If you find yourself in a financial emergency with your payday still far off, then you can apply for a cash advance. Cash advance are definitely better alternative to personal loans. If you want instant cash up to $1500 without any credit checks just fill out the hassle free application and submit it online. You must be wondering how does check cash advance work. This article provides a complete guide on check cash advances.
What Is A Check Cash Advance?
A check cash advance is a kind of short term loan that can help you overcome unexpected financial emergencies like car breakdown, accident, huge medical bills or unpaid utility bills. There is no need to provide any credit checks to avail them.
How Does It Work?
The process of getting check cash advances is quite simple. There are many online lenders who offer these loans to borrowers. To take one, the online application form has to be filled up with personal information like name, address, phone number, income, employment details and banking details. Once approved the amount gets directly wired into borrower's online bank account. These cash advances are generally available for a period of one week to four weeks. For repaying the loan, the lenders do not provide any grace period. Hence the interest rates start adding on once the loan period is completed.
Eligibility
Now since you know how does check cash advance work, let us have a look at the requirements to qualify for check cash advance. You need to be a U.S. citizen of age above 18 years, have a minimum monthly income of minimum $1000 and must have an active bank account. The loans are also available to people with bad credit.
Since cash advances are short-term unsecured loans, the interest rates are quite high. Generally for every $100 borrowed, you need to pay $10 to $30 as interest. Hence you should take up such loans only when it becomes very necessary for you to get some money , otherwise the loan is a potential debt trap.
The cash advances have to be repaid by your next payday. You can repay the lender by providing him a post-dated check or the amount can be directly deducted from your online account on the due date. If you are not able to payback the loan through your next paycheck, the lenders can offer to refinance the loan. However, this entails extra charge.
Once you know how does check cash advance work, do not forget that though cash advances help you get out of unexpected financial emergency, you need to use them judiciously.
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