A quick and convenient way to fulfill the cash needs between paydays is a loan or payday cash advance. These amounts are automatically deposited and withdrawn in the checking account on mutually agreed dates. Payday cash advance is a tool is a tool for short-term cash management. These types of loans are not made for long-term financial problems but actually for short-term financial crisis or finance requirement.
Payday cash advance has started to provide many facilities. The moneylenders provide such type of loans online and also offer complete efficient help. This customer help reduces the turn-around time for loan approval and is present 24/7. The turnaround time for loan approval is usually 24 hours and the money gets deposited in the checking account immediately if the loan is approved. These loans do not require any credit history such as poor credit, slow credit or bad credit. Once the loan is approved payday cash advance can be availed anytime.
The procedure for online application is also very simple and easy. The pre-approved cash advance application is reviewed within minutes. The moneylender informs the loan to the customer by phone or email as an approval for payday cash advance. Thus it reduces the paperwork by the customer who avails payday cash advance.
Payday cash advance can be required by almost anyone during his lifetime. It is an easy way to cover the sudden requirement or any emergency in one's life. This loan is helping thousands of people to make it their next payday. The amount of loan be it $100 or $500 is given in a hassle free manner. The interest rate varies amongst the lenders. It may be $10 for per $100 or $15 per $100. the only bare minimum requirement is a regular job and a checking account. Once this bare minimum requirement is fulfilled availing low cost payday cash advance is a simple and quick job.
To determine if payday cash advance is good or bad many arguments can be presented in for or against the subject. IT actually depends upon the purpose for which payday cash advance has been availed. If we look at the positive aspect of the subject matter then this is the easiest and the quickest loans that is available to a consumer. It is a hassle free loan as against tedious, time-consuming bank loans, which need endless paperwork. Even after the paperwork there is no assurance that the bank would approve the loan where as once the necessary details are provided online the approval or disapproval is granted within 24 hours. If the loan is approved then the money is also deposited within 24 hours in the checking account.
The biggest drawback of the payday cash advance is that they carry enormous interest rates. Further many interest companies do not put up their interest rates openly. They charge interest as per each case. Thus there is not transparency in the accounts or to the consumer either. There are various other institutions that provide better interest rates against their loans and are pretty competitive to payday cash advance loans.
Further the moneylenders deposit the money in the checking account after deducting their fee. Thus the money deposited in the account is less than the actual amount availed but the interest is levied on the full principal amount. Thus as an inference it can be concluded that availing payday cash advance loans is an expensive bargain and should be availed in case of dire necessities when there is Hobson's choice or availing a loan.
Peter Sissons, Retired Loans Officer and Cash Advances advisor - focusing on Payday Advance and Cash Advance Loan