What Are Cash Advances?
Cash advances are a commonly used unsecured loan
. These advances are used by millions of people across the country each day. No credit check is involved, because these are true advances and not a credit process. Borrowers may receive amounts from $100 to $500 or more, depending on income, until their next payday rolls around. A typical loan time period runs about two weeks and will not be less than 7 days. For those persons who only are paid on a monthly basis, the loan period is until their next pay cycle.Income from a regular legal source is the basic requirement for obtaining cash advances. Also called payday loans, these simple cash transactions have a few other qualification rules. The borrower must be an adult and have some type of bank account that will accept electronic transactions. Most people use their checking account when applying for this type of advance.
Military personnel have special borrowing rules; most cannot borrow from a payday lender. Everyone else can apply and most will be quickly approved, regardless of credit score or history. If the borrower has defaulted previously on a payday loan, they will probably be denied a new one. This is not due to any credit history information; the cash lender industry has its own system to track non-payers.
Borrowers must provide some proof of income. This can be a pay stub, a government statement of income or other proof of regular income. Lenders may also ask for personal references. All loans are made in cash or automatic deposits to a bank account. Repayments are done in cash or by an automatic withdrawal from the borrower's bank account.
A cash advance loan is very helpful when needed. There are few questions to answer and no collateral is needed. At a land based payday store, many companies ask the borrower to fill out a valid check and leave it behind until repayment, at which time they get their check returned. Online lenders do everything automatically through the ACH withdrawal and deposit systems.
Payday advances can be used for any purpose; there are no restrictions. At a store, the borrower leaves with cash. If the borrower uses an online lender, there will be a fast deposit into their bank account. This usually takes from an hour to a day. Many people use payday loans to pay for emergency bills or repairs; others use it for fun. How the loan is used is no one else's business.
Interest rates make these loan fees run about $15 to $25 per every $100 borrowed, which is acceptable to millions of people daily. Cash advances are preferable for many when compared to collateral loans, loan shark payments or pawnshop transactions.
by: Christine Harrell Writing A Business Plan - Six Tips For Success Why Facebook Works For Marketing Your Business Web Development Companies to Flourish Your Online Businesses A Critical Review Of Herbalife Mlm Business IT Support Companies Advice on Protecting Your Business From the Zbot Banking Trojan Mobile Marketing is the future for businesses throughout the globe Cash in on the Benefits of the Mind-Body Connection No hassle small business loans: Easy to acquire cost effective financial assistance Pie Maker chooses JustFoodERP to Increase Business Transparency SEO for eCommerce Businesses Explained Cash Advance Payday Loan: Great For Emergencies How to Incorporate Subplots Finding Venture Capital For A Startup Business