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Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. Our company does not guarantee that completing an inquiry form will result in you being approved by a service provider or lender, being offered a loan product with satisfactory rates of terms, nor receiving a loan from a service provider or lender. The lender you are approved by may not offer the best possible terms and borrowers should always compare all available options before making any decisions.
In terms of online lending, a cash advance usually refers to a short-term loan that is quickly funded to your bank account after approval. Typically, the amount you borrow for a cash advance loan is relatively small, which often means you can pay it back in only one or two payments. These short-term loans are very similar to what many people call payday loans, but cash advance loans don't always require a single repayment on payday.
Research for the Illinois Department of Financial and Professional Regulation found that a majority of Illinois payday loan borrowers earn $30,000 or less per year.[16] Texas' Office of the Consumer Credit Commissioner collected data on 2012 payday loan usage, and found that refinances accounted for $2.01 billion in loan volume, compared with $1.08 billion in initial loan volume. The report did not include information about annual indebtedness.[17] A letter to the editor from an industry expert argued that other studies have found that consumers fare better when payday loans are available to them.[18] Pew's reports have focused on how payday lending can be improved, but have not assessed whether consumers fare better with or without access to high-interest loans. Pew's demographic analysis was based on a random-digit-dialing (RDD) survey of 33,576 people, including 1,855 payday loan borrowers.[19]
These arguments are countered in two ways. First, the history of borrowers turning to illegal or dangerous sources of credit seems to have little basis in fact according to Robert Mayer's 2012 "Loan Sharks, Interest-Rate Caps, and Deregulation".[41] Outside of specific contexts, interest rates caps had the effect of allowing small loans in most areas without an increase of "loan sharking". Next, since 80% of payday borrowers will roll their loan over at least one time [11] because their income prevents them from paying the principal within the repayment period, they often report turning to friends or family members to help repay the loan [42] according to a 2012 report from the Center for Financial Services Innovation. In addition, there appears to be no evidence of unmet demand for small dollar credit in states which prohibit or strictly limit payday lending.
A cash advance loan works just like a payday loan. (Not surprising, since they’re the exact same thing.) To get one, you go to a payday lender and write a check. You date it for your next payday and make it out for the amount of the loan plus interest and fees. The lender will then give you cash or transfer money to your bank account. It’s yours to spend, but remember that check you wrote? As soon as your next payday arrives, the lender will cash it and the amount will be withdrawn from your bank account.

A 2009 study by University of Chicago Booth School of Business Professor Adair Morse[52] found that in natural disaster areas where payday loans were readily available consumers fared better than those in disaster zones where payday lending was not present. Not only were fewer foreclosures recorded, but such categories as birth rate were not affected adversely by comparison. Moreover, Morse's study found that fewer people in areas served by payday lenders were treated for drug and alcohol addiction.

2. Loan funding requires verification of application information. Depending on ability to verify this information, loan funding may be extended up to two days. All loans subject to approval pursuant to standard underwriting criteria. In-store cash pickup is subject to approval pursuant to standard underwriting criteria. In-store cash pickup not available in all states.

With online cash advance applications, applying for fast cash becomes simple. Just complete an online application, receive a lending decision and if approved, get cash deposited to your bank account. Don’t skip buying groceries or essentials. Don’t stress about sleeping with no air conditioning during unbearable summer heatwaves, or without heat in the frostiest of winters. Don’t fear your vehicle running out of gas on your way to work. Speedy Cash could help you with a temporary cash advance.
In the traditional retail model, borrowers visit a payday lending store and secure a small cash loan, with payment due in full at the borrower's next paycheck. The borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower does not repay the loan in person, the lender may redeem the check. If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees or an increased interest rate (or both) as a result of the failure to pay.
We’d like to add two more pieces of advice to those who are shopping around for a loan; 1) If a lender offers you more than you can afford to borrow, you can ask them to lower it. Take advantage of that opportunity as it will ease repayment, and 2) Avoid the temptation of paying to extend your loan duration (often called a “roll over”). Instead of paying a fee to postpone your repayment date, ask your lender for a payment plan.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. Our company does not guarantee that completing an inquiry form will result in you being approved by a service provider or lender, being offered a loan product with satisfactory rates of terms, nor receiving a loan from a service provider or lender. The lender you are approved by may not offer the best possible terms and borrowers should always compare all available options before making any decisions.
Customer Notice: Payday Loans are typically for two-to four-week terms (up to six months in IL). Some borrowers, however, use Payday Loans for several months, which can be expensive. Payday Loans (also referred to as Payday Advances, Cash Advances, Deferred Deposit Transactions/Loans) and high-interest loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction. See State Center for specific information and requirements.

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Please Note:The material on this site is provided for informational purposes only and is not financial advice. Always consult a professional before making any financial decisions.

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