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Understanding Cash Advances and Payday Loans; Are These Services a Viable Financial Option? by matthew knepper

Ever heard of a cash advance or Payday Loan? There is a good chance that you have, but may not know exactly what they are or what purpose they serve.

So, what ARE Payday loans or Cash Advances? Basically, a cash advance / payday loan is a financial service that allows an individual to borrow money (typically up to $1,500) for a fee, using their current job as payment collateral. This service actually goes by a plethora of other names, such as; personal loan, online payday loan, quick cash advance, pay advance, personal cash loan, bad credit personal loan, ECT.

A payday loan can be applied for either online (there are multiple online services), via a telephone service, or, in some states, an actual pay advance store. In the last couple of years, payday loans and cash advances has become a multi BILLION dollar industry and keeps growing at an enormous pace.

As an example of its usage, an individual may apply for a cash advance to avoid late charges on a credit card, and also avoid the harmful damage a missed payment can do to their credit rating. Applying and qualifying for a payday loan / cash advance is as simple as filling out an application, and in many cases there are no documents to fax and no credit checks performed.

Typically, your collateral is your job, and to qualify, you must be 18 years of age or over, a United States citizen, and have a provable income of one-thousand dollars a month. Once you're approved for the cash advance, the payday loan amount will be electronically deposited into your checking or savings account. Payday loans and cash advances have a Jekyll and Hyde side to them as far as public opinion is concerned. Certain individuals praise their existence, for getting them out of a financial jam, while others curse their rates and allure of quick cash on demand.

Anyone who considers the option should be responsible and look into all the aspects of the service, as rates and fees differ from company to company, and see if it is the right course of action for them. There are many different online cash advance and payday loan services available so choose carefully. As a side note, try not to become dependent on these services, as fees can build up quickly by acquiring multiple loans, and could be the start of other financial problems. Choose carefully and responsibly

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