Cash Advance Loans are short term loans made to individuals and usually secured by committing a future source of income to the lender. These securing sources of income many times are a paycheck, income tax refund, insurance settlement, investment or other cash convertible income that is deemed likely to be received by the individual seeking the loan but has yet to be received.
To increase the likelihood of full payment the lender will often approved the Cash Advance Loan for a fraction of the securing source and they will typically charge a higher interest rate than a secured loan.
In some cases the securing income source will be contacted and notified of the agreement where the borrow has obligated the future income to the lender who now has received the rights directly or indirectly to the income source.
Care should be exercised to read the Cash Advance Loan agreement carefully to ensure you understand the total costs of the Cash Advance and the consequences that would befall you should you fail to meet your repayment obligation.
There are many reputable sources of Cash Advance Loans but the onus is on the borrower to ensure they have performed the due diligent to understand the terms and conditions of any agreement. Seek the advice of a lawyer that represents your interests if you have any doubts about what would be best for your particular situation.