24 Hour Loans glossary of financial terms

Advance

An advance is a cash sum that is given to a consumer/business before they have actually received income/payment that is due. For example, if you are having financial problems your employer may agree to give you an advance on your salary to help you out. This advance will be paid before your salary is due and will generally be deducted from your next salary payment or spread across future payments. In some instances, an advance can be used as a deposit to secure services before a specified job/project is undertaken.

Some finance companies also offer independent cash advance solutions. In this instance you apply for a short-term advance that works like a loan and you will be expected to pay interest on any sum advanced to you.