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Cash Advance Loan FAQs





























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.

How 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.

When 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 credit facilities.

How 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.

How 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.

What are the minimum requirements to apply?

Different lenders have different requirements, but as a general rule:
• 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 apply).

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 $500..

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!

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