Basic Cash Advance Questions
Posted on Thursday, September 2nd, 2010 at 9:50 am in Helpful Payday Loan Info
How do I qualify for cash advances online?
Online cash advances and payday loans are the easiest short-term loans to qualify for. There’s no credit check, so approval is fast and simple. Qualifying for cash advances online is as easy as 1-2-3:
1. You must be a US citizen at least 18 years old
2. You must be currently employed or have a reliable source of income
3. You must have an active bank account with direct deposit
Some payday lenders may also require cash advance applicants to make at least $800 a month to make sure they can afford their payment on payday. Check with your payday lender before you apply to make sure you meet their basic qualifications for instant approval.
What if I have bad credit?
Your credit score will never get in the way of approval for the cash you need. There’s no credit check required for approval, unlike personal bank loans or credit cards which require your lender to examine your credit report first. Even if you have bad credit, you can still qualify for instant cash advance approval as long as you can afford payment with your next paycheck.
How much does it cost?
The online application is 100% free and a reputable online payday lender will never ask you for any money upfront.
Cash advance service fees vary from payday lender to payday lender, but typical fees are $15 per $100 borrowed on average. Because cash advance payday loans are riskier for the lender, the annual percentage rate tends to be higher than short-term loans that are approved based on credit score. A typical cash advance loan has an APR of about 400%. Compared with bank overdraft fees that can reach 1,000% to over 4,000% APR and late fees than can increase the interest rate on your credit card for equally high APRs, advance payday cash loans are a more affordable cash loan for people with bad credit or consumers who don’t have time to wait for bank loan approval which can take several days.
How do I pay back my cash advance?
Cash advances are designed to be borrowed until payday and paid in full with your next paycheck. You’ll keep your interest rate low and provide your lender with better security by paying your cash advance in full on payday. Cash advance payment plans are also available: you can arrange rollovers or installment plans with your lender. Discuss payment options with your payday lender before applying for a cash advance online.
Check out the FAQ on this site and read the blog for more answers to your cash advance questions. When you’re ready we will match you with a top-rated national payday lender to best fit your cash advance needs.
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How it Works
Complete the short form.
We match you with a lender based on their requirements and direct you to their website.
The lender will then display loan rates, terms and conditions for your acceptance.
Cash is directly deposited to your bank account after approval.