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In this section, we try to answer some common
questions about cash advance loans, and show you when it's ok for you to use
them, and when it is dangerous. Should you have any other questions, please
contact the cash advance loan providers recommended on this website, as each
company presented on this website has somewhat different rules about their
loans. The answers provided below should only be used as a general guide.
Please read more about these topics at the cash advance provider of your
choice! 1. What are cash advance loans?
Cash advance loans are short term loans, which cover any short term money
needs you might have. These loans are usually up to $500, eventhough some
companies also offer cash advance loans up to $1,500 (but only after borrowing
several times from them). These loans should be paid back within a couple
weeks, usually when your next paycheck arrives. 2.
When should cash advance loans be used?
Cash advance loans should only be used if you really need short term cash, but
can't get it from anywhere else fast enough. These cash advance loans should
then also be paid back as soon as possible, so you can avoid extra finance
charges. 3. When should cash advance loans not
be used?
Cash advance loans are not a solution to get out of debt or to pay off any
other debt. These cash advance loans are very expensive and will get you into
debt even further if you can't pay them back immediately. Therefore, if you
are already in debt and need to pay off that debt, please do not use cash
advance loans to make payments on this other debt!
4. What requirements need to be fulfilled to
receive a cash advance loan?
The requirements that need to be fulfilled to receive a cash advance loan vary
from company to company. But, usually, cash advance providers require that you
have been employed for the last three month, have a monthly salary of at least
$1,000 and have a checking account. In addition, the cash advance loan
companies require that your salary is deposited via direct deposit into your
checking account. But, your credit score will not be checked when determining
if you are eligible for a cash advance loan. 5.
How and when do I pay the cash advance loan back?
After you are approved for a cash advance loan, the money will be directly put
into your checking account. Then, once your next payday comes up, most cash
advance providers will then deduct the money you loaned, plus the financing
fee from your checking account automatically. Should you not be able to pay
back the loan, you will have to contact the lender as soon as you find out, so
you can get an extension. But, we recommend to use as few extensions as
possible, as the fees pile up very fast! |
