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Frequently Asked Questions about Applying for a Cash Advance

Here are the answers to the most commonly asked questions about applying for a cash advance.

What is a cash advance?

A cash advance is a small loan with a short term intended to smooth out ups and downs in cash flow. Also called a payday loan or a paycheck advance from http://www.personalcashadvance.com/, a cash advance gives borrowers their next paycheck before payday. These loans are a more accessible and efficient alternative to credit cards and traditional personal loans.

What can I do with a cash advance?

After you apply for a cash advance and are approved, the amount for which you qualified will be deposited into your bank account (varies by lender). After that, you can use the money however you see fit. Some customers use the funds to pay creditors, buy groceries, repair their cars, etc. Learn why you probably want to apply for a cash advance soon.

Can anyone apply for a cash advance?

Yes, anyone can apply for a cash advance, but of course not everyone will qualify. Though cash advances have considerably less stringent qualification requirements than conventional loans, they still have some criteria that borrowers must meet. These criteria will depend on your individual lender. Usually, lenders require that you earn a certain amount of money each month, have a job, are at least 18 years old, are a U.S. citizen, and have a valid checking or savings account (varies by lender).

Are you a cash advance lender?

No, we do not loan cash advances directly. We refer our visitors to cash advance lenders that participate in our network. You cannot apply for a cash advance on our site, but you can receive a free referral to a cash advance lender.

What is the APR on cash advances?

The APR on cash advances will vary by lender. Commonly, cash advance lenders refer to the APR as a finance charge, or a fee that is a percentage of the amount you borrow. For instance, the lender might charge you $10 for every $100 you borrow (varies by lender).

Is $500 the maximum cash advance I can get?

The answer to this question depends on your income and the lender you select. Some of our lenders offer cash advances as large as $1500, but that is not a guarantee that you will qualify for that amount. After you apply for a cash advance, your lender will tell you if you are approved and, if so, how large of an advance you can borrow.

How much time do I have to repay the cash advance?

Again, this is something you will have to ask your individual lender. Generally speaking, cash advance lenders make the loan due on the same day as your next payday, but this is not always the case. Make sure you know when your due date is so you know that you have sufficient funds in your account to repay the obligation.

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How is a cash advance different from a traditional loan?

A cash advance is easier to qualify for, faster, and does not involve a financial history check. Traditional loans require a great deal of paperwork and can take days to process, whereas cash advances can be deposited into your account by the next business day after you apply (varies by lender).

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