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Still got questions regarding our service? Here are some of the most frequently asked questions:
What is a Cash Advance (also known as a Payday Loan)?
A Cash Advance (or Payday Loan) is a short-term, small-dollar loan, often used to cover unexpected expenses or just get a little extra money before your next paycheck. A Cash Advance is a personal loan that provides an alternative to bouncing checks. Cash Advances are used to cover short-term financial situations — they are not a long-term financial solution.
How much money can I get with a Cash Advance loan?
When determining approval amounts, several factors are considered. During the application process, lenders consider your current income and the state you reside in, among several other factors. Maximum loan amounts vary by state.
What is the interest rate on a Cash Advance loan?
Different states have different laws and regulations that drive the amount of the finance charge on a cash advance loan. Due to these laws, finance charges vary by state.
What do I need to apply for a cash advance loan?
Most lenders require the following information to complete an application:
- Valid ID
- Open & active bank account
- Source of income
- Valid and active email address
How and when will my loan be repaid?
Repay terms are mentioned in the loan agreement; it varies from lender to lender. Many lenders give the option of direct withdrawal; by this, lenders simply withdraw the amount of the loan plus any applicable fees and interest from a consumer’s bank account on the due date. This method makes it simple for you as you will not have to visit a retail location or mail a check or money order.
What if the payment is late?
It is best to get in touch with your direct lender as soon as possible and discuss things over. For late payment, lenders usually charge a late fee that turn into big amount if payment is extended for longer time. To help consumers to deal with this situation, states typically regulate the maximum amounts that lenders can charge in the form of late fees. So be sure to compare these maximums with any late payment fees, you are quoted by your lender.
What if I cannot repay my loan?
Lenders can use any method that is legally available to them to collect your debt if you fail to repay your loan. They may turn to collection agencies or go for in-house collection methods. In case a consumer is not willing to repay the loan amount then they should talk to a lender for alternate methods and avoid damage.
Is my information safe?
How do I recognize fraudulent Cash Advance loan offers?
You should suspect that a Cash Advance loan offer is fraudulent if:
The individual claims that you have been pre-approved for a cash advance, and then requires you to purchase a prepaid debit card or wire money as a “processing fee” or “good faith deposit”.
Legitimate lenders do NOT require good faith deposits.
With legitimate Cash Advance loan offers, you should not have to give money in order to get money.