Frequently Asked Questions About Cash Loans
The following is a list of the most common questions most lenders get about cash loans, the lending process, or services in general. Keep in mind that each lender has different specifications for their loan products, so be sure to ask your client service representative for more details.
What is a Cash Loan, Cash Loan Advance, or Payday Loan?
Though the name varies from person to person, all of these terms mean the same thing. They all provide you with an unsecured, short-term loan until your payday. Customers choose cash loans to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. With Urgent Cash Loans, you can sign up for cash loans online and have your cash electronically deposited to your checking or savings account -- we do this by finding a lender for you using our industry connections.
Will I Qualify?
Qualifying for a cash loan is easier than qualifying for traditional credit. Each of our lenders has a different set of requirements, which generally include:
• Currently employed (or receiving a regular income)
• Make at least $1,000 per month
• Are 18 years of age or older and a U.S. citizen
• Have checking account or savings account with direct deposit
Does the process take long?
Customers typically receive approval within hours of applying. Since the money is wired directly into your checking or savings account, you can usually have access to your funds the very next business day if approved. Again, this will vary from lender to lender, so be sure to ask your customer service agent before you agree to take out a loan.
What if I have bad credit, NSF's, charge-offs or a bankruptcy?
Not a problem! Many of our lenders are happy to provide you a loan even if you have less than perfect history.
What about collateral to receive a loan?
No. Your job and your paycheck are your collateral.
Is my application and financial information secure?
Absolutely. We respect our customer's privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.
How often should I use this service?
Whenever an immediate or urgent need arises, Urgent Cash Loans is here to help match you with a cash loan lender. It is important to remember that cash loan is a short term answer to an immediate cash need. Quick cash loans are not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance on payday loans can create serious financial difficulties. If you're going to take out any cash loans, what you have to avoid is rolling the loan over. This is where cash lenders make all of their money, and where most borrowers get into serious trouble. If you need help with credit, budgeting or debt management, please contact the National Foundation for Credit Counseling at 1-800-388-2227.
How soon do I have to pay back the loan?
Cash loans are generally repaid back when you receive your next paycheck. The standard time for loan repayment is usually no less than seven days and no longer than eighteen days. This will vary from lender to lender, so be sure to ask your customer service agent for their specific policy before you agree to any loan offered to you.
How does the cash loan process work?
Different lenders have different business practices, but in general the process goes like this:
- Fill out the application on our site and see what cash loan options are available.
- Visit our lender's website and proceed with their loan approval process.
- Pending lender approval, complete the application process.
- At this point, the lender will be in contact regarding when and where the funds will be deposited.
How do I avoid borrowing a cash advance?
So much high-interest borrowing could be avoided when financial crisis strikes if people would only aim to keep $500 in the bank at all times. A good way to begin is to keep a $100 cushion in your checking account. This way, you can avoid overdraft fees and give yourself some leeway. Next, transfer $400 from your checking account into savings. Though $500 is a relatively small amount, it will cover most financial emergencies that come your way, such as car repairs, broken appliances, etc.
*Some additional terms and conditions may apply. Please ask your loan consultant about all of the repayment options.
