Some folks call them Payday Loans while others say Cash Advance. There are mixed reviews about these types of loans. What matters most is that this type of loan is useful to you. Not having money to pay your rent or electric bill can be both financially and emotionally stressful. If you find yourself in a situation where you need immediate cash a payday loan can be a good alternative.
Here are some reasons why Payday Loans and Cash Advances are attractive:
It’s a quick cash advance that uses your paycheck as collateral. This is why some call it a Payday Loan. It’s simply a cash advance until your next paycheck.
There are no complicated requirements or challenging loan applications. Simply apply online and get approval within minutes.
Get the money directly deposited in your bank account within 24 hours.
You don’t have to explain why you need a cash advance. You can use the advance for any reason.
Although the APR rates are higher than a conventional loan, it is usually cheaper than overdraft fees or taking a cash advance from your credit card.
These types of loans are available to anyone who has a job with direct deposit, even if you have a bad credit score.
Payday Loan Lenders are required by the Truth in Lending Act, to disclose the cost of the loan in writing before you sign the agreement. This is your opportunity to review all the forms of finance charge and APR(annual percentage rate).
It is best to pay your cash advance off right away but if you need more time most Payday Loan & Cash Advance Companies offer loan extensions, also know as “rolling over” the loan, for another pay period. You will be charged a fee each time you roll over your payday loan.