Rates And Fees:
Before taking out a cash advance online it is important to recognize the initial cost and potential cost of doing so.
Borrowing money is an important financial commitment, so you need to take the time to fully understand the process before signing an agreement.
All forms of credit come with interest and other fees on top of the principal amount (the principal is the sum you borrow). Even though the length of a cash advance term is the shortest in the industry (usually no more than two weeks), they still carry an added fee, just like any other form of credit. This is the cost of doing business.
Before submitting your information we advise you to take a look at your financial situation honestly. Cash advances only function correctly if used to solve a temporary financial problem, by covering you until your next pay day. You will only end up getting in to more debt if you attempt to use a cash advance to pay off other obligations, because you are then highly likely to miss the repayment and incur added interest and fees.
The potential cost of your loan can be separated in to two parts. The finance charge and interest.
What Is The Finance Charge?
The finance charge or loan fee is a simple one off fee borrowers are charged for the cost of doing business. This is how lenders make their money, by charging you a little extra for the privilege of being issued the loan. This charge is clearly defined in the offer to you and the subsequent loan agreement, and is required to be paid along with the principal in one lump sum on the repayment date. This lump sum - principal & fee - will be taken from the bank account you disclosed to the lender on the agreed upon date.
Lenders use a "finance charge" instead of "interest" because cash advances are a short term commitment with only one installment.
So how much is the fee?
There is no set amount for the finance charge, rather it is determined by the amount you borrow, your income information and various other factors. However on average you might expect to pay between $12 and $30 per $100 borrowed. So if you did borrow $100 the maximum fee we would charge is $30. If you borrowed $300 the finance charge would be no more than $90. These are just examples, as lenders will have their own policies and are also bound by state law.
Is There Early Repayment?
Early repayment is not usually an options as there is no real benefit to repaying early in the first place. The loan term is usually only 2 weeks, and the same finance charge will still apply regardless of the date of payment.
What Happens If I Miss Repayment?
We advise you to contact the lender immediately if you are unable make the repayment or the date has already passed. Failure to enter in to a dialogue may result in extra fees and interest. Even if you miss the repayment by one day you may still be subject to a late payment fee. Your bank might also choose to cover the repayment on your behalf and then charge you for not having enough funds - i.e. an unplanned overdraft.
Depending on the state you took the loan out from, you may be permitted to renew the cash advance for a second term (a minimum of 15 days), or this may even be done automatically.
If this is not an option and you fail to enter a dialogue, lenders reserve the right to begin applying interest at the above rates, as well as proceeding with legal collections practises. This may include but is not limited to phone calls, emails and letters. They also reserve the right to pursue civil action, which will cost your further due to court fees. All of these actions are dependent on state law.
Defaulting on the loan will also have a negative impact on your credit report as lenders share this information with certain credit rating bureaus. This means you will have a tougher time getting credit in the future, as lenders will see you as a risky borrower.
Remember as long as repay your cash advance on time there is only one simple finance charge on top of the principal. If you have further questions our FAQ page aims to answer them, or you can Get Started Now!