Q: What is a cash advance loan?
A: Cash advance loans are small value, unsecured loans with a loan term of a few days to several weeks which usually ends on a payday.
Q: Cash advance loans are described in various terms, what are the differences?
A: There are several terms used to refer to cash advance loans, the main ones being: payday loans, cash advances, payroll advances, fast cash loans.
Q: What is the loan application and approval process?
A: There are several steps in obtaining a cash advance loan:
- Choose a cash advance loan lender.
- Complete the application.
- Receive the money.
- Repay the loan.
Q: How do I receive my cash?
A: Cash advance loans are usually received by money transfer. This is the process of electronically transferring funds from one bank account to another without using physical currency or paper checks. This is also known as a "wire transfer" or "bank transfer".
Q: When will the money be in my account?
A: Depending on whether you choose a faxing or no-fax lender for your cash advance loan, the money should be in your account in anywhere from an hour to a day. When you chose a no-fax loan, the lender must verify the information submitted before approving the cash advance loan. If you decide to fax in the required paperwork, then there is less work for the lender to do, so the process is much faster.
Q: How much money can I borrow with a payday loan?
A: Cash advance loan amounts vary greatly. Depending on the lender, they are usually between $100 and $500, though some payday lenders offer loans as high as $1000.
Q: What are the typical payday loan fees?
A: Cash advance and payday loan fees vary from one lender to the next. The fees charged are usually handled in one of two ways:
- Percentage of the loan amount. Some cash advance lenders fees are a percentage of the exact dollar amount of a loan.
- Flat fee scale. Many lenders charge a flat fee for incremental amounts of a cash advance loan, for example: $15 per $100 borrowed. Therefore, if you borrow $300, then the fee would be $45.
Q: When do I need to pay back the loan?
A: The term length and repayment date of your cash advance loan is decided when you fill out the application. The duration of the loan usually corresponds with your payday schedule and can be anywhere from a few days to several weeks.
Q: Can I get cash advance loan before I pay back the first one?
A: Most payday loan and cash advence lenders only allow you to have one cash advance at a time. However, once you repay your current cash advance loan, you should be able to apply for a follow-up advance.