Cash Advance - No Faxing, Bad Credit OK!

Promoting the Responsible Use of Cash Advances Online

Get a cash advance to stay financially afloat

When someone is expecting a paycheck or other form of cash but needs money now instead of on the scheduled pay date, a lender can provide a cash advance. In the case of online cash advance lenders, the cash advance is directly deposited into the borrowers bank account quickly making the money convenient to access.

Basics of a cash advance

Applying for a cash advance online is easier than applying for a loan through a bank. Bank loans can take weeks, but online cash advance applications are completed incredibly fast. The application process only takes a few minutes, and the borrower gets cash far sooner than with traditional loans.

General terms of a cash advance

Cash advances between $100 and $1,000 are available online. The fees for cash advances range from $15 to $30 per $100 borrowed, depending on state law and other circumstances. The term of a cash advance loan is usually two to four weeks, and the cash advance and fee must usually be paid back in one lump sum. If you need more time to repay the amount you need, check out installment loans.

Cash advances versus traditional loans

Cash advances have two unique advantages over traditional loans in that they are unsecured loans, and often are approved with bad credit. This means that someone of little means or with a bad credit record can be approved in the case of a financial emergency.

Use your loans wisely

Financially responsible people can use cash advances to save money by avoiding late fees and overdraft charges. Cash advances can also protect customers’ credit reports by allowing them to make payments on time.

Get a cash advance today

A cash advance can be directly deposited into your bank account after you and an online cash advance lender reach an agreement.

 

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Cash Advance Terms

APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans can have a very wide range and can vary based on the amount of the money borrowed and length of the loan. Make sure you understand all your terms and rates fully before every accepting any loans. If you were to annualize other fees in the same manner such as a returned check fee or a credit card late fee, your annual percentage could be astronomical.

Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $351 for every $100 borrowed up to $500.00. (While these are typical fees, some lenders may charge more, and fees may be in addition to APR.) Fees per $100 begin dropping on loans larger than $500.00. Fees can sometimes be less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.

Collection Practices: Collection practices will vary from State to State and Lender to Lender. Some common methods if a loan becomes delinquent include, attempts at collections internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower, and other internal attempts. Often, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith, or may take other action within their legal rights. Check with your lender and your State regulations to be informed of the collection practices used by your lender.

Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency, and is not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, lenders will undertake some form of a credit check on a potential borrower, which may impact the borrower’s credit score. It may also impact the lender’s decision to extend credit. However, some lenders rely on information in addition to what is found in credit reports. The factors a lender considers when approving or denying a loan are solely in the lenders’ discretion. Moreover, the lenders decide what, if anything, to report to the credit reporting agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.