What is a cash advance? A cash advance is a popular means of getting fast cash when you need it. You may have forgotten to pay a utility bill that cannot be late or your car needs a repair right away. The trouble is your paycheck is not due for several days. A bank loan is out of the question because your low credit rating.
The main benefit of online payday loans is a lender will not likely check your credit. Anyone can apply for these loans regardless of credit history. The process is simple. You write them a check for the amount you want to borrow in addition to fees. The lender keeps the check until you get paid. This is what makes them appealing. It does not require all the tedious paper work and hassle of a bank loan that could take days.
If you are approved, the money will be deposited into your around in around 24 hours. A drawback of a cash advance is the higher interest rates and shorter repayment periods. If you renew the loan, the interest is added each month. Cash advances should only be used for real emergencies and not taken out unless you are certain you can pay them back on time.