Can You Get a Cash Advance Loan With No Credit Check?

A cash advance can provide fast access to funds in an emergency, either through your existing credit card or by using a cash advance app. Cash advances don’t require a credit check, so they could be a good option if you have poor or no credit history.

They are similar to payday loans in that they’re designed to be short-term and repaid on your next payday. They can be more affordable, but there are still costs you need to consider before you apply. 

Key takeaways

• There are two main types of cash advances: credit card cash advances and cash advance apps.
• Both types offer a quick and easy way to access a small loan in an emergency.
• Many cash advances don’t require a credit check, but lenders may look at other things like your income.
• Ensure you know the costs involved, especially when using a credit card cash advance.
• Consider alternatives like buy now, pay later or borrowing from savings

What are cash advance loans?

A cash advance is a way of borrowing a small amount of money, usually through your credit card issuer or cash advance apps. 

Cash advance loans are a fast, straightforward alternative to personal loans when you need money quickly. 

They are designed to be used to cover urgent expenses or financial gaps between paychecks. Loans are typically for small amounts, ranging from $10 to $1,000.

Types of cash advances

There are two main types of cash advances: a credit card cash advance and a cash advance app.

Credit card cash advance

This is a loan against the credit limit on your credit card. You effectively withdraw cash from your credit card rather than your bank account.

However, this can be more expensive than using your credit card to make a purchase. You may have to pay a transaction fee, and the interest charged on a cash advance is usually higher than your standard credit card interest rate.

You can get a credit card cash advance in the following ways:

• ATM withdrawal: If your credit card has a PIN, you may be able to withdraw cash directly from an ATM.
• Bank teller: If your credit card provider has a storefront location, you can request a cash advance from a bank teller by providing your card and ID.
• Online: Your bank may let you request an online cash advance with no credit check through your banking or mobile app and send the money directly to your checking account.
• Convenience check: You can request a check for the cash advance amount be sent to you, either online, in person, or over the phone.

Before taking out a cash advance on your credit card, check the terms and conditions with your provider.

Cash advance apps

Cash advance apps are mobile apps that offer small loans designed to be repaid on your next payday. You can borrow as little as $10, with some apps offering a maximum loan of $1,000.

Many cash advance apps provide interest-free loans, but you will usually have to pay a one-off fee, monthly subscription or make a suggested tip. Popular apps include: 

• Earnin
• Dave
• Varo
• MoneyLion
• Payactiv

Each offers different limits, fees and transfer times, so it’s worth researching your options to find the right app.

How do no-credit-check cash advance loans work?

Credit card cash advances don’t require a hard or soft credit check when you apply. If you have a credit card that allows cash advances, you will automatically be eligible to withdraw cash from part of your credit limit.

You will repay the outstanding balance as you pay off your credit card. Be aware that the money you borrow through a cash advance will carry a higher interest rate than credit spent on purchases.

Cash advance apps don’t typically look at your credit report. They assess eligibility based on your income, employment status, and having a valid bank account.

The application process is usually straightforward and fast. You will provide basic personal and financial details in the app, and once approved, the loan amount is deposited into your bank account.

The loan you borrow through a cash advance app is usually repaid in full automatically on your next payday.

Pros and cons of no credit check cash advances

Take some time to weigh up the pros and cons to help you work out if a cash advance with no credit check is right for you:

Pros

• Quick access to funds: Cash advance loans are designed for speed, often providing funds instantly or by the next business day.
• No credit history required: Lenders look mainly at your income rather than credit scores, making these loans accessible even if you have poor or no credit.
• Simple application: Applications are usually quick and can be completed online with little or no paperwork required.
• No impact on credit score: As cash advance lenders often don’t conduct hard credit checks, applying for a cash advance won’t affect your credit score.

Cons

• Small loan amounts: Cash advances are usually available for no more than $1,000, which may not be enough to cover significant needs. 
• Short repayment period: Cash advances are designed to be paid off quickly on your next payday, which could cause further cashflow problems. 
• Higher interest rates: A credit card cash advance will usually be charged at a higher rate compared to your standard purchase rate.
• No credit score benefit: A cash advance loan is unlikely to help build your credit score even if repaid on time.
• You must be an existing customer. If you need an advance quickly, you must already have a credit card or be signed up for an app, otherwise, you will need to become a customer first.

Alternatives to cash advance loans with no credit check

Cash advance loans can be an effective way to borrow money in an emergency, but other options are available. Here are some alternatives to explore to help you make the right borrowing decision:

Personal loans

A personal loan could be a viable alternative, especially if you need to borrow a large sum of money. However, personal loans can be difficult to get if you have poor credit, but some lenders offer no-credit-check personal loans. 

If you’re considering a personal loan, compare lenders to find the best rates and terms for your needs. Personal loans are a long-term financial commitment, so make sure you can afford the repayments. 

Buy now, pay later (BNPL)

Buy now, pay later (BNPL) is a type of short-term finance in which you buy something and pay for it over time. They are also known as point-of-sale financing, and they can be interest-free depending on the provider and how you choose to repay.

Interest-free BNPL is usually only available if you agree to repay the loan quickly, for example, in four payments over two months. If you want longer to repay what you’ve borrowed, you may have to pay interest.

Personal line of credit 

A personal line of credit is a flexible borrowing option similar to a credit card. It allows you to access funds up to a pre-approved limit. You can borrow as needed and only pay interest on the amount you use.

Unlike fixed-term loans, a personal line of credit provides ongoing access to funds, and repayments can vary depending on the amount borrowed. 

Some lenders specialize in offering lines of credit to those with less-than-perfect credit, often focusing on factors like income and financial stability instead of just credit scores.

Payday loans 

Payday loans are a short-term financing option that comes with high interest rates. They are usually available if you have bad credit, and most lenders won’t perform a hard credit check when you apply, but they are an expensive way to borrow.

Payday loans are prohibited in some states, so always check that the lender complies with your state’s regulations.

Is a cash advance loan with no credit check right for you?

A cash advance could be a simple and affordable way to borrow when you need money fast. However, they won’t be the right solution for every situation, so weighing up your options carefully is important.

Go through the following checklist before you choose to get a cash advance:

• Carefully consider the pros and cons of cash advances
• Check if your credit card allows cash advances
• Look at alternatives if you need to borrow more than $1,000
• Work out if you need to borrow the money or if you can use savings instead
• Make sure you understand what will happen if you can’t repay the advance

Considering these points will help you ensure that a cash advance is the right option for you.