Are you concerned you may have been the victim of a cash advance scam?
There are several situations where you might want a 'cash advance'. A cash advance loan is a small, short-term, high-interest loan that is offered in anticipation of receiving a future lump sum of cash or payment.
Although a cash advance may be made in anticipation of future legal winnings, insurance awards, real estate proceeds, pensions, inheritances or alimony, the most common cash advance loans are for an anticipated tax refund or payday loans.
A cash advance loan is obtained faster than most other loans. Once your application is approved the loan amount is credited into your checking account within one working day.
The whole process of applying and getting the loan usually only takes a day or so if you fill out the application form without any mistakes and provide all the information and documents to the lender that they require.
When the time for repayment comes then your account is deducted with the amount you borrowed and the interest that you are required to pay on the loan.
The requirements for you to qualify for a loan are that you should be over eighteen years of age, have a checking account that should have been in a working condition for at least 90 days, be employed and working in your present job for the past six months, and some lenders also specify that your monthly income should be at least $1,000 and your checking account should have a minimum balance of $100.
When you apply for a cash advance loan, it can be done in person, or online. Most people prefer to apply online for privacy reasons. When you are using the online option, you are required to fill in an application and then submit it. You are usually also required to fax some documents to the lender. These documents may include proof of identification, bank statements, latest salary slip and a personal stamped check.
Most of the applications are approved immediately and the processing would usually take about 24 hours.
Learn more about types of cash advance scams: