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Payday Pundit is the new web blog of CFSA (Community Financial Services Association of America), the national trade association of payday lenders, of which Check Into Cash is a founding member.

7 Things about Cash Advances

Seven Things You Will Want to Know Before You Get A Cash Advance

Being short on cash can leave you worried, anxious, and almost in a panic. Not knowing where you can get a loan can make you feel even worse. If you are in a position like that, you might want to check into taking out a cash advance loan.

If you are looking into cash advance as one of your options, there are seven things you will want to know before making your loan a sure thing.

Are you qualified to receive a cash advance loan? There certain requirements that anyone who takes out a cash advance loan must meet. Do you have a steady income? Are you a US citizen? Are you over 18 (19 in some states)? Is your income over $1000 a month? Are you working? If you answered yes to all of those questions, you may qualify for a cash advance loan.
How much can you reasonably afford to repay in the amount of time you will have? Cash advance loans are generally given for anywhere from one week to thirty days, depending on your pay schedule. If you make $3000 a month, you may not be able to realistically pay back $1500 within the time frame allotted to you. It would be best if you only borrow what you are sure you will have no problem repaying.
What is the lender's reputation? You want to make sure you get your cash advance loan from a lender who is established as being fair, dependable, and having fees which are reasonable. A couple of good ways to check out a lender is to read the customer reviews and to compare fees between one lender and another. When you find one you think will meet your needs, go ahead and apply for the loan.
How will you use your cash advance loan? While this may not be asked by the lender, it is a good idea to know what you will use it for before you begin the process. You should have a specific need for it before you get it. Taking out a loan just because it's available is not a good way to use credit. If you use credit in this manner, you may end up not being able to get a loan when you really need it if you for some reason aren't able to repay the loan on time.
What are the fees? Knowing up front what the fees for the loan are and how they are determined will help you prepare to repay not only the loan, but all the fees as well.
What happens if I am late making my payment? Knowing what the late fees are and how repaying the loan past the due date will affect your credit may make a difference in how much money you borrow and how determined you are to repay the loan on time.
Can the length of the loan be extended if I have an emergency? Sometimes the loan can be extended up to thirty days with additional fees attached. This would depend on the lender and their policies.

Being well informed before you take out a cash advance will benefit you and the lender. The more you know ahead of time, the fewer surprises you will have down the road.