Borrow £100 to £2,500, repaid over 3 to 24 months
Apply for a Cash Advance with allthelenders
If you are looking for a cash advance on your wages, allthelenders can help you find the right loan for you. We work with over 50 regulated short term lenders in the UK and allow you to compare the best lenders according to your preferences.
A cash advance refers to getting an advance on your salary from work. Perhaps you have some pressing bills, have fallen behind on some payments or just need some extra cash. A cash advance gives you the money upfront and allows you to repay when you have eventually received your income from work – and you can choose to pay at the end of the month or spread repayments over monthly instalments.
With most people receiving their pay cheque on the last working day or last Friday of the month, this can be a long time before getting any cash into your account. If you have a special purchase, unexpected emergency or have fallen behind on bills, a cash advance can help see you through the month.
By clicking on ‘compare now,’ you will be taken to our loans calculator where you will be able to choose the amount you want to borrow and how long for. We will give you a list of lenders who are best suited to your requirements and then you will be able to click on the lender of your choice and apply directly on their website. There are no upfront fees and if successful, you can receive funds on the same day or sometimes within 1 hour.
What is a Cash Advance Used For?
Cash advances are commonly used for pressing emergency cash situations such as broken boilers, car repairs or keeping up with bills. Whilst we always try hard to put money aside for a rainy day, we can never be sure when we will need some extra money to tide us over.
There are always going to be things in life that will put strain on our finances. Whether it is a plumbing problem at home, an expected medical bill or an expensive utility bill as a result of a cold winter – there are always going to be things that pop up.
The purpose of a cash advance means that you can receive the money into your debit account in one lump sum and use it to pay off your emergency immediately. Once you have received your next income from work, you can then simply repay your loan or choose to repay over 3,6 or 12 months for some added flexibility.
Am I Eligible for a Cash Advance Loan?
The criteria for cash advance loans usually requires you to be over 18 years of age, a full-time resident in the UK and earning at least £500 per month. Our loan partners at allthelenders will carry out sufficient checks to ensure that you can afford to repay your loan without falling into financial difficulty.
This includes carrying out a series of credit checks and affordability checks and in some cases, they may request proof of a payslip or bank statement to confirm your income.
Although credit checks are part of the underwriting process, our cash advance lenders will always take a view on bad credit and will factor in other things such as recent repayment history, income and employment.
The main eligibility criteria is:
- Over 18 years of age
- UK resident
- Full-time or part-time employment
- Valid debit account
- Working email address and mobile phone number
- No recent CCJs, IVAs or bankruptcy
How Do Repayments Work for Cash Advances?
The original cash advance loan would typically last for just one month until your received your next payday from work, hence they known as payday loans.
Today, more customers are opting for instalment loans that are repaid in equal monthly instalments over 3,6,12 or 24 months. This gives you added flexibility and breathing space to repay your loan, rather than being pressured to pay in full by the end of the month.
In addition, the companies partnered with allthelenders will always give you the option to repay your loan early if you wish to do so. Most lenders will have a login or ‘my account’ section on their website and you will be able to pay in full and usually save money since you will be paying less interest overall.
Things to Consider Before Applying
How much you want to borrow: Whilst it is common to try borrow as much as possible, you want to avoid being charged more interest or being financially stretched. With this in mind, it is worth checking your budget and seeing how much you need to borrow in order to avoid falling into debt.
Your repayment dates: During the loan application, you will be able to select a repayment date that suits you. Most applicants choose the day that they get paid from work, which is usually the 25th or the last working day of the month. For some borrowers, they like to select one or two days after their pay date, just so they can clear their other payments and stay on top of their finances.
Consider other alternatives: Whilst cash advances can be useful, they can sometimes be costly forms of credit. You can always consider borrowing money from family and friends or selling any old items that you no longer use.
If you are looking for a cash advance online, allthelenders is delighted to offer products from a number of established lenders and alternatives too including personal and guarantor loans. Simply start by clicking on ‘compare now’ to find the right lender for you and start your application today.