Untitled-2

Credit Union Loans from Cape Federal Credit Union

ANYTIME, ANYWHERE! Access your accounts whenever, wherever. With Online Banking & Mobile Banking, your accounts are only a few clicks away!

ONLINE LOAN APPLICATION During these trying times, we’re making loan approvals even easier. Apply online & complete your loan application without having to come into a branch. You can even upload your paystubs through the credit union loans online application. Apply Now!

GROW YOUR SAVINGS! Choose from a variety of Savings & Investment Accounts all designed with your best interest in mind! Become a member of CAPE FCU today & experience the PERKS of a not-for-profit institution with your best interest in mind!

CAPE FEDERAL CREDIT UNION 323 East Pike Street Clarksburg, WV 26301

PH :: 304-623-4794 Fax :: 304-622-3407

What is the meaning of Cash Advance?

A cash advance as you can get from the name is a temporary or short-term loan advanced by a bank or other private lenders. It is also used in most cases when credit card issuers allow their customers to withdraw an excess amount. Such money is given with conditions that include the time of repayment, fees as well as interest rates. It is enticing to borrowers because of the easy access to the money and quick approval. This loan is given in the short term. There are different kinds of cash advances and you have to study the types to know the particular one you want and which you are qualified to apply for.

Cash Advance system, how does it work?

As already explained it a short-term loan relief. Before you are allowed to borrow you must qualify for it. The first step to take is to know whether you are qualified for the loan. Furthermore, you must study the loan terms. When you apply for the loan, you will wait for the approval and which is done within the next few minutes. Provide all the necessary information required for fast processing and approval. You can get it from ATM and when you are approved the money is transferred to your account associated with ATM. Just enter the PIN and have access to the money. If you do not have a PIN you can ask for one. The money can also be given in person and this means that you can just get to the bank and withdraw the money where it is transferred to. A convenience check is one of the ways to get access to the money. The check can be attached to a bank account or the issuer mails a check for you which you can validate and withdraw your money. As said before there are terms and conditions associated with the loans which include fees. More about fees below. Explain what makes cash advance costly A cash advance is a form of risk and the reward lenders get for risks they take is the exorbitant fees they charge. Different factors make it expensive and here are some of them: Cash advances fees are always high. The charging system differs. Some may demand a minimum flat rate while others may demand in percentage. When the fees add to the money you borrow, it becomes very high. Interest rates: the other reason it is exorbitant is the high-interest rates. It is higher than the rate of purchases and even transfers and all these add to your cost. ATM fees: if you are withdrawing from ATM you would also be charged ATM fees and it adds to the cost. This kind of fee varies ranging from the ATM operator, as well as the credit card issues and the withdrawal ATM fees. There is no grace period: the worst is that the issuers of this cash advance do not give any time grace for repayment. It also makes it difficult and expensive for borrowers.

Are there rules and regulations guiding cash advances?

This works well in society because of the laws and regulations governing its operations. There are both state, federal, and even local regulations of the process. You must study those laws and regulations to ensure that it is something you can comply with without difficulties. The rules, laws, and regulations are for the interests of the lender and the follower. It brings about sanity to the system. Loan application and qualification process are not the same across the land. States have regulations as regards limitations and APR which means that lenders must not go beyond the line when they borrow and lend. Some American states do not even allow cash advances and payday loans. Regulations and laws put in place as said before are to provide for sanity. It aims at preventing the high incidence of bankruptcy. The brutal and illegitimate means of loan collection are other reasons that necessitated those rules and regulations. Operators must meet certain criteria before they are allowed to engage in this business and the other is registration.

Different types of cash advance

There are different kinds of cash advances. Three kinds are very prominent and they include the credit card cash advance, merchant cash advances as well as payday loans. There are differences between these three types.

Credit card cash advance

As you can get from the name is a given give to a credit card. This means that the withdrawal is carried out through a credit card. You borrow through the credit card and you can withdraw the money using the credit by using the PIN given to you for the withdrawal. It is one of the ways of getting money fast to your pockets but there are costs associated with it. Moreover, there could be limits imposed on the amount withdrawn from the card. You must consider certain factors before you choose this kind of loan. The most important factor to consider here is the disadvantages which include the high cost. Most of the time the transaction fees are very expensive and the APR is often higher and this pushes the cost. Moreover, as pointed out before about this kind of cash advance there is nothing like grace given for the repayment to start. Merchant cash advance Some people provide this kind of loan and they are known as merchant cash companies. These can offer funds to businesses or individuals who need urgent financial relieves. There are conditions attached to the loan. In some cases, the loans are given in exchange for a certain percentage of the credit on the card. The money is paid right from the source which means that the card processors will have to pay the agreed percentage to the merchant company according to the agreement already reached on that. This is possible because most of the merchant cash advance providers are in partnership with most of the processing companies. Before you opt for this kind you must study the company very well. An important truth about them is that they do not often act in a well-regulated market. because of that, you see them charging.

Payday loans

This is the kind of loan that lasts from one paycheck to the other. You can use this in time of emergency to provide for your need and it will be deducted from your account on the next payday. Just like the others reviewed above, the major problem associated with it is the high rates. In most cases, this kind of loan does not even wait till the next payday. Repayment can start within the next two weeks. It is a short-term loan and it is useful in the time of emergencies to provide for your needs. The difficulty with it is that such loans are not easy to repay. If you fail to repay on time it can cost you more and it can even ruin your financial reputation. This is also not difficult to approve and when you are approved, the money would heat your account instantly. It comes with charges and these depend on the amount you have borrowed. The charges can be high and it can even reach up to forty percent or more than that.

What does cash advance get to do with credit score?

When you take this kind of loan, it does not directly affect your credit score or your reputation. With time it could do that. When you take that loan with your credit card, then it is going to raise the debts attached to the credit card. This means that it is going to increase the available balance on that card increasing the debts in the process. Moreover, because it comes with higher interest rates and because of that many people may not pay back easily and when this becomes the case, it is going to affect your credibility and your credit score. Once the credit goes above the credit utilization ratio of thirty, it will negatively affect your credit score.

Advantages and disadvantages of Cash Advance Online

There are lots of benefits you can derive from cash advance online applications. Here are some of the benefits. Easy to qualify To get this loan, all you need is to apply and provide the necessary information. Most people who apply for it do not have serious difficulty qualifying for it. Though it involves a minor background check, you do not need to upload any document before you are qualified for the money. Fast payment The other advantage is that it does not take time to get the money. Once you are approved for the loan, the money will hit your bank account within the shortest time. this means that you can actually use the money to solve whatever emergency you want to deal with. It is not associated with any delay since there is little or nothing to process. There is no document to upload. Perfect credit is not required Most importantly, it is convenient and simple to get. Most of the application processes are done online and this means that you may not step out of your home to get the loan. They do not demand a perfect credit rating as a condition for the loan. You can contact the lender when you want since everything is done online. You can start the process and get your money in a short time. When it comes to the convenience it is easy and best. There are no hassles associated with this kind of loan. Does not require collateral Furthermore, there are no harsh rules or severe restrictions as regards the application process. There is nothing like upfront collateral for the loan. It is flexible and that is one of the reasons many people are choosing this method to get cash instantly and solve their financial problems. There are no restrictions as to how you can spend the money. Nobody monitors how you spend the money as you can use it to solve any problem of your choice. Disadvantages Just as there are advantages associated with this kind of loan, there are several disadvantages associated with it. Though you can get money at the time you need it, but it comes with a cost. Not Affordable It comes easy with a cost. Because of the risks associated with it, the loan method is expensive. Its APR is high and the high-interest rates are exorbitant. When you get the money, the charges can reach up to fifty percent of the original money given to you. This means that you have to pay through the nose. A temporal remedy Many people run away from this because it does not solve your problem. You can just use it to solve any emergency and after paying the heavy interests associated with it, you discover that there is absolutely nothing left for you. Instead of solving the problem it even appears to worsen it. Do not depend on this kind of loan. Cannot solve your financial problem When you get the money, your problem does not disappear. It can even worsen that problem for you. This can make you depend more on this kind of loan and it is not easy to pay off. When you pay to offer the debts, you discover that you have actually added more problems to you and which is more than you can carry. Can put business funding in trouble It does not help in any way. This system only gives you money which you will add more money to settle the debts. The business world is highly volatile and there is no guarantee that the money will not face more difficulties. It certainly could and that would bring more complications to your problem. Financing your business is even riskier. The chances are there that you are going to be bankrupt and this is detrimental to the business you do.

How cash advance Works

It works simply and easily. The process as said before is flexible. There is no need for any paperwork for verification and so on. Fill the Application Form If you are interested, all that you do is to fill in the form and provide all the necessary and verifiable information about you. Ensure that you state the amount you need, your personal information as well as your card and bank details. Once you verify your information and upload it online, it would be processed within the next few minutes. Compare offers from different sources When you fill in the information in the form provided, cash advance providers would begin to send their quotes. At this juncture, you have to compare as many quotes as possible. Choose the offer that is more favorable to you. Endorse the agreement When you make your choice, you would be required to sign the agreement. Before you sign the agreement you read everything to ensure that you are not compromised in any way. Receive payment Finally, you have to wait and get your money. Within the next few minutes, it gets to your bank account. The process is simple and easy. It is that simple and you will begin to use your money to solve your problems. What are the requirements? Age Laws and regulations are guiding this kind of loan service. One of them is age requirements. In most of the states of the country that have laws about this, the usual requirement that one must be up to 18 years before you engage in this kind of business. It is not out of place if they demand that you verify your age. State of Origin It is another legal requirement to apply for this loan. You must be a citizen of that country and you must have resided in the state for a certain number of times. You must be a legal resident in the state you want to apply for the loan. Income source Furthermore, your personal income is also required. Lenders want to be sure that you are in a position to repay the loan. The income status will determine the amount of money you get from lenders. Nobody will give you any amount you cannot pay in the future. Personal information Most importantly, you have to provide your personal details. The details you provide must be correct. This means that information about you must not be misleading. It has to be verifiable and found out to be the correct and actual information about the borrower.

Where to get Cash Advance?

There are different places you can try your luck today to get cash advance loans. Here are some of the options available to you. Source from Credit Union Credit union lenders are available here and there. Most of them also have their services on the internet. Check some of them online and compare their terms and conditions as well as their charges to make a choice. Most of them are relatively cheaper. Source from Peer-to-Peer Lending group This is a more intimate group. You can have friends who are lenders or associations that are lending certain amounts. You can get a loan from any of them. These offer more favorably because their terms are affordable. check for online Loans If you are finding it hard with the other methods listed above, then you can check for reliable providers online. Most of these lenders are available on the internet. It is a question of searching on the internet and you can get reliable lenders without difficulties. Borrow from your relations Furthermore, there is nothing wrong when you borrow from family and friends of yours provided that you pay them back. This is important because they can give you the needed relief. Obtain cash advance from MaybeLoan company As you are aware, there are lots of cash advance providers in the country today. Before you choose you must do your diligent search to choose the best lending firm. Many people prefer to use Maybeloan for several reasons. Here are among the reasons you can also choose the lenders: The process is easy The application process is simple and easy. In fact, you can complete the application process within the first few minutes and the money will enter your account instantly. Quick approval Apart from the fact that the process is easy, the approval is also easy. They do not make harsh requirements from you. Direct and instant lenders They send the money straight to your bank account. You do not need to pass through difficult procedures to get the money. Once you are approved the money will sit in your account instantly. Receive the money to your account It is a direct deposit to the bank account you provide to them. Within the next few minutes, you can access the money which is already seated in your bank account. Apply for your loan now If you want instant money you can apply right away. The application is available 24/7. You can get the money at any time you apply. It is simple and you get the money in the next five minutes. Are there alternatives to cash advances? If you do not want to encounter the difficulties that are associated with a cash advance, then you must seek a reliable alternative. There are a number of them. Personal income loan You can opt for a personal loan. There are lenders out there that provide this kind of loan. It does not matter credit rating and score. There some personal loan providers that can offer such loans to you. Borrow money from other sources Besides, you can borrow money from your friends and family members. It could be hard but the condition they give you must be better than a cash advance. Ask for Overdrawing on checking account You can make a special arrangement with your bank to enable you to overdraw from your checking account. You can also repay at the agreed time. Frequently Asked Questions (FAQ) What are the application requirements? What you require to apply varies from one provider to the other. It also depends on the kind of loan you are applying for. Most of the requirements including providing your personal details. You may also have to provide your photo identity, proof of income, social security number, and other things depending on the provider. What is the repayment method? At the time of making that application, you must provide means of repayment. It also depends on the operating law in the state you reside. Some require repayment through an online account. Others require repayment by phone while some demand automatic withdrawal from your bank account and your credit card. What is the due date? The due payment date is the day you are supposed to have completed the total amount and all charges that are associated with the loan. It is stated at the point of offering the loan and during the application process. How do you know you qualify for Merchant Cash Advances? Before you are granted this loan, you must first qualify for it. You must be up to 18 years of age. You must have a source of income. Moreover, you must reside in the state for a certain number of years. You must have a social security number or individual taxpayer identification number as well as your account number. Are Cash Advances loans legal? Yes, online cash advance loans are legitimate. Most of them have licenses to operate and their operations are regulated by existing laws and regulations. Before you choose any of such providers, you must check their status. Is online Cash Advances secure? Online cash advances are secure. They are legalized in the state and they do not share any information of you unless in a situation they are required by law. All their operations are governed by law. Read reviews about them because there are many scammers among them. How much would you like to borrow The amount you borrow depends on what you can afford. Companies send quotes to you to show what is available to you right now. They consider your income level. You must also bear in mind that you must repay. What does Online Calculator do? This is a calculator which borrowers can use to work out the rates and interests they can pay when they borrow. It can also be used for advanced calculations.