpany needs immefdiate fufnding.