What is a
cash advance loan?
Cash advance loans are a borrowed advance of money
against a person’s next paycheck. They are short-term,
high-interest loans of usually no more than $500.
They are also commonly known as payday loans, fast
cash loans, deferred deposit check loans, check advance
loans and post dated check loans.
do they work?
The applicant fills out an application form and provides
the lender with items such as paycheck stubs and ID,
either in person, by fax, or directly online. The
applicant then signs a loan agreement, writes a
postdated check to the lender for the amount of money to
be borrowed plus fees, and then receives their money.
The applicant’s check is held until their loan payment
is due – usually two weeks at most. The lender then
withdraws the applicant’s check.
might I need one?
Cash Advance loans are short term loans that are useful
if you find yourself with unexpected financial
difficulties. They are not a solution to long term debt,
but can help if, for instance, your car breaks down and
you need it for work. In this example, a payday loan
could help get your car fixed so you can go to work and
pay off the loan when you paycheck arrives.
Who applies for them?
Cash advance loans are usually utilized by people who
survive OK on their wages but who have had unexpected
expenses arise, such as medical bills. Cash advances can
be a definite help to people who have bad credit from
previous debts which prevent them from getting normal
much do they cost?
It depends on how much you borrow and for how long. The
normal interest rate for a cash advance loan is 25%. So,
if you borrow $100 it will cost $125 to pay off the
loan. If $500 is borrowed, $625 needs to be paid back.
Some lenders have lower interest rates.
quickly can I get one?
Cash advance loans can be arranged very quickly,
especially online. Most applicants can be approved in a
matter of minutes and have their funds deposited into
their bank account the very next day.
What can I use it for?
Cash advance loans can be used for any purpose
whatever. An applicant may need to pay for car repairs,
medical bills, household emergencies, or they may need a
short term loan for a crisis.
are the minimum requirements to apply?
Different lenders have different requirements, but as a
• You must have a net income (take home pay) of at
least $200 per week.
• An active checking account (direct deposit is
required by most).
• A copy of one form of photo identification (Driver’s
License or State Issued ID).
• A copy of your last paycheck stub.
• A copy of your most recent bank statement (this
statement must be dated within 30 days of the day you
How much can I get?
Applicants can get between $100-$500. Some lenders only
allow an initial loan limit of $300. After the first
loan has been repaid, the limit is usually raised to
When do I pay it back?
Loans are normally for a period of two weeks or fifteen
days per transaction. If the repayment date is missed by
the applicant, they are usually charged for another
transaction, plus an NSF charge.
Do I need collateral?
The applicant’s job or regular recurring income (ie.
social assistance, etc.) is the collateral.
Can I still receive an
advance if I have poor credit or a bankruptcy?
Yes, you can still apply and receive a cash advance
loan, even with bad credit.
Where can I get a
payday loan or cash advance?
Click Here for your cash
advance loan now!