First Cash Advance

By: Apurva Shree

First cash advance is a short-term loan that is given for a week or two to American citizens on demand. People, who are in need of money to pay some of their bills that cannot wait till their paycheck arrives, can opt for this type of loans that they can pay back as soon as they get their salary.

The moneylenders are aware of the fact that this is usually the only option left for consumers who cannot get a bank loan. First cash advance is a very profitable business as often the borrowers are unable to pay back on due dates and they have to renew their loan and go on paying the interests.

There are some conditions to be fulfilled before you go for this option. These are

  • You should be of 18 years of age or more.
  • You should be employed for last 3 months.
  • Your salary should be $1000 or more.
  • You must have a bank account with check facility.

    Process Of Loan And Repayment

    When you go to the moneylender for first cash advance, you have to give a post-dated check of the amount and the interest added to it. The rate of interest for the loan that is provided for two weeks ranges from 390% to 650%, if calculated annually. On the due date, you have to go to the lender in person to repay the loan and if you fail to do so, he will produce the check in the bank. If the check, for any reason, gets bounced, you will have to pay additional charges along with the amount and the interest. The lender can increase the rate of interest as a penalty too.

    The first American cash advance is generally for small amounts like $500 to $1500 and you are expected to repay the loan immediately as you get your salary.

    First check cash advance is a type of loan that can help you pay your urgent bills that cannot wait until you get your salary or in any emergency such as an accident or hospital bills to pay. To get this loan, you have to fill up a form and give your salary details, your bank account number and will also have to mention your next pay date for the repayment of the loan. As these loans are very expensive, you should opt for them only if it is an absolute necessity.

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