The Cash Advance Process
You may be in a situation where you need a cash advance or payday loan, and you know that this is the type of loan that will best serve this particular situation in your life. However, you have never gone through the process of getting one of these loans before. You are not at all sure what to expect or what will be demanded of you. Because it is a new type of loan, you may not have friends or family who can give you information about the process to get this type of loan. How can you prepare yourself so you can get the money you need quickly and know what to expect as you go through this process?
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Whether you go to an actual storefront in your neighborhood or you decide on the privacy and convenience of shopping through the Internet, the process of getting a cash advance loan will basically be the same. You will need to meet certain requirements, such as having a checking account and a job. You may need to show proof of these requirements. For instance, if you go to an actual storefront, you may need to take your most recent pay stubs with you. If you shop for this loan on the Internet, the company may expect you to fax to them copies of these types of documents. You will have to show that there is a paycheck in the future that you can pay the loan back from. This information is protected by federal privacy laws and will be confidential.
The company representative will ask you how much money you need to borrow and how large the future paycheck will be. The company will be able to offer you a cash amount up to a certain percentage of your future paycheck. They will tell you what the fee will be to get the cash loan. This fee includes a handling charge and interest on the loan. The fee is usually based on a flat rate per $100, e.g., $17.50 per $100.
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You will need to write a post-dated check for the amount of the loan plus the amount of the fee. The company will hold that check until the date on the check, usually two weeks into the future or whenever your next check will be deposited in your bank account. They may ask you to fill out an automatic withdrawal form instead of a check, or you may have the option of paying cash at that future time to get your check back before the loan company deposits it.
When you give the company the post-dated check or fill in the automatic withdrawal form, the loan company will give you the cash amount of the check or form—minus the fee for the loan.
It is important that you have the full amount in your account on the date written on the check. You cannot be prosecuted for a bad check if the check bounces, but you may have bank fees because your account is overdrawn. Also, if you cannot pay the amount back in that time, the loan company may allow you to roll the loan over for another two weeks—with an additional fee. To keep the loan from becoming too expensive, only borrow what you can comfortable pay back within the agreed upon time.
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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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