When faced with an emergency expense, such as a medical bill, home repairs, or unexpected travel costs, you may struggle to determine which emergency loan is best for you. If you need money fast for a smaller emergency, a cash advance in Florida may be the right choice. It lets you borrow up to $1,000 from a future paycheck and receive your money in less than one business day.
In this guide from Fast Payday Loans, Inc., we will explain what a cash advance is and how to get approved. Along the way, we will explain the key factors that go into a Florida cash advance, including requirements, repayment, and loan amounts.
What Is A Cash Advance?
A cash advance, also known as a payday loan or payday advance, is a short-term, unsecured loan that lets you borrow money from a future paycheck. By using a recent pay stub, you can verify that you have income and can borrow money based on your income level.
After meeting a few simple requirements, you can get approved today and receive your money within 24 hours. You can then pay off your financial emergencies and plan to repay the loan with your next paycheck.
Learn more below about what you will need to get approved for a Florida payday loan.
What Are The Requirements For A Cash Advance In Florida?
Thankfully, getting approved for a cash advance doesn‘t require a long list of items. You will need to prove you’re over 18 and have income, but you can do so with a few easy-to-find items.
Here are the required items for a Florida cash advance:
- State-issued photo ID – Florida requires loan borrowers to be at least 18 years old. To prove your age and income, you can use any state-issued photo ID that displays your full name and state of birth, including your driver’s license, passport, or student ID.
- Your most recent pay stub – This will prove your income by providing a snapshot of your current earnings. You cannot use a pay stub from months ago because it may not accurately reflect your current earnings.
- Checking account – Your checking account will also provide a quick snapshot of your financial status and show if it’s feasible for you to afford repayment. We will use your checking account’s details to withdraw repayment from your next paycheck.
As long as you have these items, you can begin the process of getting approved for a payday loan. Proceed with our step-by-step guide to learn how to get same-day payday loans.
Cash Advance Approval: A Step-By-Step Guide
Once you have gathered the required items, you can begin the approval process online. By filling out our online form, you indicate your interest in a Florida cash advance, and we can help you get the emergency cash you need. Approval takes just a few steps that can be completed the same day you apply.
The following is how to get approved for a cash advance:
- Fill out the online form – Our online form takes just a few minutes to complete. You will need to provide your full name, zip code, phone number, email address, and vehicle details. We will receive it, review it, and give you a call to discuss next steps.
- Speak to us over the phone – During the phone call, we will explain how payday loans work, including requirements, the approval process, and loan amounts. You can also ask questions to verify anything you don’t understand. We will wrap up the phone call by setting up an in-person meeting at the nearest Florida store location.
- Get approved in person – Once you arrive with your required items, we will verify that you have everything you need and that your information matches across your documents. We will use your pay stub to determine how much you can borrow. This whole process takes less than half an hour.
- Sign the loan agreement – We will explain how much you got approved for. As long as you agree to this amount, you can sign the loan agreement to finish the process. You will receive your emergency funds later the same day or by the next business day.
How Much Can You Borrow With A Payday Loan?
Your cash advance can be worth up to $1,000. This allows you to handle smaller emergencies, such as overdue rent, small medical bills, and minor home or auto repairs. However, not everyone will get approved for the maximum amount of $1,000.
Your cash advance value depends on your income level. You will need to repay the loan, with interest, with your next paycheck. If you only make $800 per paycheck, we can’t lend you $1,000 because you cannot afford repayment. The more money you make, the more money you can borrow with a payday loan.
However, even if you can't get a loan for the maximum value doesn’t mean you should borrow that much. You should only borrow what you need to pay your expenses to make repayment easier. For example, if you need $500 to pay your rent for the month, borrow that much instead of $1,000 to ensure you can afford quick repayment on your next payday.
What Are The Benefits Of A Cash Advance?
Now that you understand how payday loans work, it’s essential to understand whether it is the right choice for you. That involves learning about the benefits this loan option provides over other options. We’ve gone over how many times you can get approved, but there are other advantages to payday loans.
Learn about the benefits of cash advances below:
- All credit types accepted – We will not deny you approval because of your credit score. Even with bad credit below 500, you can still get approved, as long as you have income and can afford repayment.
- Your credit won’t be affected – Along with getting approved with and credit, your credit score will remain unaffected from borrowing a cash advance. We don’t report our loans to the major credit bureaus, so you can borrow without lowering your score.
- No collateral required – You will not have to provide a high-value asset to secure this loan. You just need to prove your income without needing collateral, making it more widely available to borrowers.
- Fast access to cash – You will not have to wait weeks to receive your emergency cash, like you will with a traditional bank loan. You will get your money by the next business day to resolve your financial emergency as quickly as possible.
Do these benefits seem good to you? Then, a cash advance in Florida may be the right emergency financing option. Apply online with our quick request form before visiting us in person to get same-day approval for payday loans.
Get A Cash Advance In Florida – Borrow Up To $1,000 Today!
Ready to get fast emergency cash today? Fast Payday Loans, Inc. offers same-day cash advances for borrowers who need to pay for financial emergencies quickly. As long as you can prove your current income, you can get approved – all credit types accepted! Get started today by filling out our online payday loan form, and visit us at one of our 21 Florida branches to get approved in 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
