Cash Advance Q&a
Some people have urgent life situations that pop up
. This can be anything from a water heater going out, to car repairs or medical expenses.
The average American has little to no savings to help with these kinds of expenses and they may find they need a little help from time to time between paychecks. And getting a $200 loan from a bank for auto repairs can be nearly impossible.
Below you will find answers to some of the most frequently asked questions about our services for cash advance and no fax cash advance loans.
Q: Do I need to have credit to qualify?
A: No credit is needed, your credit is not considered for approval. Cash advance loans are great for people who have no credit, or poor credit.
It can be very hard to get a bank loan if your credit is poor. Some people don't have poor credit due to irresponsibility.
It can be a result of medical expenses, divorce, disability, etc.
Q: When I apply online is my information safe?
A: If you go with a reputable lender, chances are you will be protected. However, in the even that you uncomfortable applying for a loan online, you should visit a brick and mortar store.
Q: What is the largest loan amount I can apply for?
A: Typically, lenders go about as high as $1,500 and as low as $100. It depends on your needs and is recommended you don't get more than you really need.
These loans are meant for urgent and emergent expenses, not for frivolous purchases.
Q: I only have a savings account can I still apply?
A: Yes, most lenders will grant you a loan if you have a valid checking or savings. The reason for this is because they need some guarantee that you can pay the loan back in the form of a post dated check or withdrawal to your account.
Q: What is a no fax cash advance?
A: A no fax cash advance is simply a cash advance loan which does not require you to fax any documents in. This can be very easy for your busy schedule.
But even storefront lenders don't usually require a lot of paperwork.
Q: What are the minimum requirements?
A: You must be 18 years of age or older, have a valid bank account, proof of identity (picture I.D.), and live in the country in which you are applying.
Q: How do I pay back the loan?
A: You can either give the lender a post dated check to pay the loan back, or a post dated draft to your bank account.
Q: Do I need collateral?
A: No. That is what is nice about cash advance loans.
Your post dated check or draft is your collateral against the loan. And since this is the case, that is why the loan amounts you can receive don't go into the thousands.
If you need a bigger loan, then you can get one through a cash advance lender but you would need some kind of collateral to put up against it.
Q: How long do I have before I have to pay it back?
A: The typical payback time for a cash advance loan is about two weeks. Some lenders do offer longer terms but it is not recommended that you go much past a few weeks as the fees can really add up.
Q: What if I can't pay my loan back in time?
A: You should check with the lender before you take the loan to see if they offer an extension plan. If you need to extend your loan, it can be a life saver to be able to do so.
However, there may be extra fees attached to that, not to mention that the interest rates can pile up and you may end up paying more in fees than you originally borrowed!
by: Tom Selwick
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