Most Popular Questions About Cash Advance Loans
If you have never applied for a cash advance, you probably have a few questions. We have addressed some of the most common of these below:
What Exactly Are Cash Advance Loans?
A cash advance loan (also called a payday loan) is designed to provide a solution to your temporary financial problems. This is a fast and easy way to get emergency funds to tie you over until your next pay check.
What Can I Use the Money For?
You can use the money from your cash loan for anything you want. Lenders never ask you why you need the money and you are free to use it as you please. However it is wise to only use it for genuine reasons, such as paying off unforeseen bills, repairing your car or covering the weekly food shop. If you use a payday loan to pay off other debt, you are likely to get in to further problems down the line.
How Much Can I Borrow?
The amount you can borrow will vary depending on several factors. The lenders in our network typically lend between $100 and $1,000. The amount you are personally offered by lender will depend on your state regulations, your income level and other personal information submitted during the application process. When you use our loan request form you will be asked to input how much you wish to borrow, but this will not necessarily be the amount offered by the lender.
When Will I Need to Pay the Loan Back?
Cash advances are designed to coincide with your next pay check, so you will be due to pay the loan back on or just after that date. So, if you get paid in two weeks from today, your loan will be due in two weeks from today. Most loans are paid back within 14 days although there are some lenders who do not require repayment until the 30 day mark. You can learn more about your payback options when you are made an offer.
How Much Will the Loan Cost Me?
On your payment due date, you will be required to pay back the entire amount of your loan plus a finance charge. The amount charged can vary from state to state, but it will be fully outlined in the loan agreement that you get access to before signing the contract. Other fees and interest may apply if you miss the repayment date, and this too will be made clear in the documentation provided.
How Do I Apply?
Applying for a cash advance loan couldn't be easier. All you have to do is submit your information with our loan request form and we will еtry to match you with one the lenders in our network, within just 3 minutes. You will then be transferred over to the lender's page where the application will be completed.
What if I Decide that I Don’t Want the Loan?
You are never under any obligation to accept a lender's cash advance offer. You will be provided with all the terms once you have been approved, and if you change your mind you can simply walk away from the process. Nothing is legally binding until you digitally sign the contract. It should be noted however, that when you go through the process your credit report may be accessed, so other lenders may discover that you recently considered taking out a loan.
What Is Required to be Approved?
To be eligible for a cash advance you must meet a few basic requirements. Failure to do so will mean your application is automatically rejected. You must be a legal US citizen of at least 18 years old, with a steady monthly income of at least $1,000. You will also need an address where you can be contacted and at least a basic checking account where the loan can be deposited and the repayment taken. Whether you are approved or not will then be determined by the information you submit to the lender and their current internal policies.
Is There Instant Approval?
Instant approval is usually just a marketing term used by misleading websites. There is also some kind of verification that needs to take place before approval, so it will never be instant.
What Do you Do with My Personal Information?
SinaCash.com does not pass on or sell your personal information to any third parties outside of our network of lenders. We also use all the latest encryption technology to ensure your data is not breached in anyway.
Can I Get a Loan with Bad Credit?
Applicants with bad credit still have a chance to be approved by the lenders in our network. While none of them will promise no credit check, sometimes this is not the deciding factor for approval and they don't always use the big three rating bureaus. Because of the short term nature of cash advances, lenders are far more interest in your income and current financial situation than mistakes you made in the past. Lenders will always aim to offer you an amount that you can realistically repay.
Do I Need to Fax Anything?
No faxing is not a guarantee, as lenders will commonly require additional documentation to verify your income and other personal details. However it's likely you have access to digital copies of these documents that you can easily forward to them, instead of going through the traditional faxing process.
Can I Have More than One Loan?
Lenders prefer that you have only one advance at a time, so you do not run the risk of missing repayments. However as soon as you complete the obligation, you are free to apply again.
Why Do I Need Direct Deposit?
Lenders in our network strive to provide one of the fastest and most efficient payday loan platforms on the web. By providing your bank account details your loan can be funded мvery fast and the repayment can be taken automatically, saving a lot of time and hassle.
What if I Can’t Meet the Due Date?
If you are having trouble paying back your advance, you should contact your lender as soon as possible. Depending on their terms and local state law, you may be granted an extension or renewal to avoid defaulting. If you fail to make a dialogue and show no intent to meet your obligation, you may be subjected to added fees and interest, and collection proceedings.
How Do I Get Started?
If you have read our site and are now ready to get started, all you have to do is complete our loan request form. We will then try to match you with one of the lenders within 3 minutes. It should be noted that any agreement you sign will be between you and the lender. We simply provide a service whereby the process of searching for a loan is considerably faster.