When any unexpected financial crisis occurs, such as an unplanned medical expense, legal fees or the need for access to extra cash, an advance payday loan provides quick relief. Securing a small loan to bridge the gap between paydays saves the risk of accruing bad credit that could result from unpaid bills. Cash advance payday loans provide a safeguard that eases financial stress in case of an emergency. The small loans may be granted without the lengthy approval process required for other longer term loans.
The most convenient and fastest method for obtaining a cash advance payday loans is to apply online. Proof of employment, a checking account and personal information such as a home address and phone number are required by most lenders. The advantage to applying for this type of loan includes limited credit and background checks and a fast approval time period where loans may be issued within a 24 hour period or sometimes even a lesser time period. Several secure websites provide borrowers with a one-stop location to secure a quick cash advance. Loan amounts typically range between 0 - 00 depending on income levels, stability and liquid assets such as a bank account balance. Short term loans typically assess higher interest rates than full term loans and are designed for emergencies.
The main purpose of this loan is to provide the finance immediately; there is a limited payback period, normally at the end of a pay cycle or within 30 days. Borrowers are usually required to submit a postdated check that will be used at the end of the loan term or allow access electronically to their bank account. If the funds are insufficient, additional fees may accrue until the loan is repaid. Cash advance payday loans can only be granted if the current payday loans are paid up.