What are Cash Advance Payday Loans?

Gaurav Bhola, MSM, Managing Editor

Payday Loans are short-term unsecured personal loans that are meant to be paid back by your next payday. A fast cash advance loan offers a short-term solution to a short-term emergency. Loans should only be used as a last resort, once every other avenue has been exhausted. Most payday consumers get loans to cover expenses such as, pay overdue bills, medical emergencies, late bill payment penalties, or other short-term obligations.

The traditional method of obtaining a payday cash advance loan is by going to one of thousands of locations across the country. Consumers need a credit union checking account or an active bank, identification, and employment income to start the loan process. Most consumers can still obtain bad credit payday loans at these branches.

However, more and more consumers are turning to the internet to get faxless payday loans, no fax cash advances, or online payday advances, a popular alternative to the loan store. Payday lenders have been active in promoting online financial services, as traditional financial services have matured on the internet.

Online payday loans have become immensely popular in recent years due to their convenience. Consumers no longer have to fax in their paperwork to obtain the loan. They can simply log on to the internet and within a short time have their answer. Now you have the convenience of accessing no fax payday loans from your home or office instead of waiting in lines at the payday store.

Prior to getting your loan, it is critical that you comprehend fully the terms of your loan. Read all the loan disclosures given to you including, the Truth in Lending and the interest rate (annual percentage rate) of your loan. If you are uncertain about any portion of the financial loan disclosures, ask the loan officer for any clarification. Ahead of getting your payday, understand the complete terms of the loan.

Once you receive your loan, remember to use it only for the short-term emergency. Please don’t start using your loan on a perpetual basis, it is not meant to be used as a permanent stop-gap measure.