Have you ever experienced a shortage of cash in between paychecks? If you are like most Americans, you will be living from one paycheck to another.
However, there are times when, no matter how strictly you stick to the budget, you still find yourself short of cash three or four days before your next payday.
Instead of frantically looking for a friend who will lend you enough money to see you through the next paycheck, why not get an advanced payday loan?
'Payday Loan Defined'
A payday loan is also known as a cash advance, payday advance or paycheck advance. No matter which term you call it, the loan basically works in the same way.
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A payday loan is a short-term loan which employees use to fulfill other financial obligations in between paychecks. This shortage of cash in between paychecks is a usual occurrence especially for those who are living from paycheck-to-paycheck.
A cash advance is a great way to fill in any gap in between your paychecks. This loan does not usually exceed $1,500.
There are a lot of payday advance companies offering this type of loan. Although they are all the same in principle, one company may vary from another in terms of payment rules and other factors involved with the borrowing of the money.
Take a look at some factors:
o Secured versus non-secured short-term loans
A secured advanced payday loan usually involves a post-dated check issued by the borrower. The check amount would include the loan quantity along with the predetermined interest. The date indicated on the post-dated check is usually the borrower's payday. This is how the term payday loan was derived. On the day that the borrower is supposed to get paid, the lender can cash the post-dated check.
On the other hand, a non-secure advanced payday loan offers a no-hassle cash advance option. It basically works the same way and the payments are made through an electronic funds transfer.
o Form of Loan Payment
Although an advanced payday loan does not usually involve a huge amount of money, some lenders still prefer to transact through electronic transfer instead of giving cash directly to the individual seeking the short-term loan.
Others, however, feel safe enough to give you the cash outright providing that you have met all the requirements.
o Repayment
Repayments for short terms loans are usually made when the lenders would cash in the post-dated check, depending on the borrower's payday.
For banks who offer advanced payday loans, the payment for the cash advance is taken out of the next bank deposit. Just like any other payday advance companies, banks charge a particular fee or interest for the cash advance.
An advanced payday loan is a great way to fill in any shortage of cash in between paychecks. So, if there is a financial emergency, or you probably just want to get something special for yourself or a special someone, get an advanced payday loan to breeze your way through your next paycheck.
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