Cash Advances 101 | A First Time Borrower's Guide


Cash advance lenders make it possible everyday for people to get their hands on fast cash when they need it the most. You may hear a great deal about cash advances and the services that they have to offer, but if you have never used this incredibly useful service, there is no doubt that you have a lot of questions. Here are a few of the most common questions about obtaining a cash advance that every first-time borrower will definitely want to know the answers to.

Who can get a cash advance?

Just about anyone can get a cash advance. As long as you can provide the necessary documents and proof of identity, you will have a good chance of getting the loan. A few of the necessary documents or requirements may be proof of employment, bank statements, and references.

Will you have to have good credit to get a loan?

One of the greatest things about a cash advance is that your credit is usually not an issue. You will not have to be put through a credit screening and you will likely never be asked about your credit history.

How long can the term of the loan be?

In most cases, the cash advance company will want the loan paid back on your next pay date. If you are on social security or other monthly allowance from the government, your pay date will be scheduled around the time your next check is due.

Can you get a cash advance if you are self-employed?

Most companies will allow you to get a cash advance even if you are self-employed. You will be required to show some proof of income, however, such as bank statements, tax returns, or 1099 forms from people who pay you. As long as you can prove that you do have some form of income, the lender will likely consider your application.

What charges will be added to the loan when you pay it back?

When the term of the loan is over and repayment is due, you will be charged interest for the amount that you borrowed. The amount you will be expected to pay back will be clearly laid out in the contract of the loan when it is initially accepted.

When it comes down to it, a cash advance can be one of the easiest ways ever to get money in a hurry. If you have further questions or believe that a cash advance will be right for you, visit a lender like USA Cash Services in your area.


25 June 2015

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