Frequently Asked Questions:
If you are considering applying for a cash advance online, here are some of the most commonly asked questions and their answers.
What Is A Cash Advance?
A cash advance is a small loan, usually no more than $1,000 that is issued to help borrowers overcome a temporary financial problem, such as an unforeseen bill. The duration of the loan usually does not surpass 2 weeks, and is paid back in one lump sum. The idea is that the debt can be covered by the borrower's next pay check.
Who Can Get A Loan?
Cash advances are only available to US citizens over the age of 18 years old. You will also need to have a fixed address, be in permanent employment, and have a basic checking account.
Are The Self Employed Eligible?
As long as you earn at least $1000 per month it doesn't matter if you are in regular employment or are self employed. Lenders in our network will happily consider your application.
Is A Cash Advance For Me?
Only you will know if a cash advance is a suitable option for you. They were created to help those in temporary financial trouble, who can easily meet their obligations once they get their next pay check. If this sounds like you and you have no other access to credit, then a cash advance is something you should definitely consider. If however you are in debt and are looking to use a cash advance to hold back creditors, you're only find yourself in a worse situation down the road.
How Big Is A Cash Advance and What Is The Interest Rate?
The amount you can borrow may vary from lender to lender, but is usually no more than 25% of your gross monthly income. On average cash advances fall between $100 and $1,000, as this only supposed to be a short term commitment to cover an unforeseen expense.
While lenders only charge a single fee on top of the principal, the cost of this can vary based on their internal policies and state law. On average it will fall between $12 and $30 per $100 borrowed, over a two week period.
There is no traditional interest rate applied unless you fail to make the repayment on the specified date and interest is legal in your state. This is applied at an average APR between 260.71% to 1825%.
How Do I Get A Loan?
Before applying for a cash advance with a lender from our network, there is just one easy web form for you to complete with us. All that's required is your name, address, and some other basic details. The form can be filled out using any internet connected device with a web browser and you will be connected with a lender within 3 minutes. Here you may then be asked to provide further information about your income, employment details etc.
What Happens After Submission?
As long as you fill out the form fully and honestly, it is rare that you'll experience a delay. The majority of clients are approved and made an offer in as fast as 3 minutes, at which point you can read the agreement.
What If My Request Is Rejected?
Rejections are rare but if you find yourself in this situation you are completely free to try again in the future. Unfortunately lenders cannot tell you why you were rejected.
What If I Change My Mind?
Before you digitally sign the agreement you are completely free to reject the offer and walk away with no obligation. You are also free to try again at any time in the future. If however you sign the agreement you will then be locked in to the loan and must fulfil your obligations outlined in the agreement.
How Long Until The Cash Is Deposited?
The cash advance will usually be deposited by the lender in to the account you entered during the application within 1 business day. The majority of people who apply during the day will see the money in their account the very next morning, so long as it's a business day.
Weekends, bank holidays and other non-banking days can delay the deposit until banks are open again.
Is My Personal Information Safe?
We never pass on you personal information to third parties other than the lenders in our network and we use the latest encryption technology on our website, to ensure your data is not breached.
When Do I Make Repayment?
You are required to make repayment on the date specified in the loan agreement, and lenders will attempt to take it automatically from the bank account you noted in the application. The date will usually be no more than 2 weeks from the deposit date.
If you make repayment on time you will only be charged a single finance fee on top of the principal. This amount was outlined in the offer and the subsequent loan agreement.
What Happens If Repayment Is Missed?
Failing to make the repayment on the agreed upon date may result in extra fees and interest being applied on the outstanding balance. Lenders may also start collection proceedings to try and recover what is owned. All of this will result in a black mark on your credit report.
If you enter a dialogue there's a possibility of extending the loan term or renewing it for another 2 week period, which is the equivalent of getting a second cash advance. These options vary from state to state.
How Can I Contact Support?
Our contact page has all of our contact details.