8 Questions to Ask Before Getting a Cash Advance Loan
Sometimes, life doesn’t line up with payday. Things get messy — whether it’s a rent increase, birthday party, vacation plans, or just everyday essentials that land in a timing gap. A Cash Advance could offer quick access to short-term funds when you need a little breathing room.
Before you apply, it’s worth asking yourself a few key questions to make sure a Cash Advance Loan is the right fit for your current goals.
1. Do I need money now? Or just soon?
Cash Advances can be useful when timing is tight — like when bills are due before your paycheck hits. If you need money today, this type of loan could help bridge the gap and give you some breathing room.
The funding process for a Cash Advance from lenders like Advance America typically takes less than 24 hours.
In many cases, you may see your approval decision within minutes of submitting your application. That speed can come in handy if you’re managing a time-sensitive situation.
If the need isn’t immediate, you might explore other options, like adjusting your budget, asking a friend to spot you, or opening a Line of Credit, which is like an on-demand cash advance you can tap into anytime.
2. What is my Cash Advance limit?
Your Cash Advance limit is the maximum amount you can borrow, and it can vary based on your income and your state’s lending regulations. For most people, that’s somewhere between $100 and $500.
Knowing your limit up front can help you decide if a Cash Advance will cover what you need, or if you should consider other options. It’s all about borrowing just enough to get through the timing gap without overextending yourself.
3. How will I be able to access the Cash Advance money?
When you apply in-store, you typically receive cash or a check on the spot. If you apply online, the money is deposited directly into your checking account. Depending on when you’re approved — and your bank’s processing times — you could have access to the money as soon as the same day.
4. Will I be able to pay back the Cash Advance by my next payday?
Payday Cash Advance loans are usually due on your next payday, so it’s important to think about whether that timing works for your budget.
If you prefer having more time to repay, an Installment Loan might be a better fit. It lets you spread out your payments over a longer period, which is the kind of flexibility that can make a big difference if you’re covering a larger cost.
5. Does a Cash Advance affect my credit score?
Applying for a Cash Advance at Advance America won’t impact your FICO credit score. But this may not be the case with other lenders.
Even if applying doesn’t hurt your score, defaulting on the loan might. Missing your repayment and having the debt sent to collections is a situation that can potentially stay on your credit report for years.
6. Is my Cash Advance lender trustworthy?
Make sure you’re working with a lender you can trust. Look for signs they’re reliable, like a strong track record with the Better Business Bureau or real-life customer reviews on Trustpilot.
For online transactions, check that the site is secure before you enter your personal information. A secure webpage will start with “https” and show a small lock icon in the browser bar. Those are signs that the page is encrypted and protected.
Other signs of credibility include:
- Licensing in your state
- Clear, upfront info about costs and terms
- Data protection policies
- Contact details and support you can actually reach
7. How much will the Cash Advance cost?
Before getting a Cash Advance, be sure you know the total amount you’ll end up repaying on payday. Remember, you’re not only paying back the amount you borrow — you’re also paying back any fees or interest.
Most Cash Advances come with either a flat fee (based on how much you borrow), an interest charge, or both. There are also late or rollover fees to consider if you miss your payment or extend your loan.
Costs can vary by lender and location, so check the details carefully. In some cases, a Cash Advance might cost less than alternatives, such as incurring an overdraft fee from your bank or paying a bill late.
8. Can I get a Cash Advance from Advance America?
It depends on where you live! Availability varies by location, as not all states regulate this type of loan. Check your state page to see which loans are available. If they are offered in your area, you can apply online or visit a nearby store — even if your credit isn’t perfect.
Our application process is designed to be quick and accessible, and our friendly staff will be happy to help you find a solution that meets your needs.
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Notice: Information provided in this article is for informational purposes only. Consult your attorney or financial advisor about your financial circumstances.
About the author
Ashley Masiello is an experienced copywriter and editor who has crafted engaging content for numerous websites and continues to do so with Advance America. She likes to combine her creative personality with clarity to make concepts easy and fun to read.