What is a cash advance?
A payday or cash advance loan, sometimes also referred to as a payday advance, payroll or paycheck loan, and sometimes called an unsecured loan, is a short term loan agreement between you and a lender, typically for a small amount of money, specifically designed to help when there are unexpected expenses or you are just short on funds between paydays.
A cash advance is normally for amounts ranging from $100 to $1,500. It is ideal for the average consumer whose checkbook has been stretched thin as a result of a temporary reduction in wages or a spur-of-the-moment bill such as a trip to the emergency room or family car on the fritz. Cash Advances may also be referred to as payroll advances, paycheck loans or payday loans.
In the majority of cases, a payday loan agreement is a simple contract agreed upon and signed by you and your cash advance lender. However, in some instances, these loans may be in the jurisdiction of and regulated by the Uniform Commercial Code and/or federal commercial laws.
This form of short-term lending, more commonly referred to as payday loans, Cash Advances, payroll advances or paycheck advances are, most of the time, unsecured loans. For legal purposes, there is a difference between a "secure" loan and an "unsecured" loan. These terms are within the agreement provided by the lender.
An increasing number of working consumers choose cash advance loans for several reasons. Many appreciate the fact that most cash advance lenders complete transactions without the hassle of credit checks, meaning that they are a great way to get fast cash when there is no time to play the waiting game. Others cite the fact that taking out Cash Advances, no fax payday loans, same day payday loans, installment payday loans or cheap payday loans are significantly safer and less expensive than over drafting a bank account, bouncing a check or paying a bill late.
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