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The cash advance loans are issued by the banks to meet the short term requirements of the customers and the customers seeing these loans need to have valid account running currently. Depending on the account operating, there are higher chances of getting these loans. The general amenities like medical bills, electricity bills, phone charge and credit card bills etc can be meet by taking the loan from the banks. There are several advantages of cash advance loans.
Advantages:

• The cash advance loans are given on the day of application placed. The service is very quick and there is no processing and further checking is not needed for issuing the amount. The customer just need to submit the previous pay slip to ensure that he is working for company and has source of income to pay back the loan with in the deadline given by the bank.
• The process is completed within few hours and the money is transferred to the borrowers account from the lenders account. The cash advance loans help the user in emergency situation like accidents and payment of tuition fees etc.
• The users need to furnish details in the application from given the bank and submit necessary identity proof and photo identification proof as mentioned on the application from.
• There is no further enquiry made after issuing the amount and there will no queries regarding the purpose for which the customer has applied for the loan. So the cash advance loans are used for personal and business purpose.
Disadvantages:
There are few disadvantages with cash advance loans.
• The main disadvantage is the high interest rate. Since the loan issued is very less amount and the interest is very high. The cash advance loans when taken from any financial money lenders is of high interest compared to the interest rates charged by the financial institutions or any public sector banks.
• The other disadvantage is the repayment time. It is very short and sometimes it is not possible for the customers to payback the amount within the deadline.
• The additional money charged for delaying the payment is very high. The charges are at higher rate than the interest rate. It is important for individuals to read the bank terms before applying for the loan.

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