Payday Loans
A payday loan (also called a paycheck advance or payday advance) is usually a small and short-term loan for people that need fast money to cover expenses before their next payday. These type of loans are also sometimes referred to as cash advances (not to be confused with a credit card cash advance). The application for these type of loans is quite easy and typically you simply have to fill in an application (online or paper) to provide your personal information and proof of identity. Once this has been accepted you will receive your loan into a checking account for your use. This process generally takes less than a day and in most circumstances is complete within an hour!
Payday loans are certainly a convenient way of getting cash fast, but there are also some downsides that must be considered. Firstly, most cash advance loans come with an interest rate that is much higher than a standard loan. There are fees and charges that are also generally applied to payday loans making the actual repayment slightly more expensive. There is fairly strict regulation in the industry, but some lenders still engage in illegal practices so it makes good sense to read all the terms and conditions before agreeing to the loan.
Paperless Payday Loans
This type of payday loan is applied for online without any need for faxing information or filling in paper forms. Paperless payday loans are typically available to regular customers who have already provided their details, but some lenders offer a completely paperless application process. This type of payday advance is typically the quickest!