What to Expect from Your First Cash Advance

It helps to know what to expect from your first cash advance before you actually go forward to get one. Whether you are borrowing your first cash advance or fast cash advance payday loan at a local neighborhood store or an online lending website, the requirements are similar. Each lender may have slightly varied requirements for a first cash advance, however, so it is essential that you read the small print and disclosure information before committing to anyone's loan.

For example, on this website you will find frequently asked questions, and customer testimonials. A toll free telephone number is useful if you need to contact the lending office directly for any reason. Security is important because you want to know that your sensitive information will be encrypted and kept confidential and not lost to cyberspace thieves. With a first cash advance you want to feel confident about security.

What Information Do I Need to Get My First Cash Advance?

What you will need to have handy when you make your application online for your first cash advance are the following items and information:

--proof of age - this could be from a driver's license

--proof of income - this would be a pay-stub or other receipt from regular income such as government payments.

--normal personal information such as name, address, telephone number, and references

--a recent (within 30 days) bank statement showing a positive balance

--a checking or savings account number for an account that will accept electronic deposits and withdrawals

--a check that has your name printed on it

How Do I Actually Get a Loan Online?

Getting your first cash advance loan online is an easy process. You will need a computer and Internet connection to borrow online. The added convenience and privacy that you get when making your first cash advance online is preferred by many people. You can do everything you need to do right at your home computer, in private. There is no credit check and usually no need to fax anything.

Bring up the easy application on the website and fill it out completely. When you hit the "submit" button, your approval should come back quickly. This can take minutes to a little longer. Once you are approved, the loan you requested will be deposited directly into your bank account.

How Much Can I Borrow for a First Loan?

Most lenders in stores and online allow people to borrow a smaller amount for their first cash advance. This may be from $100 to $300. Later on you can borrow more with most lenders, and up to about $1500 with some.

How Much Will It Cost Me?

The fees vary by lender. On average, it will cost you $15 to $25 to borrow $100 until your next payday. These are short term cash advance loans. Your next payday is the due date, but it will be at least a week away. You can repay the loan faster if you want to, but that is not necessary. Repayments will be done automatically with an electronic withdrawal out of your bank account on the day the loan is due.

What If I Cannot Repay My First Cash Advance?

Arrangements can be made to renew the loan or set out a payment plan. Renewals mean you need to pay another fee, but you may not always be required to pay off the first cash advance loan completely. Some lenders allow you to repay just the fee to extend your loan another period. Always contact your lender at the first moment you realize you may have a problem with repayments. Payment plans may interfere with your ability to get future short term loans.

Getting a first cash advance is usually very easy and most people get approved quickly. You can get relief from unexpected expenses, bills and emergency situations with a payday cash advance. Millions of people do this daily, so you are not alone.