What Is An Advance Payday Loan?

Emergencies don't knock at the door of life before they come. An advance payday loan can be of great help when you need urgent and sudden financial support to deal with an emergency. More often than not, these cash emergencies take place in between your paydays when you have just finished paying off your bills for the month and have barely enough money left to keep body and soul together. At this stage what can you do if one of your family members has to be rushed to the hospital for urgent medical treatment or if your car breaks down on the middle of the road leaving you stranded? You'll need further money to tackle such a situation. Moreover your credit cards might have maxed out and you might not be inclined to ask for help from your friends or relatives. In such a dire situation an advance payday loan will appear like the silver lining on dark clouds.

What Are Advance Payday Loans?

Advance payday loans are short-term loans designed to help you in adverse situations so that you can tackle with these circumstances. Mostly such a cash advance is of a small sum of money not exceeding $1000. It is meant to enable you to meet your emergency till your next payday when you are supposed to return the loan amount to the lender along with the interest and other finance charges.

The most convenient feature of a no credit check payday loan is that the lender does not pull your credit and grants the advance payday loan irrespective of your credit rating. To avail it you would only need to provide information to the lender regarding your employment, sum of monthly income, checking bank account number and your age. All this information does not require any documentary proof either. Normally, the lender obtains verification of the information provided by you directly from your employer and your bank.

The Internet has made things simpler and more convenient and now you can apply for an internet payday loan by filling out an online application form too. The actual process of verification and approval of this easy payday loan does not take much time and you will get the sanction in less than an hour, although the amount of the advance payday loan will be electronically transferred to your checking account only on the next working day.

The lender would, however, require either a post dated check or an authorization from you for transferring back the loan amount plus the finance charges from your checking account to his account on your next payday. You must remember that an advance payday loan is merely a stop gap arrangement for meeting your urgent needs and that it is very expensive as the APR and fee of the lender are very high. Such a loan should only be taken in an emergency. You should not get into the habit of taking this type of loan before every payday. Moreover, you must ensure that the repayment obligation is discharged on time.

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What Is An Advance Payday Loan?

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