A same day payday cash advance is a cash advance loan that is deposited, in full, to the borrower’s bank account on the same day that the application is submitted. (apply here) This kind of cash advance is typically paid within one hour and is intended to be repaid on the borrower’s next payday. This is the most common arrangement for payday cash advances, but lenders offer many different variations. Each lender also has their own individual rates and terms that should be reviewed prior to accepting a cash advance offer.
Payday cash advances can be taken out for several weeks at a time or even maintained on a continuous basis, though it’s advised that the borrower repay the cash advance at their earliest payday. These cash advances are a useful form of short-term funding, but should only be used when necessary. Avoiding late bill payments or bank charges is a good use of a payday cash advance, discretionary spending is not. It’s important to consider all available options, before taking out a cash advance.
Getting a payday cash advance online is easy and money is delivered quickly, but this also comes with a higher than normal interest rate. The APR on a typical same day payday cash advance can reach as much 500%. Unlike a traditional long-term loan, a payday cash advance will come with a fixed fee based on the amount of money requested. This fee will be paid on a set date, usually within two weeks, along with the amount borrowed and any other charges that may apply. Lenders will discuss their fees and repayment schedule before a loan is issued.