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General Questions About Advance Loans
Everything you need to know before applying for an online payday loan/cash advance.
Q: What is an online cash advance?
A: Don't confuse an online cash advance, also known as a payday loan, with a personal loan. Personal loans are usually given by financial institutions like banks and credit unions. Credit card companies usually give cash advances.
Online cash advances are short term loans that let you borrow small amounts of money. They are often used to cover unexpected expenses. These loans are due on or around your next payday. Post-dated checks are usually used as collateral to cover the money borrowed. These checks also cover fees to the lender. It’s a safe way to get fast cash for people who cannot wait for their next paycheck.
Although many see online cash advances in a negative light, they serve a valuable purpose. Life does not tell us when it plans to throw something unexpected at us. Even the most frugal people are sometimes caught off guard. When this happens, something like an online cash advance can help in an extreme time of need. They can pay to fix your car's engine or even cover the electricity and water bills. The point is that cash advances were never intended for normal, everyday use. They're meant to cover emergencies when then are few other choices to turn to.
Q: How do I qualify for a cash advance loan?
A: Our advanced technology makes qualifying for a cash advance loan very easy. It is simple to sign up to our services. Then we’ll look for the lender that best fits your needs. Once you apply and qualify, they can forward the cash straight to you. If you shop for a loan by yourself, you’ll have to fulfill a series of requirements:
Must be 18 years or older
Most recent statement from active checking account
Proof of income
Valid State photo ID
Nowadays, many companies let you fill out your cash advance applications online. Doing so allows the service to be faster since you print and fill it out yourself. Our job is to find you the easiest and most convenient option. We want you to have the funds as fast as possible and make the qualification process pain-free. You can count on our expertise and integrity to guide you through every step of the process. In other words, we work for you and take that responsibility to heart.
Q: Are online cash advances legal?
A: Legislation on cash advance loans varies between different countries. It also varies between states in America. Popular belief says most cash advance loans are scams. This usually applies to scam artists posing as collection agencies. Most online cash advance agencies are legal and work within the boundaries of the law. Our team will let you know if there are any restrictions in city or state. In the United States, online cash advances are legal in 27 states. Nine other states allow them with certain restrictions.
If you choose to use a national agency, make sure they have a license to operate in your state. Also remember that residents of certain states might not be able to use online cash advances. Availability of these loans is state-specific so do some research to see what you can use. Of course, choosing to use our services lets us do all the research and leg work on your behalf. We can save you time, effort and aggravation by finding the best lender for your needs.
Q: How does an online cash advance work?
A: Cash advance lenders have different procedures and requirements. Most follow similar basic steps for approving your loan.
The process gets started by applying online and completing the online forms. Your information is then forwarded to the lender. You will receive instant notification upon application approval. Afterwards, you can customize the loan according to your needs and payment schedule. Next, you complete the process with an electronic signature on the loan documents. The cash is then deposited into your bank account. After the loan period has passed, the loan amount and fees taken from your bank account.
Once the applicant submits all information, reliable lenders will have a quick response. Availability of funds can happen within 24 hours, sometimes sooner or even overnight. Submitting accurate paperwork always helps funding occur as fast as possible. We understand those funds are typically used for emergencies. For that reason we want loans funded as fast as possible. Our expertise streamlines the entire process for you.
Q: What is the best online cash advance website?
A: You should select a reliable, reputable, and fair lender when looking for a cash advance loan. Like any service, you should explore all options like interest rates and fees. You should also research their business license. Not all companies offer the same services with cash advances so do your homework. Many are looking short-term without the consumers in mind. We are not in business for a quick buck and our product and service lines reflect that.
Cash advances can be a very helpful product but choosing the right company is vital. Borrowers must always be vigilant and make sure the loaned funds are affordable. The choice of lender is an important part of the process. Once you have validated their credentials, you should feel safer proceeding. Of course, our services can simplify this for you, saving you many possible headaches.
Taking a cash advance loan is a huge responsibility for both the client and the agency. We recommend that you take the time to explore your options before deciding. Our fees are among the lowest in the industry for cash advance loans and well within legal margins. Remember that we see you as a business partner and not a mere customer. We want you to have a good experience with the cash advance process and recommend our services to others. Our business grows by keeping you happy.
Q: Are online cash advances safe?
A: Most companies don't process loans in-house so you should research before applying. Some companies aren't even based in the US. Foreign agencies can be riskier by handling your information and money from abroad. Finance regulations in the US can protect the consumer from predatory lending. Unfortunately those same finance regulations can't guarantee the legitimacy of foreign agencies.
Look for a company with the best web presence, reputation, customer support and rates. Superior companies use the highest quality security certificates to keep your data secure. Data integrity is not the place to look for a cheap solution. We only use the very best in security software to ensure your personal information is safe.
Our services are completely safe, private and legal. We have a highly-trained team of veteran professionals and experts to assist you. Your financial matters are important to us. We pride ourselves in offering the best services and rates to our customers. Borrowers aren't a source of short-term, quick profits for us. We are in business with you and see you as our partner.
Q: Do I need collateral for a payday loan?
A: No, these types of loans usually do not need a credit check or any type of collateral. Your credit score isn't needed, only a post-dated check cashed on your next payday to secure the loan. Cashing that check completes your loan responsibility. You can also give the lenders authority to deduct the loan amount and fees from your bank account on a set date. This is usually your next pay day.
Please keep in mind that some companies do demand some kind of collateral. We always recommend understanding all terms of your loan, including any needed collateral.
Q: Do I need to read my payday loan agreement?
A: Yes, of course you have to read your cash advance loan agreement. You should never sign a legal document without reading it first. Some companies want to scam you or overcharge. They get away with this by burying it in the fine print of the loan agreement. Always make sure you’re comfortable with what you’re borrowing. If you have any doubts, call the company's customer service representatives. Remember, it does not matter what the representatives tell you. All that matters is what's written on the agreement you sign. That agreement is the only thing that is bound by law. Everything else could be part of a sales pitch.
Q: What is a deposit advance loan?
A: Deposit advance loans are like cash advance loans but get funded by a bank or credit union. With a deposit advance loan, the loan amount gets deducted from your next deposit. If this deposit cannot cover the loan, the remaining amount will come from other deposits. It does not get extended over future paydays.
You should be careful with deposit advance loans. After a set amount of time (30-35 days) the lender will deduct the full amount of the loan. This might even overdraw your account.
Q: How do I know which online cash advance lender is legitimate?
A: As mentioned before, it’s always a good idea to do some research before deciding which lender you want to work with.
There are certain things to avoid when choosing a payday loan company. We recommend avoiding any company that requests your personal and financial information beyond the usual (name, ID, etc.).
Also, you will want to avoid any lender that asks you to send up front money in any way and calling it a “good faith deposit."
Finally, we understand the main reason to be looking for a payday loan is an urgent need for cash. Still, do not fall for the old “you’re pre-approved” line. These usually take advantage of anyone with a need for quick money. A serious lender won't offer approvals before you have actually applied. Any junk mail or email you receive that says you are instantly approved is likely a scam. If you have any doubts about an offer, call the company and ask them direct questions. Pay close attention to how they answer those questions. You should either request more information if still uncertain or refuse the offer. Our services cut through those potential dangers on your behalf. It's why we are in business and we are very good at what we do.
Q: Are cash advance loans expensive?
A: As with any form of financing, cash advance loans can be expensive when not used in a responsible way. The key is to understand exactly how they work and know all the fees involved before you opt to get this kind of loan.
Keep in mind the use of a payday loan is to help in an emergency when you can’t wait for your next pay check. Payday loans are handy when you must repair your car or pay utility bills.
The fees involved can vary depending on the state you live in or the company you deal with. The lender should disclose this information before you agree to the loan.
Also consider possible overdraft fees for bounced checks before getting a payday loan. Banks will charge you fees for bounced checks. Some criticize cash advance loans for fees. They don't realize some consumers are better off than paying overdraft fees to a bank. You could save a quite a bit in bank fees by getting a cash advance loan if you are in a tight spot.
Q: Are payday loans available Military personnel?
A: Members of the military have other options. They can still get a cash advance loan as long as they follow special provisions under the law . Always look for the best solution that follows laws established for the armed forces.
Q: What does rollover a payday loan mean?
A: This refers to extending the time limit on your loan. Some companies offer this option but certain states either limit or ban this option.
A rollover can help certain people by extending the due date of the loan. Please keep in mind there will be “delayed payment fees” that can become very costly in some instances.
Q: What is the cash advance limit?
A: There is no specific limit. Loan amounts are often regulated by state law. You would qualify for a particular loan amount based on your current income.
Credit card companies usually won’t allow you to take the entire amount of your credit limit as a cash advance. Keep in mind that cash advances always come with fees. Understand all the fees and/or interest charged to you for taking the loan.
Q: What is a credit card cash advance?
A: Cardholders have the option to borrow actual currency against their current balances. Cash advances usually have high interest rates and sometimes even a transaction fee.
Don't confuse credit card cash advances with online cash advance loans. Credit card cash advances are only for credit card holders and limited by the credit limit on the card. Usually the highest possible cash advance is only a small percentage of the credit limit.
Q: Can a payday loan company sue me?
A: Yes. Lenders can sue borrowers that default on their loan and don't pay back the loan amount and interest.
You can prevent a lawsuit from the company by preventing default. Try prioritizing the payday loan over other debt and find ways to get extra income. You should also keep in touch with your payday lender.
As with any other form of financing, it is important to remember that you must pay back your loan. Always use these options in a responsible way.
Q: What are payday loan limits?
A: Payday loans range in size from $100 to $1000, depending on state legal maximums. Again, the company you choose should always be the one that best fits your needs and offers you the best rate.
Make sure you don’t ask for a loan amount that will become a financial burden. Always think of the loan as an emergency option. Do not make short-term financial mistakes that can hurt you in the long run. Being eligible for a bigger loan doesn't mean you should accept it. Making a guarantee with yourself to use a loan in a responsible manner is a good first step in getting back on track. Cash advance loans are very useful in certain circumstances but always be cautious.
Limits will always depend on the company and the background of the borrower. Loan eligibility and the amount offered vary with each person. Also remember that loan amounts can vary depending on laws within your state.
Q: Are online payday loans safe?
A: There will always be risks when giving personal and financial information online. Many websites that advertise payday loans aren’t even actually lenders. Using sound and reputable companies reduces your exposure to those risks.
Be sure the company you deal with is secure and always look for references. These are usually simple to find online. Of course, you can always count on us to do this for you. We assure you all information will always be completely confidential.
Questions About Rates And Interest? Here is everything you need to know about interest fees and cash advance rates.
Q: How is cash advance interest calculated?
A: Cash advances give you quick access to money you might need for sudden bills and expenses. They can also get you by until your next paycheck. That said, you should always know the costs involved with your loan before agreeing to it. Your interest rate will depend on how much you are borrowing and length of the loan.
A payday loan calculator can help you estimate your total costs for the loan. Select how much you want to borrow and for how long. You will get an estimate of the interest charges and fees. The interest gets charged at the cash advance rate from the date of the transaction. Always make sure the lender is clear and upfront with the rate before proceeding with the loan.
Q: What is payday loan interest?
A: When you apply for a payday loan, you're charged a set amount of fees that work the same way as interest. Payday lenders operate under strict guidelines set by the government. This is to protect you from abusive fees. Be sure to read the loan agreement and understand other fees and costs before you take out a loan.
Any reputable company will inform you up front of the fees to expect and will not hide any information from you. Always make sure you ask about the fees involved with your transaction.
Cash advance loans usually involve a fee or interest. Although many argue that fees are high, one must consider the nature of these of loans. They are usually used to handle emergencies. The fees and interest charged for an online cash advance are often lower than having to pay late fees. They are also often lower than disconnection fees for utilities like electricity. Understand the fees and interest you will incur if you don’t get a cash advance loan. You can weigh the options and make the best decision for yourself.
Q: Which online loans are scams?
A: If you're asked to pay money upfront, it is a sure sign of a scam as legitimate lenders won’t ask you for any money upfront. Make sure the company is real and call their listed public phone number. This can help you avoid any scams.
Scammers often use information acquired from legitimate online loan applications. They make their victims believe they are true representatives of their loan providers. Sometimes they even use threats to intimidate their victims. Be very careful when you apply for a loan and only use providers with good reviews and public phone numbers.
Use the internet to perform searches on the company’s name, address, and phone number. Use Google Maps and look to see if they have a legitimate physical office. What part of town are they in?. Searching their location only take a few minutes and can save you a lot of hassle and stress.
The Federal Trade Commission has sued some lenders with charges of fraud. In America, borrowers find some consumer protection when a payday provider commits fraud. Consumers must still do research, though. You should always verify that the cash advances are from solid providers. Once again our company can provide these services for you.
Q: What would happen if I’m unable to make a payment on my payday loan?
A: Although this is a situation we should all avoid, it’s still a possibility. Whatever the case, as usual, it is best to face the problem than to hide from it. The first thing you should always do if this occurs is contact your lender as soon as possible. By doing this, you might reduce or even stop any possible penalty. You might also be able to prevent accumulating more debt. Sometimes repayment can even get deferred. Your lender can provide help when you have financial difficulties. Always be responsible when dealing with online cash advances. The sooner you contact the loan provider the more they can help with a solution.
Q: Is employment needed to pay back the payday loan?
A: The key is to have a source of income since we need you to have the ability to repay the loan. You don’t need employment but do need to have some sort of income. You may be self-employed or receive income from a source other than an employer. We won’t do any credit checks or ask for your bank statement. All we need is proof of work or income.
Q: Do online cash advance companies keep my transaction confidential?
A: A company with a good reputation is more reliable. Confidentiality is important to them. These companies respect the desire for privacy in managing their personal financial matters.
Transactions are always kept confidential and transmitted through a secure server. We keep your information in a secure database.
Q: I got a cash advance loan from an online company and I want to know when will the loan be due?
A: Your payday loan will be due on your next approved payday (loan duration is state-specific). You will receive loan information, rates and interest fees on approval. The lender will give you all other useful information at that time.