Payday Cash Advance

Filed Under Bad Credit Fast Cash Loans, Payday Cash Advance Loans | 3 Comments

A payday cash advance is the most common method for getting fast cash. Millions of Americans turn to payday cash advance loans each year, and this includes good, hard-working people just like you and me. All you need is proof of income and proof of who you are to take advantage of these fast cash loans. These are no credit check loans, so anyone who applies will qualify, no matter their credit score. Also, it’s possible to get your money within minutes with the best lenders.

Many people look down upon payday fast cash advances and their lenders, but the truth is that it’s a great way to get the cash you need to cover unexpected expenses when you’re between paychecks. Consider the fact that 50% of Americans live paycheck to paycheck, there are just as many people who’ll be likely to turn to a payday loan as there are those who wouldn’t. It’s a legit way to get a quick boost of cash when you need it, and a much more affordable option than continually paying overdraft or late fees.

What Is A Payday Cash Advance Loan?

A payday cash advance loan is an unsecured, short-term loan that gets you money based on how much money you make at your job. Secured loans, like title loans, require you to put up collateral to get your loan. You’ll need a paycheck stub (or two with some companies) for them to verify your income. With most payday lenders, you’ll also fill out a form that is a general run-down of your monthly expenses for them to determine how much they can lend you. After they’ve determined how much money to lend you and you receive your cash, you’ll have to pay it back after your next payday. You’ll usually post-date a check for the amount you owe, plus interest, for the date your loan payment is due, but some companies require your bank account information so they can withdraw it directly from there. If you have a choice between the two, choose the post-dated check. If you happen to get behind on paying the loan back, the last thing you want is for them to have direct access to your account.

The payday loan industry is loosely regulated, so this means that if you do some research you can save yourself a lot of money in interest. The average interest payment is $25 per $100 borrowed, but some companies have rates as low as $10-15. If you can get a rate like this you’ll save $100-150 for every $1000 borrowed, that’s a big chunk of change! A fast cash payday advance is an expensive way to get money, but nothing beats it in a pinch!

Online payday advance loans are also an option for getting fast cash. These operate very similar to storefront lenders, but tend to have higher rates than their storefront counterparts. They’ll usually operate in states that allow very high rates so they can charge them.

My Payday Advance Story

I relied on payday cash advances for a while a few years ago. It was back to school time and my son needed new clothes and supplies, I had no money to take care of it, and needed a fast cash loan. I headed down to my local payday lender (without researching other lenders) and got a payday advance with a rate of $30 per $100 borrowed. Pretty extreme! During this time I got sick and missed a few days of work, which hit me big on the paycheck after the one that I paid back the loan from. In turn, I had to get another payday loan to help me cover the money that I missed from being sick. I started falling into the trap of payday loans, and needed more loans to pay back other loans. It got pretty crazy for a while, and I almost lost control. Luckily, I got a large bonus from work and was able to get myself out of debt. The lesson here is that payday cash advance loans are great, as long as you don’t rely on them to stay afloat.

Thanks for reading!

-Lydia

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3 Responses to “Payday Cash Advance”

Get Money Fast | Advertibenz Blog on September 26th, 2009 6:21 pm

[...] blog Fast Cash Authority. She shares all of the ways she know to make fast cash and how to get a payday cash advance without getting ripped [...]
Log Book Loans – Secured On Your Car | Log Book Loans UK on October 31st, 2009 12:38 pm

[...] credit ratings who are in desperate need of cash and have few other options. There is of course the Payday Cash Advance and you could use a pawn shop if you have any valuable belongings that you can do without for a [...]
Radu Bogdan on December 23rd, 2009 5:32 am

Indeed payday cash advance is a way of keeping your debt under control if you are using this money to pay in time your utilities bills and other credits that may ruin your budget.

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