Payday Advance Company
Payday Advance, also known as Payday Advance Company, is an online lending company that allows customers to get money within 24 hours. Payday Advance companies usually serve consumers who need cash fast and are unable to access the money from personal credit cards or banks. The typical procedure is that the consumer writes a check, usually around two weeks in advance, to procure the loan. The lender then gives the consumer a time frame, which is usually two weeks to a month, to pay back the loan.
When a consumer needs cash fast, payday advance lenders typically have a competitive edge over traditional financial institutions. Because these companies do not typically offer credit, they are able to provide speedy service, with relatively low fees and interest rates. This means that consumers have more options when compared to traditional lending institutions. Consumers typically do not need to fax any documents, and there is generally no hassle of annual fee or collateral acceptance.
short term high interest rate
In order for a payday advance company to get a foothold in the market, it typically needs to be able to offer a short term high interest rate. Payday Cash Advances has high interest rates because they have a high default rate and attract clients who may not follow through with the contract. A short term loan, typically a one-month loan, usually has a higher rate than a long term loan (which typically has a lower interest rate). The reason for this is that a short-term loan is meant to be paid back within a shorter period of time. A long term loan would be better served by being extended over a longer period of time such as a few months.
Payday Advance is also popular because it provides immediate access to funds. The easiest way to get money to the borrower is to use their credit cards which are a virtual mode of payment. But with credit cards, borrowers must have immediate access to their funds. Payday Advance can provide instant access to funds by using their credit cards. They do not require a post-dated check as they do not lend checks. If a borrower has a bad credit, there are a number of companies that will still allow them to borrow using their credit cards, which still provides instant access.
lenders require that borrowers
Payday Advance is also popular for its ability to provide instant access to funds. Unlike with traditional loans, borrowers do not have to wait for a lender to approve their application. They can be approved the same day if they fulfill the minimal requirements. Because they do not require a post-dated check, there is no need for collateral and lenders do not need to verify employment or income. This allows borrowers who want instant access to borrow small amounts of money.
Payday Advance is typically provided for a short term of two weeks or less. Most lenders require that borrowers be at least 18 years old, currently employed and have a checking account in good standing. There are typically no credit checks so borrowing does not come with added risk for borrowers. Payday advances can be used to cover emergency expenses as well as cover tuition and other educational expenses for students.