Meet Your Instant Cash Requirements With Payday Advance Loans
When you apply for payday advance loans, you are availed cash within a time-period of 24 hours, and the amount is deposited directly to your bank account. And, the lenders can avail you a cash advance of as much as $500, or more depending upon your monthly income. You can avail these cash advances against your paycheck as the collateral, and you can also chose the period of repayment at the time of application. And, the lender debits the amount from your bank account on the day of the repayment. Payday cash advance is as simple as it – you get instant cash within a few hours, even if you have a bad credit score and with the option to repay the amount at your next salary. However, more information can be found in the following lines, allowing you to consider your options well before applying for the loan.
Flexibility With Payday Loans
In case you are not able to repay the cash on the mentioned date, some lenders can allow you to extend the repayment date for an additional charge. And, this needs to be informed to the lender well in advance. However, there is a limit to deferring these cash advances beyond a few months, and the charges imposed by the lender will be very high.
Fees
Based upon the lender, you can either be charged a flat fee or you may have to pay a fixed percentage of the borrowed amount. You can expect a heavy fee of as much as 25% of the borrowed amount. The reason for this high rate of interest is due to the huge risk involved in lending the money without checking the credit score of an individual. Additionally, since the period of repayment is quite small, not more than one month, the lender tries to cover as much business-overrun cost as possible. It is to be noted that when a payment is deferred you will have to pay the additional fee for the extend time, thus increasing your overall repaying amount.
Repayment
Generally, the payday advance loans can be paid within a period of 7 to 15 days, or when you receive the next paycheck that is within 31 days from the date of getting the cash advance in your account. You also have the choice to repay the amount before the due date. However, you need to check the associated provisions in the contract document before you apply for the cash advance. And, the lender may reduce the interest if you are able to repay the amount before the due date.
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