Payday loans are the fastest and most convenient option for getting an emergency cash advance before your next payday. However, obtaining payday loans and their repayments involve certain important aspects. In this document, we try to answer all of your general questions regarding payday loans and hope it will serve as a tool to solve any mystery surrounding payday loans or cash advances.

What is a payday loan or cash advance loan?

We come across many types of loans on a daily basis, such as home loans, personal loans, and education loans. However, payday loans are a novelty in the market and are very popular. This loan is known by many names such as “Cash Advance,” “Paycheck Loan,” “Check Loans,” and “Payday Advance Loans.” Let’s understand what a payday loan or cash advance loan is and how and when it should be used to your maximum advantage. Payday loans are unsecured loans, which can be used to meet your emergency financial needs and are repaid from your next paycheck on your payday. Therefore, payday loans are the shortest tenure loans among the other loans available in the market.

Are there any limitations on the use of payday loans or cash advance loans?

Many times we are faced with a situation where we need a lot of money, but we feel that our hands are tied because our payday is still several days away. In such a scenario, we have to put aside or defer our plan to buy something or go for a high interest credit card loan to meet the obligation. The requirement could be to pay unexpected medical bills, your child’s school fees, to avoid bounced checks, or any other financial obligation. In such difficult times, payday loans or a cash advance come in handy. Therefore, you can use this cash advance for any purpose. There is no restriction on the use of payday loans.

Am I eligible for a payday loan or cash advance loan?

The best thing about payday loans is that you can get them even if your credit rating is not very good. The second best thing about payday loans is that taking a cash advance doesn’t affect your credit rating. All you need to be eligible for payday loans is a checking account and a regular job.

How should I apply for a payday loan?

To apply for personal loans, we would say that it is easier to do than to say. You can apply for payday loans online through the Internet. You may be required to provide some basic information, such as your name, address and the details of your employer. Some companies that offer payday loans may request your bank statement or proof of payment by fax. The documents required by these companies for payday loans are minimal compared to other types of loans.

What is the commission charged for payday loans?

Before you apply for payday loans, we suggest you look at 5-6 companies for the fees they charge. Some companies offer payday loans at no charge for the first week.

How much cash can I get with a payday loan?

The amount of payday loans ranges from $100 to $1000 depending on the repayment ability of the borrower.

What is the duration of payday loans?

Normally, a cash advance is supposed to be paid back on or before your next payday. Therefore, the maximum duration of the payday loan could be up to 30 days. However, some companies are also flexible regarding the length of the loan. Payday loans can be extended until the next payday. However, this extension of payday loans comes at a price.

How long does it take to get a payday loan?

Payday loans are much easier to get and take less time than other loans. After you apply for a payday loan online, you will receive a phone call from the payday lender. After completing the small paperwork, the cash advance will be credited to your checking account the next business day.

Does this mean that I can enjoy my payment without waiting for my payday?

Before opting for a payday loan, keep in mind that the interest rate charged for these loans is higher than other loans. Extending the length of the payment will only increase the fees charged. Payday loans or cash advance loan should be used very prudently and only to meet financial requirements that cannot be avoided. Remember that getting a payday loan or cash advance loan too often could upset your monthly budget and make it hard for you to get out.