Tongo Financial vs Cash Advance Loan Guide Usage & Stats
Tongo enables real estate agents to turn future cash flow into a line of credit. Limits are based on your pending commissions. Upload multiple transactions simultaneously to build a higher limit. Access your approved limit as needed by either transferring funds to a linked bank account or by swiping the Tongo card. Use as much you want or none at all. It costs just 3% per 30 days and fees are only charged on the amount used.
Align cash flows: repay when you get paid. Unlike traditional lending products that require payments on a set schedule, Tongo gets repaid when you get paid. That remains true if your deal is delayed. If your deal falls through, you can just repay with the next one.
Every transaction is between you and Tongo. Like any other financial product, Tongo is completely private. There's absolutely no broker approval or involvement. When your deal closes and you receive your commission, you repay Tongo directly.
HOW IT WORKS:
SIGN UP - Starting your membership only takes about three minutes and it’s completely free to join. Please note we work only with producing, licensed real estate agents and brokers. You don’t need to have a pending deal in order to join Tongo.
SUBMIT YOUR DEAL(S) - To add a pending deal, tell us when it will close and your net commission. Upload as many deals as you would like to access multiple commissions at the same time. We accept residential real estate transactions scheduled to close within 60 days.
PUT YOUR FUTURE COMMISSION TO WORK - Once approved you’ll have an available limit which you can access as needed by either transferring funds to your bank account or by swiping the Tongo card. Use as much as you want or none at all. You only pay for what you use. If you do not access any of your limit, there’s nothing to pay.
PAY FOR WHAT YOU USED - Once the deal has closed and you have received your commission, you can set up a payment direct to Tongo. There’s no brokers or third parties involved!
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A cash advance is short-term lending coming from a bank or an alternative loan provider. The phrase also describes a solution provided by numerous credit card issuers enabling cardholders to withdraw a certain amount of money. Cash advances typically feature steep rates of interest and/or fees, however they are attractive to borrowers since they also feature fast approval and quick funding.
Types of Cash Advances - There is a selection of cash advances, however the typical denominators among every one of them are the high rate of interest and fees.
$ Credit Card Cash Advances - The most popular type of cash advance is borrowing on a line of credit via a charge card. The money can be withdrawn at an ATM or, depending upon the credit card company, from a check that is deposited or cashed at a bank account.
$ Merchant Cash Advances - Merchant cash advances describe lendings obtained by business or merchants coming from banks or other lenders. Typically, businesses with less-than-perfect credit utilize cash advances to finance their activities, and in many cases these advances are really paid for using future credit card receipts or with a portion of the funds the service gets from revenues in its online account. Rather than using a company' credit rating, alternative lenders frequently check its credit reliability by taking a look at several data factors, including how much money the merchant receives through online accounts such as PayPal.
$ Payday Loans - In individual lending the phrase "cash advance" may also refer to payday loans. Issued by special payday loan providers, they can vary anywhere from $50 to $1,000, but they come along with fees and interest rates surpassing one hundred percent. Instead of taking into account the borrower's credit rating, the lender determines the extent of the lending based upon local state regulations and the scale of the candidate's paycheck. If the loan is approved, the loan provider hands the customer money; if the transaction takes place online, the lender makes an electronic deposit to the customer's checking or savings account.
$ Do Cash Advances Hurt Your Credit Rating? Getting a cash advance has no explicit impact on your credit or credit rating, but it can affect it indirectly in various ways. Learn how.
$ Cash Advance Pros and Cons - A credit card cash advance might be a sensible alternative for someone that has an emergency need for money and restricted resources for getting it, particularly when that person has a clear and sensible plan of action for paying back the money in a short period. However, cash advances would be a poor recommendation under some conditions, learn which conditions.
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Tongo Financial VS. 
Cash Advance Loan GuideDecember 12, 2024