What is a Payday Loans Cash Advance?
A pay day loans cash advance is a loan for a small amount of money that you borrow against your next pay cheque in situations where you unexpectedly find yourself short of money in between paydays. It is a form of cash advance on your monthly pay cheque.
Why you may need a loan
You may wish to apply for a fast cash loan for a variety of reasons. For instance, something unexpected may come up that requires you to pay out money that you do not have (such as broken down refrigerator); or, you might have a red-letter bill drop through the door for a payment that you have forgotten about and need to pay it before your next payday.
These and any other situations where you find yourself wishing you could get a cash advance on your next pay cheque may be eased by taking a payday loan.
How much can I borrow?
A pay day loan is unlike a traditional type of loan. With the latter you are typically able to borrow thousands of pounds and then repay this borrowing back over months or even years.
With a cash advance loan, the amounts you will be able to borrow are smaller and will vary depending on which payday loan company you use, but typically you can look to get a cash advance of between £100 and £250.
The aim of a cash advance loan is to provide you with a short-term cash injection if you come up against an unexpected expense (eg vets' bills; car repairs; your washing machine stops working etc).
How long until I receive the cash?
The majority of pay day loan lenders ensure that you get your money as soon as possible once your application for the loan has been approved. With a normal loan, you may have to wait for several weeks before you see any money - this is normally due to the completion of paperwork.
With a payday loans cash advance, you may typically get your money the very same day. Online payday loans are available with some even offering you no faxing payday loans, where you do not need to even fax any documentation through. This makes the whole process very quick - and eco-friendly!
With some lenders, you may be able to get your money within just a few hours of being approved for the loan, subject to your bank accepting immediate transfers.
When do I have to repay the loan?
As mentioned before, when taking out a payday loan it is short-term form of borrowing, unlike a traditional loan. Most payday loans work in that you agree to repay the payday loan provider on your next payday (or possibly the one after subject to what the lender agrees).
When taking out a payday loans cash advance the lender will tell you how much interest you will be charged, as well as any other fees (such as a bank transfer fee). This way you know exactly how much you will be repaying on your next payday.