Until fairly recently, if you had past debt problems then getting a loan of however small an amount of money, may have been next to impossible. Things have changed though and cash advances from payday loan providers can now offer a real alternative, if you need a short-term cash flow injection to get you through a particularly bad month.
A credit check will typically still be carried out. Because of the shorter durations of payday loans and the smaller amounts of money involved, lenders can be a bit more relaxed about their acceptance criteria, so you may find your application being approved even if you have had financial issues in the past.
So how to go about getting payday loan cash advances?
Apply for payday loans online
If you are over 18, live in the USA and have a job that has regular paydays, then you may be eligible to apply for a payday cash advance.
You may also need to be looking to borrow an amount that makes sense in terms of your ability to repay the whole loan in one instalment.
When you select the amount you’d like to borrow, you’ll typically see how much in interest and charges will be added to the loan, so you can see exactly how much you’ll be expected to repay on your next payday.
You may also need to have an active bank account which has a debit card attached.
The short online application can be completed very quickly and a decision, following the fast credit check, may be almost instantaneous.
If your application is successful, then the funds can be automatically transferred to your bank account. If you have a bank that can accept fast transfers, the money could be there in as little as two hours, otherwise you may have to wait until the next working day.
On your chosen date the loan repayment plus any interest and fees is typically taken from your bank account as a debit card transfer – and this happens automatically. This allows the loan to be closed off and you are free to apply again if the need arises.
Cash advances are typically for smallish amounts of money that can be easily accommodated from one payday, for example $300. Up to $1000 may be available under certain circumstances.