Life is not like a Monopoly game and getting a modest amount of extra cash quickly is rarely as easy as moving a counter round a board game, sadly. With a cash advance to payday, however, things may not be as difficult as you may think.
A payday cash advance is a loan of a small amount of money, which you pay back in a relatively short period of time. So, for example, you may typically borrow $200-400 for a period of days or perhaps a couple of weeks.
Your need for some fast cash could have arisen because you received a bill which was much bigger than anticipated, spotted a not to be missed offer on an item that you have had your eye on for a while. Need to get some repairs carried out on your car, may have seen a holiday advertised which ticks all your boxes but you need to put a securing deposit down straight away as there are only a few places available.
These may all be things that you could easily cope with if you had just been paid but if payday is still sometime away, a little extra help in the form of a cash advance to payday may be all that’s required.
There’s typically a short online application for this type of short term cash advance, which is available to those who aged 18 or over / who are USA resident / working in a permanent job which has regular paydays / have a bank account which has a debit card attached / who are interested in borrowing an amount of money that they can easily afford to repay in one instalment (together with any interest and admin fee) when they next get paid.
A fast credit check may typically be carried out but because of the nature of these cash loans (modest amounts paid back quickly), they may be available even if you have experienced credit problems in the past.
You’ll typically get a decision on your application for a payday loan very quickly.
If you are accepted, the money could be paid directly into your account within a couple of hours – assuming that your bank can accept these types of transaction.
Then, when your payday comes along, a debit card transaction will automatically repay your advance to payday loan in one instalment, together with agreed interest and charges.