Advance Cash Payday Loans - Help for Emergency Expense

By: Tim Kelly

The need for Advance Cash Payday Loans can arise from any unexpected situation like a medical bill, repairing your car and avoiding a late payment. One reason for taking out these loans could be that the money is made available on time. However, you may fall into a debt-trap, as these are costly loans.

Salaried people can have access to small amounts ranging from ?100 to ?1500. Usually these loans are approved for two weeks, with the option of rolling over it for a month. This implies that you can make the repayment at the time of getting next paycheque.

Approval of the loan is usually within hours. This is mainly because these loans are based on the monthly salary of the borrower. The lenders do not see many risks in offering money to salaried people. Hence, in most of the cases, the loan is electronically deposited in the borrower's bank account within 24 hours. The only condition is that the borrowers must be getting a fixed monthly salary for past six months at least, and should be having an active bank checking account in his or her name. Only people of 18 years of age or above are eligible.

Without taking any security, usually these loans are given against a post-dated check from the borrower. The cheque contains the borrowed amount and fee on it. On the due date, if the borrower does not repay in cash or does not extend it, the cheque is deposited in the borrower's bank to get back the loan.

One feature of these loans is that the approval comes without any credit checks. Therefore, even bad credit people can borrow the money without any delay. They can improve their credit rating on repaying the loan without extending it.

However, note this fact that interest rate on advance cash payday loans is very expensive for salaried people. A typical rate on these loans may go up to 30 percent. What is more disadvantageous is that interest rate goes further up once you have extended the repayment. Then, there are other fees that you have to pay to the lender. Therefore, opt for these loans only for urgency.

Still, as you make comparison of number of lenders on internet, you can find some of the offers of advance cash payday loans at lower rate of interest. Make sure to borrow smaller amount that you can repay from next salary cheque.

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