What is the difference between a cash advance loan and a bank
loan? A bank loan is usually for a longer period of
time and a larger amount of money borrowed. A bank loan definitely
requires a credit check, references, and sometime collateral.
A cash advance loan, also known as a payday loan, is sometimes
a loan just for a few days to a few weeks. The amount can vary
from $100 – $1000. No credit check or collateral is required.
What is the interest rate on a payday loan? It
depends on the state in which you reside. Rates will vary from
state to state. Be sure to ask your representative.
What documentation will I need to provide? Normally,
you will only need proof of identity, income, residencency,
and employment history. In addition to these items, you do need
to have a US bank account.
Do I need to have access to a fax machine? A fax machine
is not necessary. Your loan representative can instruct you
on the steps you will need to take once your online payday loan
application is submitted.
What happens if I cannot pay off my payday loan at the end of
the loan period? We understand that sometimes this
may be the situation, and encourage you to stay in close contact
with your loan representative if you feel you will need to get
an extension on your payday loan. You will be required to pay
the interest acquired and sign a new loan agreement.
Are payday loans reported to a credit agency? Payday
loans are not reported to a credit agency. If the loan is not
paid however, it could be reported as a judgment if it does
end up in court. The best way to avoid this is to stay in touch
and make the necessary payments to have your loan extended.