Frequently Asked Questions on Cash Advance

1.     What Is A Cash Advance?

Cash loan or a payday loan is a fast and convenient way to get instant cash until your next payday. It is a great way to bridge the gap between two paydays. There is no compulsion on how you use the loan. These short term loans can be used for anything such as credit card bills, car breakdown bills or some emergency medical bills.

2.     How Much Cash Is Available With Cash Loans?

This varies from lender to lender. Generally you can get $50 to $1500 as a payday loan.

3.     What Are The Criteria For Approval To Qualify For Cash Advance Loans?

To qualify for the payday loan you must to be an adult and a citizen of the US citizen. You must have a valid checking bank account. Your regular monthly income should be more than $1000 and you should have a stable job for at least the past 3 months.

4.     What Are The Charges Applicable For Cash Advance?

Since payday loans are short term loans and do not require any collateral, the interest charges for these loans are generally high compared to traditional loans. Payday companies generally charge anywhere between $20 and $30 for every $100 borrowed.

5.     Can People With Bad Credit Apply For Payday Advance?

These loans provide help to people with bad credit. The payday loan providers do not do credit checks and hence people with bad credit, low credit and even no credit can be approved for cash loans.

6.     How Much Time Does It Take To Receive Cash?

After you apply for cash advance by submitting an online application form, the company would make necessary checks on the information that you have submitted and then you will be given instant approval. Within the next 24 hours, you will get the funds directly transferred into your online checking bank account.

7.     What Documents Are Needed To Be Submitted Or Faxed?

These loans are faxless payday loans so you do not need to submit any documents for the approval of the loan. Some online lenders provide a complete online application process. Without leaving your house you get the instant cash transferred into your bank account within 24 hours of applying.

8.     How Do I Come To Know That I Have Been Approved For The Loan?

After you submit the online application form, you would get an email notification once your payday loan has been approved.

9.     What Is The Payback Time Period For Cash Advance?

Payday loans are generally short-term loans that provide cash until your next payday. The due date is generally 1 to 3 weeks from the day of approval.

10. How Do I Repay My Loan?

You can either give a post dated check of the loan amount plus the interest charges to the company or allow the company to directly deduct the funds from your online checking bank account.

11. What Happens If I Do Not Have Sufficient Funds To Repay The Loan On The Due Date?

If you cannot repay the cash advance in full on the due date, you can request the loan provider to extend your loan.