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Cash Advances and Your Credit

Every day, people struggle with finances and often a little help is all that's needed to get them back on track until their next paycheck. For some, cash advances may be the answer. Because they often require no credit check, cash advances are ideal for those with little or no credit history. At the same time, they are perfect for someone who may have had credit problems in the past.

Instead of credit, payday lenders are more concerned with your current ability to repay a debt. This means that they will verify your employment and income, but will not typically pull your credit report. In addition, cash advances are not commonly reported to credit bureaus, which means they will not show up on your credit report. If you have concerns about future lenders knowing that you once applied for cash advances, you will be glad to know that it is unlikely.

Although cash advances are not issued based on credit, nor will they commonly appear on credit reports, they must be repaid as any other loan. Because they offer fast cash with very little qualifying, with the exception of steady employment, cash advances do not come cheap. Most lenders will apply fees based on the loan amount and may range from $10.00 to $30.00 per $100.00 loaned. For instance, if you borrow $1,500.00 in payday loans, you may be paying between $150.00 and $450.00 in fees plus the original loan amount. If you request that the loan be extended, and the lender agrees, these fees will continue to roll over as well.

If you would like to access your credit report, you are entitled to request a free copy from each of the three credit reporting agencies on an annual basis. You can either submit your request online, by phone or in writing. In addition, if you are turned down for credit, you will be given a letter of explanation from the lender containing a reason for their decision. The letter will also contain the contact information from the credit reporting agency, which was used during the decision making process. You will have approximately 60 days from the date of the letter to request a free copy of your credit report from the agency listed.

Cash advances are designed to be a short-term fix to a temporary problem. In most cases, they are used when unexpected events arise or the borrower simply falls a little short on cash. Although their fees can be high, they provide many with the instant relief that they so desperately need. When it becomes impossible to wait for the next paycheck to buy groceries, see a doctor or even have your car repaired, cash advances can give you access to quick cash as a quick fix to a temporary financial slump.

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Cash Advances In The News

Dearborn Heights woman victim of cash advance scam

While looking for a loan on Feb. 8, a 61-year-old Dearborn Heights woman reported to police that she found a phone number to call for a cash advance. She stated that she had either spoken to a "Dan" o...

Published:  Sun, 17 Feb 2019 04:43:00 GMT



Kennedy: Use of cash advances snares some small businesses

A local contractor was on the hook for $530 a day - a day! He had negotiated a so-called merchant cash advance that gave quick access to money, but with a steep daily repayment schedule. He also was s...

Published:  Thu, 31 Jan 2019 18:28:00 GMT



PayPal Offers Unpaid Federal Workers $500 Cash Advances With 0% Interest During Shutdown

PayPal is trying to ease the financial burden of the government shutdown by providing a total of $25 million interest-free, cash advances to the 800,000 federal workers going without pay. "Starting im...

Published:  Fri, 18 Jan 2019 13:50:00 GMT



PayPal to fund $25M in cash advances for unpaid federal workers

PayPal will provide up to $25 million in interest-free cash advances to help federal workers going without pay during the partial government shutdown make ends meet. "Starting immediately, PayPal is o...

Published:  Fri, 18 Jan 2019 11:21:00 GMT



PayPal offers $500 advances for government workers during shutdown

The online payment company is offering cash advances of up to $500 with 0% interest. States warn food stamp recipients to budget due to government shutdown. Watch the report from Gray Hall on Action N...

Published:  Sat, 19 Jan 2019 08:17:00 GMT



Suspect in cash-advance store robberies now formally charged

OTTAWA COUNTY, Mich. - The suspect in at least some of the recent cash-advance store robberies in West Michigan now stands formally charged. Ottawa County Sheriff's Captain Mark Bennett tells FOX 17 t...

Published:  Thu, 20 Dec 2018 13:34:00 GMT



Sibanye offers cash advance to eligible mineworkers to ease strike's financial impact

The cash advance will be available to all category 4-8 employees, miners, artisans and officials in the bargaining unit who are at work. Amid an ongoing strike at its South African gold operations, Si...

Published:  Wed, 02 Jan 2019 21:37:00 GMT




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