Payday Advances - Get the money you need on time

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 an instant 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 hidden costs which often appear in small print in a website's terms and conditions.

Get a payday advance that fits your budget

Payday 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 do not pay back the money when they agreed they will.

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 advance

The 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.

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 minutes of approval is a huge advantage if you are in a situation where you need cash straight away and you simply cannot wait.

Because lenders do not do a detailed credit check on your application they need to charge a high interest rate to recover money lost on loans that are never paid back.

Using credit helps your credit, taking loans and repaying them on time imporves your credit score, so a payday advance loan can help you fix your credit.

Looking for extra cash in a hurry

There 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 fair valuation on the asset you are pawning and that you have no 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.

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