Pay day loans cash advance
Payday loan cash advances are short-term loans that are supposed to be paid back on the next payday. These loans serve to be a good financial support during times of emergency where you have to meet small expenses. Though these loans have a number of advantages but should be used carefully otherwise can result in great debts .
Through this article let us understand what are these loans how can they be used and what are the benefits and drawbacks associated with them .
Features of payday loans cash advance
As already mentioned that these loans are given out for a short period of time and are to be paid on the next payday hence the name payday loan cash advances. These loans are also popular by other names like payroll cash advances, paycheck in advance, cash advances etc .
With these loans you can borrow an amount ranging from $100 to $1,500. However, the limit differs from one state to another and also depends on the lender from whom you are taking these loans. Before you apply for these loans you should assure the maximum loan amount that you can apply for.
Ideally when you take these loans there is no credit check carried out and the amount is debited into your account within 24-hours of getting approved. This makes even people with bad credit eligible for these loans. The whole process of getting the cash from applying takes a maximum time period of 2 days. There are many companies that offer these loans within an hour so that their customers can benefit from it easily.
There are certain eligibility criteria for these loans. Though the minor criteria may differ from one lender to another but the basic include:
- The applicant should be over 18 years of age
- Should have a stable job of at least $1,200 per month
- Should have a savings or checking account preferably with facility of electronic transaction.
Besides, this there are certain other requirements that you have to have your identity proof, copy of salary stubs of last month, social security number etc.
The application process
The application process for these loans is very simple. There are three ways by which you can apply for these loans. You can either visit the payday loan cash advance company and fill out the application in person or apply over the phone or apply online. 90% of the customers taking payday loans cash advance apply online for these loans. Whatever be your method of applying you should make sure that the application is filled accurately and completely. It is important that you keep all information about your income and account.
Once, that you fill your application and submit it the lender verifies the information and gives you an approval within minutes of submitting the application. If you get the approval before 4.00 p.m.then the money is transferred into your account on the same day. However, in case the application is submitted after 4.00 p.m.then the money is transferred on the next day.
Paying back these loans
When it comes to paying back these loans then the lenders usually provide you four options.
- You can either pay the whole amount at once (principle + interest)
- You can pay the principle and roll over the interest to the next month
- You can pay the interest and roll over the principle to the next month
- You can make the payment before the due date
If you are rolling over the payment then keep in mind that the interest rates towards this loan is high and you also have to pay penalty. Moreover, you should inform the lender at least 3 days in advance of the due date so that the payment is not taken from your account.
Advantages and Drawbacks of these loans
Payday loans cash advance carry a number of advantages like:
- The processing time is less
- Can be availed by people with bad credit
- Does not involve lengthy process of application
- Can apply from anywhere
The only drawback associated with these loans is that they carry a very high interest rate and late payment fee in case you are unable to meet the payments on time. Besides, when applying online for these loans you should be careful that the website is secure and your information is not revealed to anyone else.
Where to apply
Some of the payday loans cash advance companies that you can apply with are mentioned below.
Ameri Cash Express:
They offer up to $1,000 as payday loans. Get instant approval on applying for these loans. Fill out their online form for more details.
Personal Cash Advance:
They provide faxless payday loans and also have flexible payment options. You can apply online for their loan.Fill out the contact form for more details.
Payday Advance America:
You can get up to $500 as loan with them.The money is transferred into your account directly. There is no credit check and they have guaranteed approval. Fill their contact form for more details.
Oasis Payday Loans:
With them you can borrow from $100 to $1,500. They do not carry out any credit checks and provide secure service.
Check Go:
They offer loans up to $1,500.You can apply online and get approved instantly. Contact them at 1-800-723-7022 or mail at for more details.
Payday Loan Experience:
They offer loans up to $1,500 and give out loans without any credit checks. Fill out their online application and get the money within 24 hours of getting approved.Other Articles
