What exactly is a cash advance loan?
A cash advance loan is a small unsecured loan, usually for $100 to $1,500, which is designed to meet your financial needs until your next payday. Essentially, you are making out a check for the advanced loan amount, plus a fee, to be held until your next payday.
How do I get a payday loan?
Simply complete the online application and submit it from our web site and we will attempt to connect you to a lender online within a timely manner.
How long do I have to pay back the loan?
Your loan is normally due on your next pay date. However, most lenders will allow you to extend your loan by paying a fee.
Cash Advance Loan A loan that is granted to borrowers when a small amount of money is needed to cover funds until they receive their next paychecks. Once the paycheck is received, the cash advance loan must be repaid, often at a very high interest rate.
Annual Percentage Rate (APR) This figure, which takes into account all finance charges, represents the annual cost of credit or the interest rate charged on a loan. The Federal Truth In Lending Act requires payday lenders to conspicuously disclose the APR to prospective borrowers.
Credit Score Also referred to as FICO or a credit rating, this three-digit number which typically ranges from 300 to 850, is a measure of a borrower's creditworthiness based on payment history, balances, and outstanding debts.
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Accrued Interest: Interest that has been earned but hasn't been paid.
Annual percentage rate (APR): This figure, which takes into account all finance charges, represents the annual cost of credit or the interest rate charged on a loan. The Federal Truth In Lending Act requires payday lenders to conspicuously disclose the APR to prospective borrowers.
Cash Advance Loan: A loan that is granted to borrowers when a small amount of money is needed to cover funds until they receive their next paychecks. Once the paycheck is received, the cash advance loan must be repaid, often at a very high interest rate. Also known as a Payday Loan.
Collateral: Also known as security, collateral refers to assets such as a borrower's car or home that are pledged to a creditor as assurance of debt repayment. In the event of default by the borrower, the lender may sell off the assets to satisfy the debt.
Credit Score: Also referred to as FICO or a credit rating, this three-digit number which typically ranges from 300 to 850, is a measure of a borrower's creditworthiness based on payment history, balances, and outstanding debts. A credit score may be generally classified as excellent, good, fair, or poor.
Creditworthiness: A determinative factor for lenders on a borrower's willingness and likelihood to repay a loan or credit extended to him or her.
Debt Service: The total cost paid to a lender for the privilege of borrowing money. It includes both interest and any loan fees.
Delinquency: Failure to make monthly payments on a debt on time.
Direct Deposit: The term used to describe the process of wiring or electronically depositing funds into a borrower's account.
Due Date: In a revolving charge, loan or credit card account, the date by which payment should be received at the lending entity.
Fee: A charge that payday lenders impose on the funds borrowed.
Grace Period: A period (usually 30 or 31 days) during which the premium to an insurance policy may be paid without penalty.
With credit cards, the grace period refers to the period between the closing date for purchases for the period of the bill and the due date for that bill (usually about 20-25 days). During this period, interest is not charged on new purchases or balance transfers on that bill. (Note: There is no grace period on cash advances taken via credit card.)
Gross Income: The income an individual makes before periodic taxes, allotments or deductions are taken out.
Interest/Interest Rate: The amount paid to a lender for the privilege of borrowing money owned by the lender. Interest is most commonly referred to as an annual percentage rate.
Late Payment Fee: A fee charged to a credit card borrower when he/she fails to pay the minimum payment by the day before his/her next statement prints (usually two days or so after the payment due date). Late fees can be as high as $15 - $20 and are levied at the discretion of the financial institution. They do not vary with the amount owed.
Liability: Legal responsibility or obligation to something. Consumers who are in debt are liable for repayment.
Minimum Payment Due: The smallest amount you can pay each month and still maintain a current (i.e., not past-due) account.
No Credit Check Personal Loan: This type of credit is ideal for individuals with low FICO scores, no financial history, or a low income since it provides them access to funds and does not appear on their credit report.
No Fax Payday Loan: Also known as a faxless payday, this short-term cash advance which tides borrowers over to their next payday, may be obtained instantaneously. Individuals may receive a no fax payday loan by telephone or online, without having to fax their bank account and employment information.
Online Payday Loan: This type of loan, which does not require a credit check and is available on the internet 24/7, makes it possible for consumers to easily, quickly and safely apply from the comfort of their homes. Applicants must simply meet the following requirements: 1) be currently employed, 2) have an active savings or checking account, 3) earn a minimum income of $1,000, 4) be 18 years of age, and 5) have direct deposit. The lender directly deposits the funds into the borrower's bank account and electronically withdraws the finance charge on the latter's next payday.
Payday Loan: A loan that is granted to borrowers when a small amount of money is needed to cover funds until they receive their next paychecks. Once the paycheck is received, the cash advance loan must be repaid, often at a very high interest rate. Also known as a Cash Advance Loan.
Principal: The initial loan amount borrowed, excluding interest, costs, and fees.not paid at that point in time.
Unsecured Loans: These types of personal loans, which are typically issued for amounts ranging from $500 to $250,000 and do not require borrowers to pledge their home or property as collateral, involve less paperwork and are approved faster than traditional credit. Unsecured loans offer emergency cash to consumers, who may utilize the funds for any purpose (i.e. debt consolidation, home improvement, budget-balancing, auto purchase, vacation). Borrowers must simply furnish some employment details, such as pay stubs.
