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How To Get A Payday Cash Advance

By Edited Jun 9, 2016 2 0

When life throws you a curve ball and you find yourself short on cash there are a lot of different things that you can do to get the money you need to keep things moving forward. One method that many people choose are payday cash advances. These are small personal loans that use your job and income to qualify you. The application process is simple and you can get money in just a few short hours. In this post I want to show you how this all works so you can know what to expect when applying for your first loan.

Payday cash advances are unsecured loans that require you to have been at your current job for at least six months and earn over a thousand bucks a month there, also required is a checking account, and proof of who you are (state issued ID and Social Security Card). If you can come up with all of these, your odds of getting approved are very high!

The amount that you can get for your loan depends on your monthly income and expenses, but the average loan is in the $500 range. Once you have a relationship with a lender, however, the ability to borrow more money is available. Some lenders will even go as high as $1500 for customers who make a significant amount in income.

These loans are expensive. According to fastcashauthority.com, the average loan will cost $25 for each $100 that is borrowed. That adds up really fast, a $500 loan will cost you $625!

Paying a loan like this back is easy. If you borrow your money locally you will write them a post dated check for the total amount due. For those that apply for their loan online, the money will be automatically withdrawn from your checking account on its due date.

Loans are normally paid back in two weeks, or on your next payday. Some lenders offer 30 day loans for those that get paid monthly, but these tend to be much more expensive since interest is building every day the loan is unpaid. Read through the lender's fine print to see if there are extra charges for repaying the loan early, and do so if you can afford it!

Payday cash advances are a very convenient way to get paid fast. They are expensive and risky, but when it's your only choice do so responsibly.



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