What are Cash Advance Loans?

In most people's lives there comes a point where an unexpected bill will stretch finances to the limit. You may not want to borrow from your bank, or you may not be able to as the result of other debts. Borrowing from friends or family can be a difficult proposition, risking a relationship for the sake of a small loan. However, the expense or the debt will continue to press, so the question is: where do you get hold of the money you require until your next wage-cheque arrives?

A cash advance loan could be the answer. Also known as payday loans, they are a short-term loan offered by lenders to borrowers who are in employment and have an active bank account into which their wages are paid. The beauty of these loans is that they are quicker and easier to apply for than conventional secured and unsecured loans. In addition, the response time is far quicker; often you can be approved for a cash advance loan almost instantly and the lender can pay the funds into your account on the same day.

It is the speed and the absence of paperwork that is one of the most attractive features of cash advance loans. Because the majority of applications are made online, lenders use computers to verify all the information that you submit. At the same time, they can run a check on your credit history to ensure that you represent a sensible risk for them and then, using either the BACS or CHAPS systems, they can hand the money over to you.

The loan itself is usually made for around 31 days; the general period between wage cheques. There is a minimum amount you can borrow, usually £100, and the maximum amount is usually around £1000. While the interest rates on payday loans is relatively high, they can work out than taking a traditional loan for a similar amount, over a longer period of time. There tend to be no administration fees to worry about, although if you want to extend the borrowing-period, you may incur some extra costs; the purpose of a cash advance loan is to pay off the loan as soon as your next wage payment arrives.

Payday loans are accessible to more consumers than traditional loans, as you do not have to be a homeowner in order to take one out. This makes them viable for tenants, as well as homeowners, who may find it difficult to otherwise procure a loan.

An active account that shows a regular income does not limit the range of people who can apply for this form of borrowing. There are companies that will offer payday loans to the self-employed, but they are unlikely to pay the funds into a business account, so a personal account with an affiliated debit card is essential.

Used with respect, cash advance loans can offer a quick and convenient way to deal with unexpected financial demands. Before you consider applying, it is worth doing a little homework to ensure that you can meet the repayments on time and in full. Once you have done your sums, it is simply a matter of going online and choosing the company that offers you the best terms for your needs.

Ashleigh Preston, Marketing Manager of Payday Express. Payday Express offers a fast, effective service which is completely confidential. Range of loans includes payday loans, bridging loans and cash advance loans. They understand how costly life can be and how long the wait is until the next payday.

Contact:
Ashleigh Preston
Marketing Manager
Payday Express
Email: ashleigh@expressfin.co.uk