Online Payday Advance Loans
Payday cash advances are among the most common types of short-term loans. A cash advance loan offers quick access to funding on short notice with no paperwork or waiting and little to no credit requirements.
12 million people use payday advances every year
12 million people use payday advances every year
About 12 million people in the United States use some form of cash advance each year. When you request a payday cash advance loan online through the Paydayr website, you’ll find lenders that offer entirely paperless transactions and approval in a matter of minutes. This quick and simple online loan process means; no printing, no scanning, no faxing, no paperwork or added hassles, just a fast cash advance until your next payday or on a longer term payment schedule.
A Quicker Way to Get Paid
Payday advance loans can be immensely helpful and even necessary during periods of financial hardship. These short term loans allow you to use your paycheck as collateral, which means that you can get access to cash right away.
A payday advance is designed to be approved and funded quickly, which means that you can get the money you need in an emergency. Advances are usually approved the same day you request and funded the next business day. This makes it a reliable solution for any number of financial emergencies.
How a Paycheck Advance Works
Getting a payday advance on your paycheck can solve a wide variety of short-term financial problems, and this can buy you the time needed to deal with a difficult situation. However, it’s important for anyone considering taking out their first cash advance or payday loan, to understand both the benefits of this service as well as the cost of borrowing money.
Using an advance to cover bills
The average bank fee for a bounced check or late bill payment is about $30, and if an account is overdrawn or already behind on payments, this can compound the problem, resulting in potentially hundreds of dollars of fees in as little as a single day.
The average missed bill payment costs $30
Plus, even a single bounced check or missed payment can cause the closure of your account, prevent you from opening new accounts in the future, damage your credit rating and even result in legal action being taken against you.
A payday advance can prevent this problem from ever occurring, by ensuring that you have the money you need to cover any outstanding checks or bill payments, by the next business day. In the future, you can avoid these situations by monitoring your accounts on a regular basis for any unexpected charges or checks that haven’t cleared.
Cash Advance vs Payday Advance
Put simply, they’re essentially the same thing. In some cases, the term cash advance may refer to a credit card cash advance, which is cash withdrawn at an ATM against a revolving line of credit, but in most cases, it’s a general term used to describe any number of quick, short-term loans—payday advances included. Payday advance is more specifically a quick cash loan, often intended to be repaid with the borrower’s next paycheck. It’s also commonly referred to as a paycheck loan.
As many as 83 percent of people in the US would need an emergency loan to get same day funding.
Most people in America are only able to get emergency loans through a payday advance or similar specialty loan product. This is based on the statistic published by the American Management Association, which found that as few as 17 percent of people living in the United States can rely on family members or friends for funds during an emergency situation, and most US banks won’t issue same day loans or cash advances. Payday lending on the other hand has the ability to advance America to a new standard of lending.
What is a payday cash advance?
The concept of a payday advance is that it’s a nearly instant cash advance loan that’s typically intended to be repaid from the next paycheck, but in practice, a payday advance can usually be paid off over time, spanning multiple paycheck periods.
Payday cash advance loans are always available at a moments notice, but it’s important to use them responsibly and only as needed. How much money you can borrow and how frequently you can get cash advances depends on your financial situation and your ability to repay the loan.
How much money do payday advance lenders offer?
Every lender has their own policies, which will vary from one lender to the next, but typically you’ll be offered up to $1,000 (dependent upon loan criteria) and you’ll only be permitted to take out one loan at a time from any given lender. It’s best to consider your needs first, and only borrow what you feel is necessary, but also enough to cover your expenses until your next payday, to avoid having to take out another loan.
Can I get a cash advance now?
Absolutely! Loan requests are accepted 24 hours a day and can be processed in as little as 5 minutes. Funds transfers can be initiated immediately after approval, and are usually available in your bank account the next day. Some advances can be paid the same day, under special circumstances, through wire transfers, online wallets like PayPal, or at an ATM using a credit card or debit card. Same day transfers usually involve an additional fee and aren’t always available.
Are payday advances available near me?
Payday advances are available in most states throughout the US, and additional payday loan alternatives are available in even more locations. Paydayr can connect you with national payday lenders that can get you cash until your next payday, nearly anywhere in America.
What’s the APR on a cash advance?
The cost of borrowing money is different for each loan, so it’s important to work with a direct lender who can answer all of your questions about the cost of the loan. This amount is usually expressed as an interest rate, and it can change during the period of the loan.
Why get a payday advance online?
Payday advance loans offer many benefits to borrowers, most important of which, is being able to get cash deposited within 24 hours in many cases. Loan approval can occur in a matter of minutes and a direct deposit to your bank can be initiated immediately after. Additionally, when you get a payday advance online, the entire process can be done completely online from anywhere in the US. When used appropriately an online payday advance can save you time and money.
Getting a Payday Advance Completely Online
The days of filling out forms at a local office are over. Online lending has made national cash advance loans a reality, with customer service that can be available 24/7 to make the process of getting a payday advance quicker and easier than ever before.
Key advantages of an online payday advance:
- Get approved for an advance 24/7
- Work directly with a lender instead of a third party
- Get access to cash immediately after approval
- Fast approval process
- Direct deposit into your bank account
- Credit checks won’t prevent you from getting approved
- Repayment of the cash advance can help you qualify for higher loan amounts
- No restrictions on the way the cash can be used
- No fees hidden in the fine print
- Clear explanation of the terms and the conditions of the loan agreement
No Collateral Loans
Unlike big bank loans, there’s no collateral required when taking out a cash advance loan online. As long as you’re employed or have another source of regular, verifiable income, you can be granted a cash advance without the need for any form of collateral.
Online lending has changed a lot in a relatively short amount of time, and there are now many tools that can make it easier than ever before to obtain a direct payday advance from an online lender. User interfaces and loan processing have been designed to assist loan seekers in filling out the required information in a fast and easy manner.
Secure and Confidential
Confidentiality and privacy are top priorities for online lenders. When you get a cash advance online, you’re information is processed securely using industry standard encryption, and handled with complete confidentiality between you and your lender. You’re information is never shared with any third-parties beyond those named in the terms provided by your lender.
24/7 Customer Service
Enhanced customer service and support are now an integrated part of the online loan process. This can reduce the amount of time you need to spend searching online for reliable information about your lender or the type of loan you will be receiving.
Payday Advance Loan Process
The payday loan industry has changed a lot since the Internet advanced America’s lending capabilities to a national level with online loans, making it quicker and more convenient to get a quick cash loan, even with no credit or bad credit. Online payday advances provide a same day approval process and electronic direct deposit of funds as soon as the next day, or next business day on weekends or holidays.
Online Lending Makes it Possible to Get an Advance 24/7
Once a loan has been approved, which can occur in as little as 5 minutes, the funds transfer can be scheduled immediately, and will typically appear in your bank account the next day, during normal banking hours. There are no restrictions on the use of the money, and a bad credit score won’t prevent you from getting approved.
Anyone with a Job can Get Approved
Personal cash advances are available to most borrowers who wouldn’t qualify for a larger installment loan or revolving line of credit from a traditional bank or credit union. However, in place of the collateral and credit check involved with a bank loan, you’ll be required to have a reliable source of income. This will show the lender that you have the ability to repay the loan within the period specified in your loan agreement.
Payday Advance Borrower Requirements:
- One or more stable sources of income — typically employment.
- An active checking or savings account with a US bank.
- Current address, phone number, and email.
- The requester needs to be at least 18 years old.
This is all that’s needed to ace the cash advance loan process.
Payday Advance Direct Lenders
Paydayr connects you with a lender that can approve your loan in as little as 5 minutes and have the funds directly deposited into your bank account by the next business day.
When taking out a cash advance loan from a direct lender, there’s no third party interfering with the loan terms, and this also means that they will not be charging extra fees for brokering the loan. This is also an important consideration if you prefer to avoid phone calls from loan solicitors—though you can always opt-out of receiving these communications as well.
By working directly with the lender, you only have to deal with one point of contact for your repayment terms. This can save you both time and money, in addition to minimizing complications when it comes time to repay the loan balance. In short, direct lending simplifies the loan approval process, which will enable you to focus on using the money.
When you deal with a direct lender, you’re able to avoid the most common frustrations associated with third party brokers. This includes the prevalence of unwanted sales calls on the phone, but it also has to do with being able to work with just one provider. This simplifies the lending process considerably, and it can make the process of getting a cash advance much more pleasant.
When you understand the options, it’s easier to make an informed decision that fits your specific situation. By working with a direct lender, you get clear and direct answers to any questions you have about the options that are available to you as a borrower.
Cash Advance Alternatives
Financial difficulties can be overcome in many ways, so it’s important to take all aspects of a payday advance into consideration beforehand. However, if this is the right choice for your situation, Paydayr makes the process easy and can connect you with a direct lender in a matter of minutes. Requesting a loan requires no commitment and there’s never any obligation to accept an offer.
If you qualify for a loan from traditional financial institutions, you should compare the interest rates against those offered from a direct online payday advance lender. Although most banks don’t offer check advances or loans until your next payday, a long-term installment loan may be an option.
No Interest Loans
Some employers might offer an “advance paycheck loan” on an upcoming paycheck under certain circumstances, and many people can get no-interest loans from their friends or family members.
Another option for anyone experiencing financial difficulties with bill payments is negotiating directly with the creditor. In some cases, this can solve the problem without taking out a payday advance loan from a third-party lender.
These options should be explored before deciding to take out a payday advance, which can carry a relatively high interest rate on the loan balance. It’s also a good idea to have a plan ready in case of a future financial emergency. Good financial preparedness can eliminate the need to take on additional debt.
Payday Cash Advance: Limits, Fees, and Additional Considerations
It’s important to repay your cash advance on time to avoid unnecessary fees. Usually a cash advance will need to be repaid on your next payday or after a term of two to six weeks, though there are many different types of loans and accompanying terms, which are set by each individual lender.
For example, if you miss a payment, the interest rate will usually rise. The amount of the increase will determine the total cost of the loan. Always read the terms and conditions of your particular loan so that you understand the length of the loan, the interest rate and any penalties or fees associated with missing a payment.
Think about the benefits and potential drawbacks before you need to take out a loan. This can help you make an informed decision about whether this type of loan is right for your situation. Always read the terms and conditions of any loan completely so that you will know what to expect.