Cash advance and payday loans have become big business. As long as someone has money to cover the loans, they can bankroll this business easily. The borrower pays a set fee per hundred dollars borrowed. Cash advance loans get people out of predicaments that happen in between paydays. Then they pay it back within the next 30 days.
Locate the cash advance site you want to use for the loan.
Fill out the paperwork. Most paperwork is similar to what you would see in more traditional loans. Add the total amount you want to borrow to the paperwork. The loan manager will add the interest amount and total everything.
Pull up the cash advance site on the Internet. Print off a Web-based copy of the application (this is an option with most companies). Fill it out, and then fax it back to the lender. You will get an answer within 10 minutes or so.
Make an appointment to go by the cash advance store and get your money, or just drop by when you get off work and are on the way home.
Deposit the cash in your bank account automatically. You can do the same with payments (in reverse). If you fill out the paperwork and give them your bank account number and the routing number, they will withdraw your payments on the due date.
Take care of any paperwork still needed and make note of your due date and payment amounts.
Tips & Warnings
- If you have a website, you can become an affiliate of some of the online cash advance sites. You will make a few dollars every time anyone accesses the site and applies for a loan from your link.
- As with any loan, go into this with your eyes open—the interest rate is extremely high on cash advance loans. A cash advance is a short-term solution.
- You can refinance your loan if you need to, but don't get into the habit. Some people have paid for their original loan many, many times by refinancing over and over.