What Cash Advance Loans Are And How They Work
Cash advances are offered to people who are looking for a solution to a short term financial problem. While bank loans are typically stretched out for months or even years, payday loans are paid back much sooner, normally by the borrower's next payday - hence why they are also called payday loans. These loans can be used for a number of different purposes when you need extra cash until your next pay check arrives.
Money In An Emergency
Many consumers are very conscious of how they spend their money and they take the initiative to pay their bills on time every month. Unfortunately, sometimes things happen that are beyond the consumer's control and they may simply not have the available cash needed to handle a temporary financial crisis. An online cash advance is a good place to turn when you need between $100 and $1,000 to tie you over. These loans have been used by many to pay for car repairs, medical bills, late bill payments and all sorts of other unexpected expenses.
Sometimes fast cash loans are the only answer to a person’s financial needs. If you are unable to borrow from the bank, have no friends or family who can loan you money and do not have a credit card, a cash advance is the only logical choice. This is especially true when you're face with an emergency. An advance can be issued by a lender within 24 hours, much faster than most other loans and forms of credit.
Are You Eligible?
Before you can submit your information it is important that you meet some basic requirements. If you do not, your application will be promptly rejected.
You must be a legal resident of the United States within a state that allows payday loans. You must also be over the age of 18, as our lenders cannot issue loans to minors. To ensure a fast and efficient service you are also required to have at least a basic checking account. This is where your loan will be deposited and the repayment taken.
Most importantly you must be in employment, self employment or have another source of verifiable income, to ensure you have the means to pay back the loan.
As long as you meet these requirements you can go to our loan request form right away, and we'll еtry to transfer you to a lender in minutes. The process is safe and secure as we use the latest SSL encryption technology. We will also never give your information to anyone without your permission except our lenders.
You can even apply if you have bad credit. This doesn't mean there will be no credit check, but lenders will not necessarily use any past problems against you. As long as you have a solid source of income, of at least $1,000 per month, your application will be fairly considered.
Remember, you must:
- Be 18 years of age.
- Be a legal US citizen.
- Earn at least $1,000 per month.
- Have a basic checking or saving account.
Applying and approval
You may wonder just how the loan process works and what you will need to do. The process is very easy and sometimes can be carried out entirely online. You simply take a few minutes to fill out our loan request form and we try to match you with a lender from our network. If ьmatched, you will then may be asked to complete a full application with your lender, and attach income documents and other relevant info. If you have online accounts you have a chance to get away with no faxing at all, as statement can be downloaded and shared rather than scanned/faxed.
Once your application is approved, the lender will aim to deposit the loan in to your designated bank account as soon as the next business day. If you're looking for 'instant approval' be aware that all lenders will need a few minutes to verify your details, regardless of what they may promise on their home page. Our network of lenders just happen to prefer to be honest.
Once you have received your loan you are free to spend it as you see fit, though we advise not to use it to cover other debts. The repayment will be taken automatically from the same bank account on the agreed upon date, which is usually on or just after your next pay day. This is taken in one lump sum and will include an added finance charge. All terms of the loan, including potential fees, are outlined in the loan agreement which will be made available to you by the lender before you sign the contract.
It is paramount that you read this fully before singing the contract, as cash advances are just as important as any other financial commitment regardless of the easy online process. If you fail to make the repayment you could be subject to added fees and interest. Failing to show any intent to meet the obligation will then result in collection proceedings being taken against you.