Online Payday Advances

Online Payday Advances

What is an online payday advance?

Online payday advances are short-term loans that people take out because they are struggling to make it to their next paycheck. Online payday advances are applied for online but work the same way as regular payday loans, you just apply for the loan online.

They are unsecured loans for emergency situations, they offer you a quick-fix solution and consequently should not be considered as an answer to serious financial problems. Payday loans are fast but the catch is: high interest rates and potentially crippling fees if you are unable to pay back the loan in full on or by the due date. There is no such thing as cheap payday advances. However if you are in danger of having your checks bounce or going overdrawn then they are a less costly alternative.

How does the process work?

The online payday advance process is pretty straightforward. We will break it down for you in general terms. Bear in mind that each company works slightly differently and may have differing requirements.

1. First you must choose a registered company that offers online payday advances. Once you have chosen the lending organization you will be required to fill out an online application form. There should be no fee charged for doing this.
2. Once you have filled out the online application form accurately, yes, be honest and detailed as this will expediate the approval process, you will be contacted within minutes or hours by a representative.
3. The representative will go through your application and you may be required to fax some documents to support your application.
4. Once you have been approved, you will know within 24 hours, the money will be deposited into your account overnight. You will be asked to pay the fees upfront or when your loan matures.
5. You will usually be required to repay the loan within 7-18 days. The money owed will automatically be withdrawn from your account on the due date.

Right for you?

So if you have a regular job, a bank account and are 18 years or over then you can apply for payday advances. Just remember that payday cash advances are for emergencies and you will not offer you a long term solution to your financial woes. They come at a price and you should only consider applying for one if you know you will be able to repay it within the given time frame.

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