Explicit Finance
You’re short of cash, in need of financial help and have a bad credit history? Cash advances were designed just for you. As long as you’re an adult with a regular income—which can even be a government benefit—directly deposited into a bank account and have lived at the same address for at least three months, you can get the cash you desperately need. No credit checks are carried out.
How much can you get? That depends on your circumstances. Lenders do their best to ensure that cash advances will be repaid, so they usually will not lend you more than 30% of your take-home pay, in any amount from $50 up to $1500.
For advances less than $100, repayment will normally be made the next payday. For larger amounts, repayments may be made in up to three installments each payday, though there is often a two month overall limit.
Provided you complete the application correctly, meet the criteria, and provide the required documentation (by fax, scan or post), approval should only take a few hours. If applications are in by early afternoon, they should be processed the same day, and the cash deposited in your account overnight and available to you the next business day (assuming your bank does its part).
Cash advances are repaid by direct debit of your bank account on the agreed payment day or days. If something happens and you will not have the cash in your account to repay the lender on the payment day, you should let the lender know at least two business days beforehand to arrange an extension. If you do not, you will be in default and will incur late charges on your advances.
Fees for cash advances may be as a fixed fee per $100 or as a daily percentage interest. Where a daily percentage interest is charged, this could typically be of the order of 1.333%. This equates to an annual percentage of 486.89%, so you can see that these advances are expensive and that you should endeavor to always pay back on time, or earlier if possible.
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