Payday Advances | MyPayday
Pay days are a major event on everyone's monthly financial calendar; coming just
as you have exhausted every penny in your account. But what if you need to advance
to payday a little quicker?
Some things can't wait until payday rolls around: cars and boilers don't break down at convenient times and your cat's flu virus won't wait until it is the end of the month. If you suddenly need money, you may feel that you are out of options. Payday advances can fill the gap.
Payday advances work on the principle that you receive an advance on your salary payment. This means that a loan provider gives you a certain proportion of your salary in cash with the provision that you pay the amount back in full when your salary payment comes through. Payday advances are very simple loans and the agreement involves the amount borrowed, the arrangement fee and a pay back date.
How could Payday Advances help me?Lenders are usually able to arrange payday advances very quickly. The best lenders have an online application form that can give you a fast decision and, if your loan is approved, deposit the money into your bank account straight away.
As with any financial institution you do need to take care when you apply and make sure that you understand exactly what the fees are and check whether there are any further costs in the loan offer.
Get a payday advance that fits your budgetPayday advances can be great value for money as long as you make sure you meet your side of the agreement by paying back the amount you borrowed on time.
Most lenders will charge hefty penalties on payday advances if the borrower does not pay back their loan in full on the date specified. Payday advances sometimes have a negative reputation but this largely originates with borrowers who did not pay back the money when they agreed they would.
Before applying for a loan it's advisable to give your finances a once over so you only borrow what you can afford to repay. There are many free budgeting tools online that can help.
The cost of a payday advanceThe interest or arrangement fees charged on payday advances are without doubt far higher than they would be on a long term arrangement such as a credit card or personal loan. However, they are designed to be used over a far shorter period of time.
Find out more about the charges for a payday advance
However, the benefit of getting a payday advance with a payday loan is that the approval process is considerably faster than it would be with a traditional loan. The fact that payday loans can be paid into your bank account within hours* of approval is a huge advantage if you are in a situation where you need cash straight away and you simply cannot wait. Using credit helps your credit, taking loans and repaying them on time can improve your credit score, so a payday advance loan could help you fix your credit.
Looking for extra cash in a hurryThere are alternatives to payday advances including pawnshops and pawnbrokers as well as 'independent' lenders in the shape of a one man show.
Borrowing from an all too often shady individual is as always a risky prospect and the problem with pawnbrokers are that you are unlikely to receive a strong valuation on the asset you are pawning and that you have no obvious reassurance whatsoever as to whether a pawnbroker will offer a fair or ethical service.
And of course, applying for a payday advance is fast, easy and all done online. My Payday also has a dedicated customer support team on hand to answer your questions about payday advance loans, the service we offer and can even help you get started on your application.
Whenever you need a cash My Payday can find a Payday Advance.