Imagine having access to immediate funds without undergoing a credit check. This can be a game-changer for individuals facing urgent financial needs. Cash advances, a feature many credit cards offer, permit users to withdraw cash from ATMs using their credit line.
While Venmo is a widely used digital wallet and payment platform, users can also obtain cash advances through their Venmo Credit Card.
However, it is crucial to remember that they are primarily associated with high annual percentage rates (APRs), which might worsen financial difficulties.
How to Get Venmo Cash Advance?
Venmo offers a straightforward process for obtaining a cash advance using a credit card. To obtain a cash advance through the Venmo Credit Card, follow these simple steps:
- Step 1: Find an ATM that accepts Visa credit cards using online locators or mobile apps.
- Step 2: Insert your Venmo Credit Card into the ATM’s card slot.
- Step 3: Enter the Personal Identification Number (PIN) associated with your Venmo Credit Card.
- Step 4: Choose the cash advance option from the ATM menu.
- Step 5: Enter the desired amount for the cash advance.
- Step 6: Collect the cash and Venmo Credit Card from the ATM.
It is important to note that cash advances typically come with high APRs and fees. For example, Venmo Credit Card cash advances have a high APR of 29.49% and a cash advance fee of 5% (min $10). These transactions start accruing interest immediately, without a grace period, making them an expensive option.
Eligibility
Meeting these eligibility criteria is essential for obtaining the card and is typically assessed during the application process. Individuals should review the specific eligibility requirements outlined by the issuer before applying. The eligibility requirements typically include:
- Applicants must be of a certain age, usually 18 years or older, to be considered for the card.
- There may be minimum income requirements to ensure individuals have the means to manage the card responsibly.
- A satisfactory credit history is often a prerequisite, ensuring applicants have a track record of responsibly managing credit.
- Applicants are generally required to be residents of the United States to qualify for the card.
- Applicants need to provide valid identification documents to verify their identity and address.
How much time does it take to get a Venmo cash advance?
Obtaining a Venmo Credit Card cash advance typically takes a few days. If you still need a PIN for your Venmo Credit Card, you can request one over the phone at (855) 878-6462.
Upon making the request, you should receive a new PIN in the mail within approximately 3-5 business days. Furthermore, it takes relatively little time to complete the cash advance transaction at the ATM if you have your PIN.
What are the Requirements
Before obtaining a cash advance with apps like Venmo, it’s essential to be aware of the requirements associated with the process. Here are some:
- You must have had an active Venmo account open for at least 30 days before applying for a cash advance.
- To apply for a cash advance, log in to your Venmo account and navigate to the Venmo Credit Card section to initiate the process.
- During the application process, provide personal details like name, address, date of birth, and the last four digits of your Social Security number to enhance your chances of approval for a cash advance.
- It’s essential to have a bank account to withdraw money from Venmo.
Alternatives to Venmo cash advance
When looking for alternatives to Venmo cash advances, several options offer similar services with varying features and costs.
Brigit
Brigit offers free cash advances up to $250 with no credit check required, identity theft protection, and excellent customer support. Its registration process is simple, but instant cash advances require a premium membership costing $9.99 and a 99-cent fee for each express transfer. That you can avoid with few other apps like brigit, that we have listed below.
MoneyLion
MoneyLion offers cash advances up to $500 to $1,000, no credit checks, automated repayments, and fast access to cash. The basic membership is free, but if urgent money is required, an express fee ranging from $0.49 to $5.99 is applicable, depending on the disbursement amount.
EarnIn
EarnIn offers cash advances ranging from $100 to $750, with no credit check and repayment on the next payday, with the option to request a new repayment date two days prior. Membership is free, and users can tip between $14 to $100, depending on the cash transactions. If you want more amount than this, you can go for apps like earnin and get more that $750 Cash Advance.
Beem vs Venmo: Why you can choose Beem Cash advance
When comparing Beem and Venmo for cash advance services, the benefits of choosing Beem Cash Advance become evident:
- Credit Score No Matter: Unlike some cash advance options, Beem Cash Advance approves you without a credit check, making it accessible to everyone.
- Instant fund: It offers instant cash advances ranging from $5 to $1,000, providing quick access to funds during emergencies
- Stress-Free Repayment: Beem automatically deducts your advance repayment when funds hit your bank account, keeping things simple.
- Flexible Access Options: Beem offers various ways to receive and use your advance, including bank transfers, debit cards, gift cards, and prepaid cards.
- No Late Fees: Unlike traditional cash advance services, it does not charge interest or late fees, ensuring a transparent and cost-effective borrowing experience.
Conclusion
Obtaining a Venmo cash advance can be a convenient way to access funds urgently. However, it’s crucial for individuals to carefully consider the terms and conditions, including fees and repayment requirements, associated with Venmo cash advances.
Moreover, exploring alternative sources of funds is advisable to ensure the most suitable and cost-effective option. For instance, services like Beem’s Everdraft™ feature offer a convenient and inclusive solution for individuals needing quick funds with low fees.
