Payday Advance Loan

A payday advance is a small, unsecured, short-term loan that is usually repaid on the borrower's next payday. Typically, a customer uses a payday advance to cover small, unexpected, expenses between paydays to avoid expensive bounced-check fees, late bill payment penalties, and other less desirable short-term credit options.

How It Works

The payday advance application process is fast and simple. It usually requires only a few supporting documents, including proof of a regular income, a personal checking account and identification.

If approved, a borrower reads and signs an agreement containing disclosures required by the Truth in Lending Act (TILA) and writes a personal check for the amount of the advance plus a fee. The lender advances the customer funds immediately, but holds the check until an agreed upon date, usually within two to four weeks, when the borrower receives his/her next paycheck.

Just as con summers understand that a cash advance is a convenient and valuable service for short term financial needs payday advance customers know that this is a convenient and economical service that should be used to meet short-term cash needs. The payday advance service is inappropriate for meeting long-term financial obligations.

The payday advance loan is a dignified and cost-efficient way for customers to get from one payday to the next when faced with an immediate need for cash.