Online Cash Advance LoansA cash advance online loan works in a similar fashion as a cash advance obtained from a land based establishment. The difference is you never have to leave your home in order to get a cash advance. All you have to do is apply over the Internet, and if you are approved for the cash advance, the money will be directly deposited into your bank account, generally within one business day. Usually, the same terms apply with online cash advances as with other types of cash advance loans.
Online cash advances are set up to give people quick cash if they need it for an emergency or some situation that was unforeseen. The cash advance will be paid back when you receive your next paycheck, or around 14 days. You are required to provide proof of income and an active checking account when you apply for a cash advance online. There are some cash advance lenders that require their applicants to have an income of at least $1,000 each month, even though lenders will generally count several forms of income, such as alimony or child support.
How Much Can I Borrow?
The amount of money you can expect to borrow when you apply for an online cash advance loan will differ, but generally the range will be from $100 to $1,500, and maybe even more. This will depend on the cash advance lender you use and your situation, in terms of how much you will be eligible to borrow. There are some lenders that will lend out a set amount for the 1st cash advance you take out, and you can obtain more the next time you get a cash advance if you pay it back on time. However, many times, the amount you can borrow will depend on how much income you are taking in.
When Will The Funds Be Transmitted To My Checking Account?
The normal processing time between when you apply for a cash advance and when you receive the cash in your account is around 24 hours. There are some cash advance lenders that require 3 to 5 days before you can get the money. Also, there are some cash advance lenders that can wire the money to your bank account on the very same day that you are approved for the cash advance. However, you should be aware that generally this service is one that requires an additional fee.
Will My Credit Be Checked?
A reason that an online cash advance looks so good is that fact that, generally, credit checks are not needed, as long as you meet the requirements for getting a cash advance. If you are a citizen of the United States, over 18 years of age, and have an active checking account and steady form of income, then you will probably be approved for an online cash advance. Some cash advance lenders require your checking account to have been active for at least one month, with no checks bounced, in order to qualify for the cash advance.
How Long Do I Have To Repay An Online Cash Advance?
The usual time period that you can pay back an online cash advance is 14 days. However, some cash advance lenders will extend that time period, if you are not usually paid for 21 days or until 28 days have gone by. For cash advance periods that have exceeded 14 days, higher fees may be assessed. At times, you may be able to renew the cash advance either on or before the due date if you pay the fee or the interest on the cash advance.
There are some cash advance lenders that will let you renew the cash advance for a set amount of time. In this case, you will only have to pay the interest on the cash advance when it is due until you are able to pay it back in full. There are other cash advance lenders that will specify how many times the cash advance can be renewed before it is fully paid off. There are also other lenders that let you pay back the cash advance, in a gradual manner, so every payday you will pay the interest on the cash advance, in addition to a part of the original cash advance until it has been fully paid off.
Who Can Use Cash Advances?
Any person that meets the basic requirements for being eligible for a cash advance can apply for one. In some cases, people that never would have dreamed they would apply for an online cash advance are in an emergency situation where they need quick cash. Obtaining an online cash advance is a popular solution these days. The reason they are currently popular is because the application process is simple and convenient. Also, the process can be done from the comfort of one's own home without having to fill out pages of applications, as well as the fact that you can receive the cash in as little as 24 hours.
What Rate Of Interest Can I Expect To Pay For An Online Cash Advance?
Lenders of online cash advances will charge you a fee for the amount of money they loan out. Generally, this is referred to as interest. It is very important that you review the interest rate that is charged on the cash advance. These fees can be in the range of $10 to $30 for every $100 that you borrow. Every 14 days, the typical term for a cash advance, these fees will usually be assessed.
Do Online Cash Advances Have Any Restrictions?
Online cash advances work in a similar fashion as cash advances at land based establishments. They will not have any restrictions, so you can use the money for whatever you want. However, there are some online cash advances that come with restrictions; for example, the type of cash advance taken out for purchasing an automobile. If you borrow money to do this, the automobile is seen as security, and the money that is borrowed would have to be used for that specific purpose.
Can I Take Out Multiple Online Cash Advances?
It does not happen often, but there are some cash advance lenders that will approve multiple loans. This is especially the case if you have a solid relationship with the lender. However, there are some online cash advance companies that will not approve an online cash advance through them if you currently have a cash advance with another company. You should check the Terms and Conditions with the online cash advance lender you are considering to discover what their policies are in terms of multiple online cash advances.