What are the different types of cash loans? Learn the differences between online loans, payday loans and credit card cash advances.

Cash Loans Defined: 3 Types of Loans for Quick Cash

By Anna Wolf

When you need quick cash for a bill or unexpected expense, a cash loan can help you borrow money in a hurry. But the definition of cash loan varies based on the type of loan—so how do you know which one is right for you?

“Cash loan” is actually a broad term for a few different types of loans, including online loans, payday loans and credit card cash advances. All of these loans can quickly pad your wallet, but they have some differences to be aware of.

Before you borrow, here’s what you should know about cash loans.

What is RISE?

RISE is not a payday loan and it’s not a bank loan. It’s an online installment loan that can help you build credit.

Rise offers cash loans from $500 to $5,000 (varies by state). Apply online in minutes, choose your own terms (state restrictions apply) and get cash deposited into your account as soon as tomorrow.* With rates that may go down over time** and free access to your credit score, we help you take control of your debt. Apply for an online installment loan with RISE today. Learn more today.

 

i http://www.paydayloaninfo.org/facts

* Applications processed and approved before 6pm ET are typically funded the next business day. RISE is offered only to residents in states where permitted by law. To obtain credit, you must apply online and have a valid checking account and email address. Approval for credit and the amount for which you may be approved are subject to minimum income requirements and vary by state.

** Customers in good standing may qualify for a reduction in annual percentage rate ("APR"). Installment Loan Customers:  In order to be eligible, you must continue to meet RISE's credit criteria, and we will evaluate the stability of your personal information and identity for each new loan.  If eligibility requirements are met and you make 24 successful, on-time monthly payments (48 bi-weekly payments), the APR for your next loan will be 50% off your original loan's APR (excluding customers with starting rates of less than 75%). Additionally, if you continue to meet eligibility requirements and you make 36 successful, on-time monthly payments (72 bi-weekly payments), you will qualify for a 36% APR for your next loan.  Note that it may take two or more loans to reach 36% APR. In Mississippi, if you make 24 monthly payments (48 bi-weekly payments), the monthly handling for your next loan will be 50% off (excluding customers with starting rates of less than 75%). And, if you make 36 monthly payments (72 bi-weekly payments), you qualify for a monthly handling charge of 3% for your next loan with RISE. Note that it may take two or more loans to reach a 3% monthly handling charge.)   Line of Credit Customers: In order to be eligible, you must continue to meet RISE's credit criteria, and we will evaluate the stability of your personal information and identity.  If eligibility requirements are met and you make 24 successful, on-time monthly payments (48 bi-weekly payments), the APR on your line of credit will be reduced to 50% off your original APR. Additionally, if you continue to meet eligibility requirements and you make 36 successful, on-time monthly payments (72 bi-weekly payments), you will qualify for a 36% APR on your line of credit.

Next Article: What Is an Installment Loan?