Last week, we mentioned that many of our readers are looking for an alternative to MetaBank’s now-defunct iAdvance product. We received a number of suggestions from readers. Today, we provide the following guest piece discussing one alternative: personal loans.
While we do not recommend short term, high-fee payday loans, we understand that there is a need for a short term loan product that is available to folks without good credit. In the following, one of our readers recommends two personal loan options that, when used appropriately, can fill the need for short term credit that iAdvance used to fill. (tomorrow, we’ll discuss another alternative that may fill the need as well).

If you were a fan of the iAdvance short-term loan products or are in need of an alternative to a payday loan, there are other options you should know about. These loans work well for those in need of short-term loans who don’t have access to traditional loans or credit lines due to bad credit or other circumstances.

The first loan product is a personal loan option called ThinkCash. With ThinkCash you can pay off your loan over several installments or all at once depending on your needs. First time borrowers from ThinkCash qualify for loans of $250 up to $1000. ThinkCash is unique in that borrowers earn credit after paying back loans. That means if borrowers successfully pay back loans, they can qualify for larger amounts on future loans of up to $2,500. Borrowers will also qualify for lower interest rates on those loans, and perhaps most importantly, ThinkCash will report each borrower’s payment history to a major credit bureau, helping them to build better overall credit and get on the road to financial recovery. In order to qualify for ThinkCash, you must be 18 or 19 years old depending on the state you live in and reside in one of the states where the product is available.

The second option is a loan company called ZestCash which was founded by a former Google CIO. These loans were created to serve those in need of short-term loans of up to $800. Borrowers pay back the amount over a predetermined period of time of up to 8 months. A fixed weekly fee is also charged that depends on the amount of money borrowed and the length of time within which it is paid back. Borrowers must have a verified source of income to get these loans. However, like iAdvance, good credit scores are not necessary. ZestCash is only available in the state of Utah for the time being, but the company has plans to expand in the near future and may become available throughout the country.

Both of these products require prospective customers to fill out a simple online form to get started and will deposit money within as little as 24 hours. Former iAdvance customers will find these options comparable in format and convenience. As with all financial service products, read the terms and conditions of the loan documents extremely carefully and only borrow what you absolutely need.