Payday Loan or Cash Advance?
A Payday Loan and a Cash Advance are the same thing; small (under $1,000) loans that allow customers to receive an advance or borrow against their next payday check (or other source of income). Most Payday Loans are for periods of less than four weeks, because they are intended for short-term emergencies and not for long-term, larger financial needs. People have also called these loans Personal Loans, Check Loans, Payday Advances, Fast Cash Loans, or Quick Cash Funds.
How do you qualify for a Payday Loan?
The basic requirements are that you are over 18 years old, live in the U.S., have an active checking account, and that you are currently receiving income via a job or employment. In some cases, if you are paid via direct or automatic deposit from your employer, more lenders will be able to provide funds to you, and will be able to deposit money into your account faster.
What are good uses for a Cash Advance?
The most common uses for a short-term cash loan are for unexpected emergency expenses like a car repair, moving expenses, medical bills, debt, or any type of late payment fee in which if you don't pay your bill now, you will have to pay large additional fees. If you are unsure if your need is a good use for a payday loan, you should contact a financial advisor.
How much money will I be able to get?
When you complete an application, your information will be sent to a loan provider who can service you. They will determine how much you qualify for. In some cases, you can qualify for up to $1,000 cash. The average payday loan ranges between $300 and $500. These loans are recommended to be paid back within the next pay period, which usually is within four weeks. Some lenders will allow you to extend the loan, but additional fees may be added. Please check with your lending institution for more details.
Are there anymore tips or advice you can give for customers?
Please see the links for financial tips and industry recommended practices. It is important that you use a payday loan or cash advance service wisely and under the right circumstances. You should never use a payday loan to pay off a preexisting payday loan.