An online cash advance is usually in the form of a simple payday loan. This means that
repayment will be due on the borrower's next pay date. This can be a week to a month.
The interest may vary with the actual day count of the time used for the loan in some
cases. With some lenders the transaction may just have a flat fee no matter how many
days are involved. This is one reason it is good to browse around online for the best
deals.
Most people are paid on a weekly basis or every other week. Some people, including
those on government social security payments, are only paid monthly. The payday
advance lenders are willing to work with everyone who does have regular income.
Payday cash loans are not an extension of credit. All they are is a short-term cash
advance until the borrower gets paid.
Obtaining an online payday advance is fast and simple. Just fill out the application, wait a
short period for an approval and the money will be automatically deposited into a bank
account and be ready to use immediately. Online cash advance lenders have the same
requirements as a storefront payday business. The borrower needs to have regular income
and a bank account. They must fill out personal identification information and provide a
couple references.
Borrowing online is simple and there is no need to fax to most lenders. It is not necessary
to provide a copy of a check, either. They will need to have a bank routing number and
account number to process a loan. On the due date the repayment is done automatically
via an ACH withdrawal. If there is a problem and the bank account lacks sufficient funds
to make the ACH good it is treated like a bounced check.
Fees for interest charged for all payday advances are higher than those charged for
regular loans, but there is minimal hassle and no invasive interviews. The fees run about
$15 to $25 per $100. This usually is not a problem for the borrower, because getting a
quick loan can save much more than fees charged if a credit card payment is missed. It is
cheaper to get a pay day loan and pay that bill on time!
Getting an online cash advance is very private; it can be done on a home computer so no
one needs to know. A fast cash advance is easier than undergoing the embarrassment of
borrowing from family or friends.
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