Getting a Cash Advance
You may currently have a financial emergency that needs to be delt with before you receive your next paycheck. In this type of situation, you can either borrow money from a family member or you can use a cash advance. With the current state of the economy, pestering your loved ones for a personal loan can create a financial burden for them which is why a cash advance can the ideal solution to your situation.
A payday cash advance loan is the easiest loan product that is available on the market. You do not have to go through a lengthy approval process and it is affordable.
Depending on the lender, you may need to provide a copy of your most recent paystub or 30 day bank statement. You do not have to worry about being denied based on a bad credit report, as there is no credit check or reference check on loans below $500.00.
The Loan Agreement
When you get a cash advance, you agree to receive funds upfront for a fee. This charge for the advance is referred to as the Annual Percentage Rate (APR), which is the interest that you will be paying on the short-term loan. On average, a borrower will pay between 20% and 30%.
Your repayment period will typically be short -- an average of 2 weeks. However, many lenders will offer up to four extensions of two week intervals for up to 8 additional weeks to repay. All terms, amounts that can be offered and fees will depend on your state's regulations.
Once you receive your cash, you will have to pay it back by the due date or pay the fee and extend your loan. If you do not choose to pay it off then you must extend your loan or it will automatically be drafted from your checking account via an ACH transact or with a post-dated check if you were required to provide one as a stipulation for receiving the loan.
Getting a cash advance is straightforward. You will be able to receive the funds that you need to pay off an emergency bill, unexpected auto repair, rent/mortgage payment, avoid a late fee on other monthly bills or for any reason you choose to use it for. Whatever your reason, a cash advance is able to prevent you from experiencing financial hardships and to get cash fast.