Top 10 Questions and Answers about Cash Advances in the U.S. -

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Top 10 Questions and Answers about Cash Advances in the U.S.

Cash advances are no longer the same as we know it today. These are not exclusively from companies we work for. There are now places offering this type of financial service to those in dire need for cash. But before you start jumping for joy, there are important questions you need to ask before resorting to this type of monetary resource.

Questions and Answers about Cash Advances in the U.S.

Here are the top 10 of those questions:

What are cash advances?

Cash advances are similar to payday loans you can borrow before payday and will need to be paid during the next pay.

What loan purposes are accepted?

While there are varied types of loans such as personal, car, home, or business, cash advance and similar types of loans can be used for any other purpose you intend them for.

Who are eligible to borrow?

Anyone who is over 18 years old, with a bank account, and employed or with a regular source of income can borrow. Eligibility may vary depending on where you loan the money from.

What are requirements?

Requirements also vary but in most cases, you just need to fill out an application form and submit the usual documents such as IDs and other materials needed by the lender.

Why are the interests so high?

The convenience of being able to borrow money without the need to submit numerous documents and undergo rigid credit checking compensates the higher interest rates. This is to ensure that loan providers are able to cover possible risks from loaning money even to borrowers with poor credit standing.  

How to apply?

Application can be processed online, over the phone, or in person. Again, this will vary depending on the company where you are to loan money from.

How long will it take before I get my money?

Most companies will approve the application in minutes but the money will be credited to your bank account after a few hours. You can expect the money to be deposited to your bank account within the day when you apply during business hours and working days.

How will I pay?

It will be electronically withdrawn from the bank account used to deposit the loaned amount.

How long is the repayment period?

It varies depending on the loan provider. In most cases, the repayment period is between 15 days to 3 months or even longer.

What happens if I don’t pay?

The interest will rollover to the next month until it accumulates into a substantial amount which may merit a possible lawsuit.

One last note, before you apply for cash advances or any other type of personal loan, make sure to read the fine print (terms and conditions) before signing any contract.

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