Cash Advance Loans FAQs

Cash advance loans are meant for life’s cash emergencies. When times get tough and money is running low, a cash advance loan may be able to help you get through. Before borrowing, it’s important to fully understand the process. Speedy Cash is here to provide answers to your cash advance questions.

Cash Advance Basics

A: A cash advance is another name for a payday loan. The cash advance definition is this: emergency loans that allow you to advance cash from your next paycheck. Cash advances should be used for short-term financial needs only, and not as a long-term solution.
A: There's no difference between a cash advance and a payday loan. You may also hear these loans referred to as "payday advances," but these are all typically the same type of loan – emergency loans for emergency cash needs.
A: Cash advance amounts are typically based on your monthly earnings and your ability to repay the amount you borrow. In addition, there are state regulations that may limit the amount you can borrow. For additional details, view the rates and terms section of your lender's website.

Cash Advance Process

A: Cash advances are advances on your next pay day. The process may vary by lender, but typically the process is as follows:

Fill out an application

Receive an instant lending decision

Sign your loan documents upon approval

Choose how much to borrow, up to the amount you’re approved for

Receive your cash

Pay back your advance cash plus fees on your due date

A: There are different ways to apply for a cash advance. Depending on the payday lender, you may be able to apply online, by phone or at a store near you. Check with your preferred lender to see what options are available to you. Speedy Cash offers convenient ways to apply including an online application, a loans by phone process and in-person cash advance services at our store locations.
A: You can apply online for a cash advance, although you may be able to access your cash faster when you apply in-person at a payday loan location near you.

Cash Advance Requirements

A: There are a few cash advance requirements that you will need to meet in order to apply. In most cases to apply you will need:
  • Valid ID
  • Proof of steady source of income
  • Checking account information
  • Valid phone number

Cash Advance Rates

A: Cash advance rates vary by lender and by state. Typically, they carry a flat fee associated with the amount that you borrow. Before applying, Speedy Cash recommends that you review the rates and terms with your lender to fully understand how much you will be charged.