Check Advance Loans

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John Brown

John Brown, Financial Analyst

Last Updated:

Opting for check advance loans can help people come out of many difficult situations. If you’re considering getting one, here’s what you should know.

What Are Check Advance Loans?

A check advance loan is essentially the same as a payday loan. It’s a short-term loan in which a lender, a credit card company in most cases, will offer a sum of money that you’ve agreed upon. The time period in which you have to pay back the loan is also agreed upon at the start of the deal. These loans often have higher interest rates due to their short-term nature. Even with the high-interest rates, this type of loan is common because it provides a quick solution for people who are in financial need. When you’re short on money, you can get this cash loan and pay it back once you get your paycheck.

How Does A Check Advance Loan Work?

These loans are also known as cash advance loans and operate in the same way. You can either contact a lender online or at their physical office. The lender will give you a sum of money (for example, $500), and you’ll have to pay the same amount of money back plus interest. In most places, the interest is around $15 for every $100 borrowed. So, if you borrow $500, you’ll have to pay back $575 because of the $75 in interest.

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How to Qualify for A Loan Online

You can apply for this type of loan online. This process is much quicker, and it’ll save you the time and effort of going to a physical office. You can apply for a loan directly on a lender’s website, or you can visit an online platform that connects you with a match from its network of lenders. Opting for the latter prevents you from undergoing the hassle of finding a trustworthy lender. To apply for online check advance loans, you’ll have to fill an online form. Here, you must mention the amount of money you want to borrow, when you’ll pay the money back, and a few personal details which include your full name, your bank account number, and your social security number. Once approved, the sum of money will be transferred to your account.

Who Can Apply for Check Advance Loans?

In order to apply for any loan, you’ll have to be 18 years or older. You also have to be employed somewhere and receive a steady income. This way, you can prove to a lender that you can pay back the money you owe them.

Can You Get Check Cash Loans with Bad Credit?

You can likely get a check advance loan even if you have bad credit. Many people opt for this type of loan because most lenders are less concerned with the results of your credit check. This way, most people can get a loan whenever they need one.

How Long Does It Take to Get Approved?

The process of getting these loans is fairly quick. This is also because most of the process is conducted online. This process takes about one to two business days. You’ll receive the sum of money soon afterward. However, there are some lenders that will complete the approval and wiring process on the same day.

How Much Cash Can I Receive?

In many places, the maximum sum of money you can get is $5,000, but this may vary in different states.

Even though a check advance loan has high-interest rates, it can still be a very helpful service when you need money but don’t have many options.