We are here to help
I have a regular source of income.
I receive at least $1000/month.
I have a bank account.
I have read and agree to the Terms & Conditions of this website.

Short-term Lending Glossary

You might run across some unfamiliar terms in the process of getting your cash advance. We have listed some of these terms and their definitions here.

  • APR - annual percentage rate. This refers to the amount of interest you will pay on your borrowed amount. APR is expressed as a percentage of the amount taken out. For example, if your APR were 25%, you would pay 25% of the balance amount in interest over the course of a year.
  • Cash advance - also known as a payday loan, paycheck advance, or cash loan. We define them as cash loans that are secured against your next paycheck. They are usually extended for only a short term, such as two weeks (varies by company).
  • Consumer loan agreement - this is the document your provider must provide you with before requiring you to sign any documents or agree to the terms. This agreement is very important and contains information like your APR, due date, and the terms and conditions of the agreement. We recommend reading this document fully.
  • Direct deposit feature - this means your paycheck or benefits check is automatically deposited into your bank account via electronic wire. Most lenders require that you have a bank account with direct deposit in order to get funds (varies by company).
  • Due date - this is the day on which your lender will withdraw the amount of your balance plus the fees from your checking or savings account. We suggest that you check with your provider for their repayment policies.
  • Finance charge - the amount of money you pay for the convenience of borrowing. Every brand will have different fees, but most providers express their fees per so many dollars borrowed. For instance, you might pay $20 in finance charges for every $200 borrowed.
  • Rolling over - the act of extending it for more time. Unless you roll your loan over, it will be due in full on its original due date. Some lenders allow you to extend it, or roll it over, as long as you pay the finance charge on the due date. We suggest paying your amount owed in full, though, because rollovers cost you additional fees.
Biggest Money Mistakes Frequently Asked Questions