Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

Cash Advance FAQ

Friday, October 22nd

Cash Advance FAQ

Question: How much can I request when applying for cash advances?

Answer: Some lenders will grant up to $1,500.00, while others will loan a maximum of $500.00 in cash advances to an applicant. The maximum amount will vary depending on the lender and their policies regarding these types of loans. In addition, the amount that you are approved for will be determined largely by your income.

Question: Are cash advances available for self-employed individuals?

Answer: Generally, cash advances offer fast cash for those with a steady job and paycheck. Because self-employed individuals often have sporadic income and they do not work for a traditional employer nor are they guaranteed a weekly paycheck, they are not usually eligible for cash advances.

Question: I need a cash advance, but have been turned down by other lenders due to a poor credit history. Will I qualify for cash advances?

Answer: Because cash advances do not generally require a credit check, your past credit history will not be a factor in whether or not your loan is approved. What is more important is your current employment and income, which the lender will evaluate while deciding whether or not to issue you a loan. Even if you have bad credit, you may be able to qualify for cash advances.

Question: I've heard that cash advances have excessive fees. Is this true and what, if anything, can I do to minimize them?

Answer: Most payday lenders charge a fee based on the loan amount. This cost may range from $10.00 to $30.00 per $100.00 loaned. There is no way to minimize these fees as they are calculated by the lender in accordance with their policy on cash advances. However, if you want to avoid future fees and the continued cost of cash advances, pay the loan off with your next paycheck as opposed to extending it further.

Question: How long will the application process take for cash advances?

Answer: Most applications will take only a few minutes of your time and some can even be completed online. The latter is often the most convenient as they do not require that you even leave your home.

Question: Once I submit an application, how long will it take to receive my cash advance?

Answer: The answer to this question will greatly depend on the lender and their policy on cash advances. Because these types of loans are designed to provide fast cash, you will generally receive your funds quickly. Some companies promise to issue your payment within 24 hours, but you should check with the lender regarding schedules before submitting an application.

Question: How can I find payday lenders online?

Answer: The best way to find legitimate fast cash loans online is by reading independent reviews, which are designed to evaluate a business and its services. Through this, you will have the opportunity to read about the amount of cash advances offered, the services available and fees required for these types of loans.

The Best Cash Advance Services Compare Cash Advance Services Compare Cash Advance Service Reviews What are the best Cash Advance Services Best Cash Advance Service Reviews

Cash Advance Service FAQ

A cash advance provides you with a loan where you are essentially borrowing from a future paycheck. If you just need a little bit of money to hold you over until your next deposit, a cash advance loan could help.
That depends on the lender you select and the laws in your state. Most cash advance services offer smaller loans to first-time customers and increase the amount available to repeat clients. You can expect to qualify for a loan amount between $100 and $1000, possibly up to $2500.
No, and that's part of the appeal of a cash advance loan. You have to provide proof of income, and that doesn't depend on your credit score.
You'll usually have a service fee that's a percentage of the loan amount, in addition to any interest you're charged. Be aware that interest rates on cash advance loans are extremely high: you may see APRs of over 2,000%! In other words, cash advance services should probably be considered as a last resort.
Most providers of cash advance loans can get your funds deposited as quickly as the next business day, once you've been approved. The quicker you fill out the application and provide any requested documentation, the sooner your funds will be transferred.
Because your loan is borrowing against your next paycheck, you'll typically have until that pay date to repay what you borrow. For example, if you're paid twice a month, you'll probably have a loan term of 15-17 days, or up to 31 days if you get paid once a month.
Frankly, yes. These are some of the highest-interest loans on the market, and you could get stiff penalty fees and other charges if you don't pay them back on time. Laws vary by state; you could have a grace period if you can't pay your loan off by the due date and you request an extension beforehand.
Yes. There are many lenders that have been in business for decades and that have a positive reputation for providing funds to clients in desperate situations without taking advantage of them. However, because of the higher-risk nature of cash advances, you should take the time to read all of the fine print and verify that the lender you're considering is trustworthy before you commit.

Compare Cash Advance Services

Select any 2 Cash Advance Services to compare them head to head

best-cash-advance-services
See the Best Cash Advance Service
The Best Reviews of Cash Advance Services