Cash Advance Loans Online
Payday loans are small, short term loans that allow the borrower to obtain cash to cover an unexpected expense and then pay back the loan with the next employment paycheck.
Payday loans cash advance are available to applicants over the age of 18, are employed with a steady income that meets the lenders monthly salary requirements and has a bank account that has been active for at least 90 days and accepts electronic transfers. Payday loan cash advance lenders typically do not check the applicant’s credit score, making such loans an option for those with less than acceptable credit.
Lenders who offer payday loans cash advance charge higher than normal finance charges. The interest rates vary from lender to lender, but are usually between 15 and 35%. With a short loan maturity, 7 to 30 days, the annual percentage rate calculates to triple digits, making the loan very expensive. The payday loan cash advance interest rates are higher than a standard bank or credit card loan, but an applicant taking out a payday loan cash advance probably will not qualify for a bank or credit union loan.
Payday loans cash advance can be used for any purpose, but the intent of the loans is they are to be used for an emergency expense before the next paycheck arrives. The payback of such loans is timed to coincide with the applicant’s next paycheck. The payday loans cash advance are paid back in one lump sum, although some lenders do allow applicant’s to pay the loan back in installments. Payday loans cash advance lenders are beginning to offer installment payments as a standard part of the loan package.
Payday loan cash advance are sometimes the only loan option a borrower has, especially if the borrower has credit issues. Payday loan cash advance are a good option for those who may qualify for a bank or credit card loan, but cannot wait for such a loan to be approved and distributed. Payday loan cash advance are approved quickly, sometimes in a matter of a few hours.
Payday loan cash advances are distributed by electronic transfer to the applicant’s bank account. The repayment of the loan is debited from the applicant’s account by a onetime transfer initiated by the lender. If there are not enough funds available for the loan to be paid back, the lender will impose a penalty and when the loan is paid back, it will also accrue a late fee. It is essential to pay the payday loan cash advance back in a timely manner to avoid additional fees that can be as much as $200 to $300, in addition to the initial cost of the loan.
If the borrower anticipates a problem paying back the loan in a timely manner, they should contact the lender as soon as possible and work with the lender to figure out an acceptable payment plan. Most lender’s will work with the borrower to make sure the loan is paid back and may even forgive a late fee if it is the first time the borrower has a problem making a payment. Keep in mind, the lender is not going to be so forgiving if an applicant chronically pays a loan back late.