Frequently Asked Questions about Online Cash Advance Lenders 

by | Sep 10, 2015 | Loans

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Does your car need repairs or maybe you need money for some other reason? If only you could get an advance on your paycheck, everything would be just fine. This is the reason online cash advance lenders are becoming very popular, but you might have some concerns about the process. Here are some frequently asked questions to help you out.

Q. Are there any application fees with online cash advance lenders?

A. You are not charged for filling out a payday loan application. This way, there is no obligation on your part.

Q. How long does it take to fill out an online application?

A. It should only take you a few minutes to fill out the simple and easy form. There are no drawn out credit questions and very little personal information is need.

Q. What kind of information will I need to supply, to apply for a loan?

A. Here are the things you’ll need:

  • Personal contact info (including email address and age)
  • Employment information
  • Checking account number

Q. What are the qualifications for online cash advance lenders?

A. Here are the simple qualifications:

  • 18 years of age
  • Gainfully employed – as long as you make at least $1500 per month, you can qualify
  • Social Security number
  • Checking account must have direct deposit capabilities – this is how you will receive your money and it is much faster and more convenient than a check.
  • Employer phone number – needed for work verification.

Q. How much will my loan cost?

A. When you use reputable online cash advance lenders, the fees are easy to find at the website. For example, your fee might be $15 for every one hundred dollars you borrow.

Q. Are there special fees not stated at the website?

A. Trustworthy online cash advance lenders only charge you a loan fee and nothing else. You do not have to be concerned with hidden charges or surcharges.

Q. Why is the annual percentage rate so high?

A. By law, lenders must list APRs for loans. However, this is misleading because you are not making payments on an amortized loan, which can last for many years. You pay the loan off with your next pay check and interest rates are not an issue.

Q. Are there pre-payment penalties?

A. There is never an additional charge for paying off your loan ahead of time. Online cash advance lenders only charge you one fee, as long as you fulfil your loan obligation.

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