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How Do Cash Advance Loans Work?


AdvanceLoan.net offers a payday cash advance loans service that quickly allows you to borrow $100-$1000. Then have the money credited directly into your bank account via a secure bank transfer. If you need money to sort out your personal finances before you you get paid, approved payday loans can be a viable short-term credit option. These cash advance loans work because they are meant for you to meet needs like hospitalization, car repairs, medical bills or any other urgent bill. They are secured against your next paycheck which is one of the benefits of this type of loan funding. That's why you do not need to worry about having a deposit to get a loan.

Our trusted service works nationwide across the USA (except for states in which payday lending is not allowed by law). Services are open 24/7, 365 days per year, providing cash advance loans for all credit types. You do not have to search for locations locally as your application is completed quickly online.

Consumers who get a shorter term loan are often young, such as parents who need money to pay bills that have mounted up. One of the advantages of this type of loan is once approved, the funds can be deposited directly into your bank account the next working day. Sometimes, depending on the lender that you are matched with, money could be transferred as soon as that same day.

What is required to get an online payday advance loan?


The basic requirements are the following: a checking account, personal identification and a proof of income. Cash advances need to be paid back within 2 weeks of them being taken out. Sometimes these cash advance loans are the easiest solution for people who are in need of money immediately due to urgent financial problems.

Consumers write a check for the amount that they are borrowing plus the additional interest fee. This check is then given to the lender as collateral against the payday advance. If you apply for an online cash advance double check the amount you will be repaying to the lender. Its not unusual for the annual percentage rate or APR of these loans to hit 400%!. This is why borrowers are advised to get small loans only if it's really necessary and not to buy things that can wait until their next net pay check.



An online payday loan is a swift solution to cover immediate money needs. Since the application and approval period only takes about a day (sometimes even overnight) this is perhaps the perfect way for one to acquire cash for urgent situations. However, with the shortness of term of this cash advance loan comes the disadvantage of having a very high interest rate. A person who wants to get payday loans online should be fully aware of what they are getting themselves into. The customer will have to pay a separate fee on top of the initial capital and one installment payment to pay the loan off. These are temporary loans that are meant to cover a borrower's costs until their next payday. The bank generally charges a fixed amount per $100 borrowed and the loan is until your next payday, irrespective of when you apply. Pay advance loans regularly help those who can't get credit easily anywhere else. Used responsibly, they could be a valuable and viable credit option for certain types of people.



Are payday loans legitimate?


Financial emergencies can cause stress and can also be very expensive in terms of the interest added on payday loan funding. This is why consumers should always educate themselves when it comes to short-term cash advance loans so that they avoid potentially drowning in too much debt. Whilst they are relatively easy to acquire, they are also expensive. There are many lending options available now, especially due to the rise of Internet banking. We aim to provide a secure, legitimate service that you can trust to help you get the loan that you need. Each application is faxless and a personal reference is not required.



How secure are online payday advances?


AdvanceLoan use the latest SSL technology that has up to 256-bit encryption to keep your loan application private and secure. Quick online funding has never been so accessible and there is no faster service than our web-based lending solution.

So if you are in need of some immediate cash and you haven't got the time to apply for a normal personal bank loan. An online payday advance is an option.



Recent Customer Questions May 2018:


Question: How long do I have to pay an online payday loan back?.


Answer: Your loan is paid back on your next payday, which is normally between 7 and 30 days after you have taken the loan out. If you are not quite sure of your exact payday is you can ask your employer who will be able to tell you. To give you an example, if you got payday advance loans on the 5th day of the month. Your pay date is the 30th; you will have 25 days before the loan is due to be paid back.


Question: Can I apply for cash advance loans over the phone instead of using the website?.


Answer: Yes, you can apply for a cash advance via the telephone instead of doing it online. Our payday loan advisors are waiting to take your call, and they can answer any questions that you may have over the phone before you proceed with an application. Before you make the call, take a minute to write down any questions so that you are ready and won’t forget them. If you would like to use this option please call: 1-877-534-5330.



Question: How do I get another payday loan if I already have one?.


Answer: It will depend on the laws that cover payday lending of the state that you live in. It's important to consider that it's always better to repay one loan before taking out another. Otherwise, you could end up with larger repayments, which will make it difficult to pay off the loans.



Question: I'm a bit confused, what is the difference between a cash advance online and a payday loan, or are they the same?.


Answer:Yes, they are the same. It's just a different way of referring to essentially the same type of loan. Of course, all payday advances that are done online are directly credited to your checking account. Rather than you receiving actual cash in your hand at a store for the loan.



Question: Do I have to own a house or apartment to get a payday cash loan?.


Answer: No, a payday loan is an unsecured loan, meaning that you do not have to put any colateral down to take one out. This means you do not have to own a house or a car to to apply for a loan.



Question:I need a cash advance fast but I have a bad credit rating, can I still get one?.


Answer: Yes, just because your credit rating is bad doesn't mean you will be disapproved for a loan. Payday advances are unsecured, short term loans so even if you have a bad credit rating the lenders will still consider you. Please be sure to fill out all your details accurately.



Question: I get paid at the end of the month, can I take out a payday loan at the beginning?


Answer: Yes, payday loans generally last up to 30 days, so if you get paid at the beginning of the month, you can pay it off at the end or sooner if you prefer.


Question: What is an advance on a loan?


Answer: An advance gives you a short-term loan based on your future earnings. You can obtain advances immediately in most cases as long as you have the documentation needed for your loan application and a clean lending history. Unlike with long-term loans that you gradually pay down with monthly instalments, advances are ordinarily paid back with automatic deductions from your future paychecks. You will, therefore, need to budget with care by considering your near-term income and expenses. Once you get your advance, the money you receive can be used to cover short-term gaps in your budget to keep you going during hard times.


Question: Is a cash advance a loan?


Answer: Cash advances are different from loans because they are not borrowed for extended periods of time. Ordinary loans involve borrowing capital in exchange for paying interest throughout the life of the loan. Although cash advances generally carry interest, the short repayment term makes the interest rate less significant than with long-term loans. Instead, payday loan companies usually charge service fees that are added to your principal balance.


Question: What are short-term loans and advances?


Answer: Short-term loans are designed to give you a small amount of capital to cover cash flow shortages during difficult periods. Advances are a specific form of short-term that is repaid with a portion of each paycheck you receive. People take out short-term loans for a wide range of reasons. Most short-term loans are taken out for personal emergencies, but some people also use these loans to fund their businesses. Advances and most short-term loans are paid in cash, so you can use the funds for whatever you need.


Question: Is a payday loan the same as a personal loan?


Answer: A payday loan is not necessarily the same as a personal loan. Payday loans are a type of personal loan, but there are many different forms of personal loans that you can take out. People with excellent credit can usually take out large lump sums at a bank, but these loans are almost never repaid with paycheck deductions. Student loans are considered a form of personal loan, and these loans are repaid with monthly installments over a period of many years. With a payday loan, in contrast, you will repay your balance over several months as funds are deducted from your paychecks.


What does a loan advance mean?


Answer: A loan advance is a type of loan where a lump sum is given to a borrower at one time based on their projected ability to repay their loan in the near future. Advances give you an immediate sum of cash that you will repay in the short term using earnings from employment.


What type of loan is a payday loan?


Answer: The finance industry considers a payday loan as a form of short-term loan. Short-term loans are primarily paid for with fees instead of interest, and they are generally borrowed on the basis of your near-term earnings from employment. Advances are often synonymous with payday loans, but there are some advances that are available for retirees or self-employed individuals.


Do payday loans require a credit check?


Answer: You can take out a payday loan in most cases without having to go through a credit check. Lenders will look at public information related to your creditworthiness, such as your history of bankruptcy or defaults. Your income and expenses will also be considered. As long as your public information does not raise any serious red flags, you can be approved without a credit check in most cases. However, if you have good credit, you should look for lenders who offer credit checks because these payday loans are generally less expensive.


What do you need to apply for a payday loan?


Answer: The main requirement for applying for a payday loan is a consistent history of employment. Lenders want to see that you have a stable job and that your income is consistently above a certain level. You will also need to document your monthly expenses, including rent, utilities, and credit card payments. In general, payday loan companies that let you apply online ask you to input information about your income and expenses without requiring you to provide documentation. Payday loan companies that operate out of brick-and-mortar stores, in contrast, tend to ask for documentation before agreeing to disburse funds.


How long does it take to get approved for a payday loan?


Answer: Filling out an application for a payday loan takes less than 10 minutes in most cases. As part of the application process, you should take the time to read the entire loan agreement before moving forward. Once you have completed your application, most payday loan companies can approve your loan in less than an hour. Some loan companies advertise that they can approve your loan in less than 10 minutes. If your loan gets flagged for manual review, however, it may take up to 24 hours to get approved. You do not have to sign for your loan until after the approval process is complete, so you can apply with other lenders while you wait for your initial loan to get approved.


How do I qualify for a payday loan?


Answer: Your paycheck is the primary factor that lenders consider when you apply for a payday loan. If you have been employed for several months and your expenses are low, getting approved for a payday loan is generally simple. Lenders will also look at your history of bankruptcy and your monthly expenses. Most lenders are able to qualify customers who have bad credit for payday loans because these loans generally do not require a credit check.


Question: Are the details for a loan that I enter on your site secure?


Answer: Yes, we use the very highest quality security certificate and all the data that you enter is secure.


Question: Will I have to fax any information to take out the payday loan?


Answer: No faxing is required to apply for a payday loan, the lender will have the information that they require in the application. They may ask for further information if they need it.


Question: When is your service open?


Answer: We are open 7 days a week, 24 hours a day, even on a Sunday. As all applications are made fully electronic online, we are always open.


Question: I am based outside the USA, can I still apply for a loan?


Answer: We only accept applications from USA residents within US states that allow payday lending.