What is a Cash Advance?
There is a new kind of financial choice in town. Drive through any city neighborhood and you will see a neon sign declaring instant cash advances. Every newspaper, magazine, radio station, and TV station has ads for this new kind of financial business. The billboards all over town are announcing these businesses, as well. You may have wondered exactly what sort of loans they offer but were too hesitant to go in and find out.
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Now you don’t have to go to a storefront to find out this information. Because these cash advance or payday loan businesses ARE new, they are also more willing to take advantage of the new technology offered by the Internet. They are opening online storefronts that are making their business offerings available to potential customers in their own homes.
These businesses allow customers to get instant, unsecured, cash loans of up to $1,500 for a flat fee. There is no credit check involved and no investigation of the customer’s credit history. The customer must be employed or have a regular source of income because this loan will have to be paid back in full at the time of the next paycheck. These loans are cash advances taken from that next paycheck.
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These loans are to be used for those emergency situations where you must have a certain amount of cash right now, but you don’t have the ability to get that cash any other way. For instance, your family’s only vehicle needs repairs so it can be driven safely. The mechanic insists on being paid before repairs are made, but you won’t have enough money to pay the repairs until the next payday. If you don’t have a working vehicle, you can’t get to work to get that next paycheck. A regular bank loan may take days to get that cash, but you can’t wait that long. A cash advance loan will cover that emergency period until your next paycheck.
These loans are meant to cover short periods, are meant to be paid back in full at the end of two weeks or a month, and are meant to be used for short-term emergencies—not for regular sources of cash or for large amounts that would require repayment over several paychecks. Consequently, these cash advance loans are for smaller amounts that CAN be paid out of the next check, i.e., $100 to $1,500.
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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.
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