When you are short on cash and need money in a hurry, a payday loan may be just what you need. These easy to get loans, also called cash advance loans, provide you with a quick way to get cash without even having to leave your house.

Payday Loans Are Short Term Loans

A payday loan is generally a short term loan. They are often taken out for about two weeks, or until your next paycheck. The money is deposited into, and then later withdrawn with interest from your bank account automatically on the day it is due. Of course, you will need to ensure that the cash will be there on that day.

Payday Loans Can Be “Rolled Over”

If you decide to, you can extend the payday loan payback date until your next paycheck, or you could get a new one to cover the first one. The same amount of interest will be charged again, which means you are now going to pay twice as much.

Most Anyone Can Get a Payday Loan

There are very few qualifications for you to meet to get a payday loan. Perhaps one of the best features is that you do not even need to have good credit to get one. In fact, your credit will not even be checked at all.

You will basically need two things in order to meet the eligibility requirements. You need to have a bank account, and you must have a job that pays you through direct deposit. You will also need an email address.

How to Apply for a Cash Advance

A powerful benefit of getting a cash advance loan is that you can apply from almost anywhere. You can use your computer, a cellphone, or a regular land line to make the connection with the payday loan lender. Generally, you will know within minutes whether or not you have been approved, and you will have the cash in your bank account in 24 hours or less.

Payday Loans Have High Interest Rates

The Federal Trade Commission wants consumers to know that the interest rates on payday loans are high. You need to be fully aware of what the exact cost will be – including the interest. Payday loan companies often make the first loan for free, or with a very low interest charge. The next one, however, will cost much more in interest. Because of the high interest rates, you may want to consider alternative solutions first, which may enable you to save money.

If you are going to get a payday loan, be sure to shop around. Interest rates vary widely from one agency to the next, and repayment terms are also different. This type of loan is not legal in all states, such as New York.