What is a cash advance?

A cash advance is a short term loan that is also often referred to as a payday loan, payday advance, or paycheck advance. A cash advance is designed to help people get out of financial emergencies. Many people take out cash advances when they need a little extra spending money, or when their paycheck just wasn’t enough to cover bills. A cash advance is meant to be paid back within two weeks of taking out the cash advance, but you can extend the due date on your cash advance as many times as you would like. There is a $25 fee for every $100 that you borrow when you take out a cash advance. For example, if you take out a $300 cash advance, you will have to pay back $375 unless you are a first time customer in which case your cash advance is free when you make a payment request.

How does a cash advance work?

The first step in getting a cash advance is to submit an online cash advance application. You must be at least 18 years old, have been employed at the same job for at least 3 months, have a net monthly income of at least $1,000, and have a checking account that has been active for at least 90 days to be eligible for a cash advance. Once you submit your online cash advance application you will be asked to fax or email a copy of your most recent monthly bank statement. If your cash advance application is approved before 4pm Eastern Standard Time, Monday through Friday, you will receive the funds the following morning. Once you have successfully paid off your cash advance you are then eligible to take out another cash advance, except this time you can borrow $100 more. Each time you pay off a cash advance and take out another cash advance, you can borrow $100 more than the last time until you reach the $1,000 maximum.