Dealing with unforeseen expenses can be hard, especially if you are surviving paycheck to paycheck. For smaller amounts, taking a conventional bank loan doesn’t make sense, and most people don’t like the idea of borrowing from others. If you are one of them, you can consolidate your expenses with a payday loan, otherwise also known as a cash advance loan. A cash advance loan is easy to get and is an ideal way of financing your needs up to $1,000. Below are some important aspects to note about payday loans.

How to apply?

Many payday loan lenders work around the clock and assure approval within the same day. There are websites that have partnered with lenders. You can fill up the form on one of these websites, which will then send your application to partner lenders. If approved, you will get the money in your account on the same business or the next. In most cases, applications are approved within 24 hours. You can check to know more on application process.

Requirements at a glance

Cash advance loans are flexible and effective means of short-term funding. To send an application, one must fulfill a few basic criteria. Firstly, the applicant should be a resident of the US and must be 18 years of age or above. Also, he/she must have a legal job with stable income. Usually, lenders are just interested in the salary of the applicant, because cash advance loans are secured against the same. Don’t have a stellar credit score? You can still apply and get approved for the loan!

Factors to consider

In terms of interest rate, cash advance loans are expensive, because there is no security involved. You can expect to pay anywhere between $10 and $30 for every $100 borrowed, but this also depends on your state laws. In general, $15 is considered to be standard fee for $100 borrowed. The repayment term is usually less than 30 days. If you are unable to repay the amount, your lender may offer the choice of rollover for an extra fee, again depending on the state laws. You may also have to pay an extra charge for non-payment of dues. Experts always recommend repaying payday loans when due to avoid unnecessary expenses.

However, the cash advance loan industry is a highly regulated one, and the interest rates are capped. In short, you won’t get duped by the lenders.

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