Payday loan advances also known as instant cash loan or payday advance are short term loans that can be availed at times of contingencies. These can be obtained easily and faster than the normal loans. You need to repay them back only on the subsequent paycheck.
Ways To Obtain Payday Loan Advances
You can apply for an instant cash loan in two different ways:
1. Through retail lending - Here, you need to visit a lender in person for applying and availing the loan amount. In this case, the lender gives you money for two weeks only and you are required to pay the full money along with interest till date on the subsequent paycheck. The interest rate levied is 15% to 30%. Along with the application form, you are required to submit a post-dated check, proofs of regular monthly income and even the latest bank statements. You need to repay the amount borrowed in person. If you fail to do so, then the lender has the right to deposit your post-dated check in the bank or even to withdraw the money from your account electronically.