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According to different surveys, many lenders these days are availing payday cash advances to solve their short time cash crunch. And to cope up with this scenario, lending corporations are also increasing day-by day. Being a first time borrower, you may have some questions or doubts about payday cash advances. Here is some data to clear all doubts about payday cash advances.

What is a payday cash advance?

Payday cash advances are short term basis cash advances, given for 1-2 weeks. These cash advances act as a bridge for covering the short time cash crisis. These cash advances are also known as “Cash Advance”, “Paycheck cash advance”, “Check cash advances” and “Payroll Advance cash advances”.

Why payday cash advances?

As it is mentioned before, payday cash advances are given to patch up the monetary shortfall. Many of us may need urgent cash at the middle of the month when we are short of it. In that case, payday cash advances can be the best substitute to arrange cash immediately. Unlike, other cash advances, the application process of these cash advances is very simple and it takes hardly 24 hours to avail the cash advance amount. So with these cash advances, one can get instant cash immediately.

What are the cost and maximum limit of payday cash advances?

Generally, you will have to pay ₤15 to ₤30 on per ₤100 borrowed. It means if your borrowed amount is ₤100 then you will have to repay ₤115 to ₤130 on the scheduled date. The APR on payday cash advances can go up to 391%.

At the same time, keep in your mind that if you are a first time borrower then you may borrow up to ₤500 and after repaying the amount on time, again if you avail another payday cash advance, then you can borrow above ₤500.

Require fulfilling some criteria?

Yes, obviously you will have to fulfill some pre requisite criteria for availing a payday cash advance. These are like:

• Full time employment along with a regular income.
• The minimum age of borrowers should be 18.
• Borrowers should have a checking A/C.
• Borrowers’ monthly income should be at least ₤1000.

What is the suitable time for applying a payday cash advance?

As individuals apply for these cash advances when they need cash immediately, thus the best application time for a payday check cash advance is between Monday to Thursday. Usually, the amount is credited to borrowers’ account on the next working day of their applying day. Therefore, if you apply for the cash advance between Monday to Thursday, then next day easily you can get the cash advance amount. Otherwise, if you apply for the cash advance on Friday or Saturday, then you will get the cash next working date that could be next Tuesday. So to get the amount instantly, try to apply for these cash advances within business hours.

However, all sorts of borrowers can avail payday cash advances. Thus if you have bad credit score, don’t worry… you can get these cash advances easily. But do not forget to check your repayment capacity before availing a payday cash advance.