A cash advance is also called a payday loan. It’s a quick loan to help you get through a tight financial spot. For instance, if you have rent due and the transmission on your car goes out the same week, a payday loan provider tides you over until your next paycheck. Here are some common questions and answers about cash advances to help you decide if it’s right for your situation.

Questions & Answers Regarding Cash Advances

How much can you borrow?

The minimum and maximum amounts you can borrow in a cash advance vary by provider, and the amount you earn. Usually, people aim to get cash advances anywhere from $50 to $500. Some providers offer higher limits but charge more for the service.

Who is eligible?

A poor credit score isn’t a factor, and neither is a lack of credit history. Usually, you need proof of identity and a documented income. Companies may also require you to have a checking account. The account usually has to be valid for the past 30 days.

How does the process work?

To receive a cash advance, you must fill out an application. And you need to present your ID, W-2, and a recent checking account statement.

You then write a check to the lender for the amount you wish to borrow, plus the lender’s service charge. The company agrees to hold it until your next payday, and they’ll give you the loan the same day. The entire process takes about 15 minutes.

How much is the service fee?

The more money you borrow, the higher your service fee may be. Depending on the lender, fees are either flat amounts of money or percentages of what you borrow.

For an easy cash advance until your next paycheck, contact Advance U Cash in Florence, KY. They help hard-working people throughout Boone County afford the items they need when money's tight. They also have locations in Newport and Alexandria, KY. Visit their website for a money-saving coupon on your first payday loan or call (859) 746-2274 for business hours.