Cash Advance Glossary

You might run across some unfamiliar terms in the process of getting your cash advance. Cash advance coach has 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 cash advance. APR is expressed as a percentage of the cash advance. For example, if your APR were 25%, you would pay 25% of the loan's amount in interest over the course of a year.
Cash advance - also known as a payday loan, paycheck advance, or cash loan. Cash advance coach defines 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 lender).
Consumer loan agreement - this is the document your lender must provide you with before requiring you to sign any documents or agree to the terms of the loan. This agreement is very important and contains information like your APR, due date, and the terms and conditions of the loan. Cash advance coach recommends 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 a cash advance (varies by lender).
Due date - this is the day on which your lender will withdraw the amount of your cash advance plus the finance charge from your checking or savings account. Cash advance coach suggests that you check with your lender for their repayment policies.
Finance charge - the amount of money you pay for the convenience of borrowing a cash advance. Every cash advance coach lender will have different charges, but most lenders 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 the cash advance 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 the loan, or roll it over, as long as you pay the finance charge on the due date. Cash advance coach suggests paying your loan in full, though, because rollovers cost you additional finance charges.