There is a lot of misunderstanding about the online payday cash advance. Many people think it’s a loan that is extended out by banks, but it is not. It is a loan that is given out by private lending institutions. This makes this type of loan a lot more flexible and more convenient than a banks loan.
What is an online payday cash advance?
It is a short term cash loan that is given out to approved applicants in exchange for their next paycheck or series of paychecks. It depends on the size of the loan, but this is how the loan agency recoups the money it lends.
Do I need to have a checking or savings account?
Yes. You will need a checking or savings account, in order to receive cash from the loan agency. This is how the company sends money to its borrowers, once the loan application is approved.
How much cash will I get?
You will get as much as $1,500, but this is if your loan application qualifies you for this amount. The majority of people will get at least $1,000, when they apply for an online payday cash advance.
Can I pay back this loan in installments?
Yes. These companies have two ways you can pay them back. You can either pay back your loan in one lump sum or you can pay it back in installments. If you want to pay back your loan in installments, make sure to contact the loan agency so that they can get it set up for you.