Cash Advance Types and Information

The Credit Cash Advance

There are cash advance centers that typically prefer to lend only to clientele who have good or excellent credit. If you know this is you, you may want to look into one of these establishments that typically charge lower rates or fees due to the higher probability that they will be repaid on time for each loan they make to their clients. If your credit is not excellent but still in good condition or if you want to improve your credit while you are in the process of using a cash advance, you may also want to consider the cash advance centers that require a credit check and application before giving you a loan.

The Collateral Advance

There are also cash advances offered based on collateral as well, such as your car title. These centers work by offering you a loan in exchange for the pink slip for your car so that if you are unable to pay back the loan in a timely manner or as agreed, they have the right to take your car away from you and sell it to try to recover their money. Obviously this is a riskier proposition for the lender and as such, interest rates and fees for these loans tend to be lower as well.

The No-Credit Cash Advance

If your credit score is not stellar, or you don't want to use it to secure a cash advance, consider visiting one of the many Cash Advance centers where no credit check is required. These stores generally will have sufficient information based on a check you provide to attempt to recover on any loan defaults and some may still require a social security number from you, but only use it in collections and not to check your credit before advancing you the loan.

Repayment Options

In most cases, a cash advance is paid back by an agreed-upon date when you initially take out the loan. In some cases this can be as little as two weeks (your next payday) or as much as 90 days or more (especially for collateral advances). Repayment can be made in advance and in person, but more often is done via your giving the store a post-dated check for the loan amount plus any fees, which they can deposit in your bank on the proper date. If you find yourself unable to pay back the loan on the agreed date, generally more fees will be added to the cost of servicing your loan and you will be asked to provide them with a new check and a new date for deposit.