You are a responsible borrower and before you take payday advance loans you want to know how everything works, right? Of course you do! The following frequently asked questions will hopefully give you a better idea of how are system works and if it’s the best way for you to go.
How does a payday loan, or cash advance loan, work?
The money that you are borrowing is essentially the money that will be available in your next paycheck. So in essence, you are borrowing money from you! It’s a short-term loan which means that it will be paid back in a short amount of time without a long repayment process.
How does the process work?
Once you have been approved for the loan you will get to see the terms and conditions of the loan. If you agree to them then the money will be directly deposited into your bank account. At that time, you can choose to use the money however you wish. When it’s time to repay the loan, the money, along with the finance fee, will be taken from your bank account automatically.
How much money can I borrow?
The amount that you borrow is usually based in part on your income. The amounts are typically small and less than $1,000. This is money that can help see you through a tough time that you are currently going through and not necessarily money that you should use for a large financial crisis.
How long it will take me to get the money?
This depends on when you apply for the loan. In most cases, you will see the money in your bank account by the next business day. However, some customers who apply early in the morning can possibly see their money even sooner.
What can I use the money for?
Some people use the money for gas, food, and other incidentals that pop up during their regular routines. However, other people use the money for specific reasons such as getting their vehicle fixed. It’s your money and you can use it however you want.