How a cash advance payday loan may help you

If you find that you cannot make ends meet due to an unexpected cost and you keep looking at the calendar wishing payday would come around quickly, you may want to consider a cash advance payday loan.

So, what is it? A cash advance payday loan does what it says on the tin – it gives you a cash advance by way of a loan until your next payday.

When considering a payday loan you have to bear in mind that this type of borrowing is different from a secured or unsecured loan. The latter are longer-term loans, typically repaid over many months, with larger sums of money involved. These can take several weeks to get set up.

Short-term cash

With a cash advance loan, you are applying for short-term borrowing to see you through until your next payday. You may need money immediately, for instance to meet an unexpected bill or emergency repair, which you may otherwise not be able to cover until your next payday.

A payday loan is not intended for those who are suffering from debt or long-term financial problems. They are more for emergencies when, due to the unexpected, you cannot stretch your money out.

When you apply for cash advance payday loan you are agreeing to repay the borrowing, fees and any interest back when your next payday arrives or typically within a set period of time. The entire application process can often be carried out online so can be arranged almost immediately, without the need to wait for paperwork to be sent out.

No faxing payday loans

You typically sign the agreement online (also known as ‘no faxing payday loans’) or in certain situations, you may be required to fax back the agreement or other documentation. Once the application has gone through the lender may transfer the money directly into your bank account within 24 hours, in some cases perhaps just a few hours. The lender then takes the loan amount back from your debit card, which is needed when applying, along with any other costs, on the agreed date.

The payday loan company may state that you need to meet certain criteria when applying for a cash advance payday loan so. For instance, they will usually require that you are aged 18 or over and in full time employment, with a US bank account and linked debit card.

A cash advance payday loan may be a solution for you if you are experiencing short-term financial difficulties and need cash in a hurry.

1 thought on “How a cash advance payday loan may help you”

  1. Even there through, there are some problems:

    cheque books and even cash, may encourage the use of expensive overdrafts;
    cash in particular, is very vulnerable to theft;
    some payment facilities no longer accept cash and cheques (eg. web sales, ticket machines or 24/7 garage pumps etc).
    This is where the prepay credit card may be able to step in to help.

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