Cash Advance FAQs

If you’re trying to consider whether or not you should resort to cash advances for your financial difficulties, it would be best to check out these frequently asked questions to walk you through the essentials of cash advances.

What is a cash advance

Also known as payday loan, payday advance, paycheck loan, or payday cash advance, cash advance is a short-term unsecured loan, usually small enough to be covered by your paycheck.

How do I qualify for a cash advance

To be able to qualify for this loan, you must be at least 18 years old with a job or source of regular income.

How long does the application process take

Application and approval of the loan usually takes hours after the application has been filed. Since no financial situation review and credit background check are required, there is no need for long processing of applications.

Do I need collateral

No. This is an unsecured loan so you don’t need collateral. If there is any such collateral, it would be your paycheck. You, as the borrower, would carry the risks of the loan, though. Fees, penalties, and interest rates are relatively high. Should you fail to pay your loan back on time, you would have to pay more.

How much can I get

The amount that you can borrow depends largely on your income. Your salary must be able to cover the cash advance. That’s one reason for the name “payday loan.”

When are loan payments due

Payments are usually scheduled about one to four weeks after the loan. People usually arrange to repay their cash advances on their payday. Penalties and high interest rates await those who would not be able to pay on time.