Basically payday loan lenders provide short-term loans in the form of cash money i.e. a check. It’s a very well known fact that payday loans are instant approval loans, though companies which offer these loans in the form of a check may extend the actual time needed for the borrower to get the cash. To avoid such delays some payday loan lenders known also as cash advance lenders provide cash instead of checks.
Nowadays there are plenty of online payday loan websites providing cash loans. Cash advances are provided online just like traditional payday loans. An applicant is required to complete an online application form which usually consists of a few questions asking for personal details, including the employment status of the borrower. It’s one of the requirements to be employed for at least 3 months and earn a monthly income of $1000 dollars. This last figure may limit the amount of loan you can get from the lender.
Online payday loans are usually taken out for a period of 14 days, but there should also be an extension feature so you can roll over the loan if you are unable to pay it back on time. The borrower should be able to repay the principal loan amount along with interest rates or finance charges. Some online payday loan lenders deduct their fees prior to providing the loan to borrower. For instance, if a person is applying for a $1000 payday loan for 2 weeks, then $150 are deducted as interest charges and the borrower gets the loan after deductions $850. Do check with each lender for their actual interest rates, as this is only an example.