What are the requirements for getting a cash advance?
While requirements may vary slightly among lenders, the typical prerequisites for a cash advance in Lansing include:
- Proof of stable income, such as a paycheck stub or other documentation
- A valid ID proving you are at least 18 years old
- An active bank account in good standing
- Contact details, including a phone number and email address
Are cash advance loans and payday loans the same?
Yes, the terms “cash advance” and “payday loans” are often used interchangeably. Both refer to short-term loans intended to cover immediate expenses until the borrower’s next paycheck.
Should you apply for a cash advance?
While cash advances offer a quick solution to financial emergencies, it’s essential to understand their high interest rates and fees. These loans are suitable for one-time, urgent needs. Borrowers should be confident in their ability to repay the loan by the agreed-upon date to avoid accruing additional charges.
Can you get a cash advance with bad credit?
One of the benefits of the lenders we connect you with is their willingness to consider applications from individuals with less-than-perfect credit. While a good credit score might increase the chances of approval and possibly secure better terms, many lenders in our network are open to assisting those with bad credit.
Frequently Asked Questions
Once approved, many lenders aim to transfer funds as soon as the next business day.
This varies by lender. Some may allow early repayment without penalties, while others might have charges. It’s essential to understand the lender’s terms before finalizing the loan.
If you foresee difficulties in repayment, contact the lender immediately. They might offer an extension or a payment plan. However, additional fees may apply.
No, cash advances are unsecured loans. You don’t need to provide any collateral.
Michigan law prohibits borrowers from taking out more than one payday loan at a time. It’s essential to repay your existing loan before applying for another.
