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There are many names for payday loans. You may have heard them called a cash advance, a payday cash advance, a payday advance, payroll advances and many other names. Even though a payday loan may be called many different things, it does one exact thing and that is give you an advance amount of money that you will pay back when you get paid. It's a way of getting your paycheck earlier than you pay date. These are short-term cash advances and are not drawn out over a long period time. The length is usually two weeks up to maybe three or four weeks.
The lender will give you an approved amount of money and expect you to pay it back along with a fee they charge for their services. These fees are where the expenses come in making them a very expensive option in borrowing. However, the benefit is that they are easier to get and the lending companies don't take as long to approve you like the banks or other financial institutions do. A good way to not get hit by the high fee charged by the providers is to pay off your balance in full when it is due. That way you will only have to pay the fee one time. If you continue to push your pay date back you will have to pay the fee every time you push it back and this can become costly.
The application process is pretty much the same with most lenders. You would have to go in and fill out an application, show proof of your identity and monthly income and then they decide whether or not they will approve you.
Our partners can give you a better option. You can apply online and everything that the lender needs is given to them through the Internet. You don't have the hassle of paperwork, faxing documents or going into an office and then having to sit and wait. You simply fill out the application and wait for your approval. It's that easy. Once you have been approved the money is put into your bank account and you can move forward with your day. All of the terms of your agreement are emailed to your account so that you know when you have to pay the balance back and how much you are required to pay back.