What is Cash Advance?
Sadie C asked:
Can I walk into any Cash Advance store and get money? How much will they loan me? How can you qualify? Can you qualify if your on SSI?
3 Responses to “What is Cash Advance?”
Can I walk into any Cash Advance store and get money? How much will they loan me? How can you qualify? Can you qualify if your on SSI?
Cash advances, or payday loans, are loans issued over a short period of time for an extremely high interest rate. The loan eligibility is dependent upon no previous delinquencies and income to pay the loan back. If at all possible, use these as a last resort. Because of the amount of time the loan is issued, the interest rates are as high as 600%. They usually will ask for a valid checking account, paycheck stub, and bills to verify residency. Being on SSI should not DQ you from this type of loan.
They charge outrageous interest.
Oh god please don't do it. I had a friend who got himself in trouble with payday loans. Stay away from them.