If you
considering using a Cash Advance Payday Loan service for the first time, this
article addresses the most frequently ask questions.
WHAT IS A CASH
ADVANCE PAYDAY LOAN?
A cash advance
provides you with emergency cash when you need it most... usually between
paydays! It is just as it sounds... a short-term cash advance. Normally there
is very little paperwork involved. Just complete a short application. Once
approved you can usually receive the cash on the next business day! Some
companies offer even faster service.
HOW DO I
QUALIFY?
Qualifying is
easy! Most companies do not check credit! Even bankruptcy, bounced checks, and
charge-offs don't prevent you from getting the cash advance you need! You
mainly have to prove you have the ability to repay.
Individual
companies have their own guidelines... but the most common are:
· Have a
current job (or receive regular income)
· Make at least
$1000 per month
· Are 18 years
of age or older and a U.S. citizen
· Have a
checking, or savings account
HOW MUCH CAN I
QUALIFY FOR?
How much you
qualify for depends on the individual company, and a number of factors. It is
very common for most companies to limit a first-time customer to $100 to $500.
Once you establish a good history with them, you can borrow more.
WHAT WILL IT
COST ME?
Typically... a
cash advance of $100 could cost between $15 to $25. So if you borrow $100 you
can expect to payback a total of approximately $125
The Cash
Advance Payday Loan industry has been the subject of criticism because if
compared to a bank or credit union, using the same repayment period, the
interest rate is much higher.
However they
are considered much higher risk loans because no credit check is performed, and
there is very little documentation.
Cash advance
loans are designed for emergency situations! When you are short on cash and
need money fast! Family emergencies, unexpected car repairs, overdrafts,
telephone reconnection, the rent is due, etc.
Some companies
post their fees right on their websites. With other companies the actual fees
for the particular amount you request are determined based on the information
you provide when you submit your application.
You ALWAYS will
have an opportunity to not accept it. You are NEVER obligated to accept a cash
advance just because you submitted an online application.
WHEN DO I GET
THE MONEY?
Once you have
applied online, many companies will follow up with a contact by phone to verify
your information and explain the terms to you. The key is how quickly can your
information be verified!
Most companies
can wire the money directly to your bank account within 24 hours. There some
companies that say they can do it in even less time.
WHEN DO I
REPAY?
It important to
keep in mind that this is a short-term loan! The minimum required payment is
typically due within 7 to 14 days. The same way they wired the money directly
to your bank account... would usually be how your payment will be made. The
company will let you know the exact amount, and the exact date they will do the
bank withdrawal. You will know all of this BEFORE you agree to the advance.
As that day
gets near and you know you may not have all of the payment... contact the
company. Most customers have options that will allow for a refinanced, or
restructure of the pay period.
Our company Consumers Info USA reviews customer feedback to determine reputable online payday loan companies. Team Quick Cash consistently rates as one to the best online cash advance payday loan service.
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