Many first-time cash advance customers have lots of questions about how these convenient loans work. Cash advances can be a serious obligation for the uninformed borrower and are nothing to take lightly. We’re here to answer some of these common questions for you so you can better understand your financial options and make an educated decision. If you need short term help with cash wired right away, consider borrowing a cash advance to help with your expenses.
How are cash advances approved?
Cash advances are not approved with credit checks like traditional loans.
Payday lenders instead approve cash advances based on your salary and bank account balance. How much you earn in a month determines how much cash you can borrow. As long as you earn a stable income and have a positive bank account balance, you can qualify for instant cash advance approval.
How much do cash advances cost?
This varies from lender to lender and also depends on state laws. Some states cap interest rates at a low annual percentage, while others allow lenders to charge what they please. The average cost of a payday loan is $20 per $100, so make sure to account for these fees when deciding how much cash you can afford to borrow.
What are cash advances used for?
Anything! You can use a cash advance for any small expense you have that’s up to $1500 or less. Many customers have borrowed cash advances for car repairs, medical bills, dental work, new home appliances, computers, monthly bills, and more. If you need help making ends meet between paychecks, a payday loan can help your finances.
Are online cash advances safe?
Yes, if you’re careful about choosing a lender. Some payday loan scammers pose as legitimate lenders to trick consumers out of their personal and banking information. Never borrow from a lender who asks for payment before approving your loan, or who asks for your personal information in the first application step.
Be sure to read the fine print on any website that you may apply for a cash advance. Be smart about online cash advances and they can be helpful to you.