Online Cash Advances
A cash advance online loan works in a similar fashion as a loan obtained from a land based establishment
. The difference is you never have to leave your home in order to get the money.
All you have to do is apply over the Internet, and if you are approved for an advance, the money will be directly deposited into your bank account, generally within one business day. Usually, the same terms apply with online loans as with other types of cash advance loans.
These services are set up to give people quick money if they need it for an emergency or some situation that was unforeseen. The money will be paid back when you receive your next paycheck, or around 14 days.
You are required to provide proof of income and an active checking account when you apply for one of these. There are some lenders that require their applicants to have an income of at least $1,000 each month, even though lenders will generally count several forms of income, such as alimony or child support.
The amount of money you can expect to borrow when you apply for an online cash advance loan will differ, but generally the range will be from $100 to $1,500, and maybe even more. This will depend on the lender you use and your situation, in terms of how much you will be eligible to borrow.
There are some lenders that will lend out a set amount for the 1st one you take out, and you can obtain more the next time you get one if you pay it back on time. However, many times, the amount you can borrow will depend on how much income you are taking in.
The normal processing time between when you apply and when you receive the cash in your account is around 24 hours. There are some lenders that require 3 to 5 days before you can get the money.
Also, there are some lenders that can wire the money to your bank account on the very same day that you are approved for the money. However, you should be aware that generally this service is one that requires an additional fee.
A reason that an advancelooks so good is the fact that, generally, credit checks are not needed, as long as you meet the requirements for getting a the money. If you are a citizen of the United States, over 18 years of age, and have an active checking account and steady form of income, then you will probably be approved.
Some times it requires your checking account to have been active for at least one month, with no checks bounced, in order to qualify for the money.
The usual time period that you can pay back an online cash advance is 14 days. However, some of these lenders will extend that time period, if you are not usually paid for 21 days or until 28 days have gone by.
For cash advance periods that have exceeded 14 days, higher fees may be assessed. At times, you may be able to renew the cash advance either on or before the due date if you pay the fee or the interest on the cash advance.
There are some cash advance lenders that will let you renew the cash advance for a set amount of time. In this case, you will only have to pay the interest on the cash advance when it is due until you are able to pay it back in full.
There are other cash advance lenders that will specify how many times the money can be renewed before it is fully paid off. There are also other lenders that let you pay back the debt, in a gradual manner, so every payday you will pay the interest, in addition to a part of the original loan until it has been fully paid off.
by: Tom Selwick
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