Any loan costs money and that includes payday loan advances.

OK, perhaps that’s not entirely true. You may be fortunate enough to have a relative or friend that’s willing to lend you money free-of-charge but that’s not the norm in most instances.

If your payday is still some weeks away and you need money immediately for that unexpected bill or a great opportunity to pick something up cheap, then you may need to borrow money from a lender i.e.

The chief characteristics of these types of loan requirements in North Carolina are that:

they are typically for smaller amounts (around $100-$1000 though this does depend on the payday loan company);
the money is often required very quickly;
the borrowers typically wish to pay them back in one go when they next get paid.
For some considerable time, the loans market didn’t really have a lot to offer borrowers of this type.

Your options may have been:

to ask your employer for a salary advance (increasingly unpopular these days with many employers and potentially embarrassing for the employee);
to approach a conventional lender such as a bank (this may involve significant amounts of paperwork, application processes and delays);
to run up an overdraft (authorised or otherwise).

Then payday loan advances arrived.

This facility typically allows you to apply online for a fast loan. Usually you’ll receive a very fast decision and the money will be sent directly to your bank account if approved. Alternatively, if you have an active prepaid Speed-e-card, the cash advance can be paid straight on to your card.

On your next (or perhaps next-but-one) payday, the lender simply debits your bank account to recover the loan in one go plus their agreed charges.

This innovative product range isn’t, of course, free! There will be charges, which should be clearly shown to you in advance.

These charges may well prove to be cheaper than those of an authorised bank overdraft and the costs involved in unauthorised overdrafts may often be high. (Examples of how much a payday loan could cost compared to an unauthorised bank overdraft can be found here)

You may also find that the entire application and money transfer process moves far faster than is possible via a loan application – and that could be exactly what you need.

In fact, no faxing payday loans are often available, so no paperwork is often needed and the process is not only usually quick but eco-friendly too!

So, although payday loan advances aren’t free, their costs may sometimes compare very favourably against those of other loan forms. The internet based specialist providers of payday loans have sites that will explain the procedures and charges in detail and you may be pleasantly surprised.

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