Cash Advance - FAQ
*Please explain to me what a cash advance is?
It is a short term loan of no more than $500
*What can I use the money on?
On anything you need or want! Typically, they are often used for gas, groceries, bills, entertainment and any other reason someone might need quick cash.
*What are the steps in getting a cash advance?
First, you must be a US citizen and be over the age of 19. Secondly, you must be employed for at least 6 months at your job and your salary must be at least $1000 a month. Finally, you must have a valid checking account.
*How long is the average wait time for approval?
It takes about thirty minutes, once your documents have been received.
*How will I get the money?
A direct deposit will be sent to your account.
*Can I apply for an advance that is more than $500?
Generally, $500 is the most you can apply for at one time.
*What kind of collateral will I need?
None. Your job acts as the security.
*How will you inform me of my cash advance approval?
An email will be sent to you immediately after your application is approved.
*How will my bad credit or past bankruptcy affect my loan process?
Bad credit is not a consideration when we are approving your loan. That being said, a risk assessment will be developed based on your current credit habits.
*Do I have to pay back the loan in a certain amount of time?
Yes. Your next paycheck after you are given the loan will be the payment.
*Can I get a cash loan if I am currently paying one off from a different lender?
Unfortunately, you must first clear your debt with this lender before getting approved for a fast cash advance. However, you may have other debts, such as credit cards and the like.
*What happens in the event of an early repayment?
An early repayment simply gives you a better reputation for future business.
*Are extensions given for paying back fast cash advances?
Yes, they are. However, more costs are added on to your final total. Expect a $15 charge for every $100 that you rollover.
Do I have to pay interest on my loan?
Interest is actually charged in the form of a fee. The amount will depend on the amount of the fast cash advance.