Easy payday advance - The Good and the Bad If you have ever been short on cash, an easy payday advance may have crossed your mind. An easy payday advance, also known as a payday advance loan, is a small loan usually in the range of $100 to $1,000. These loans are short term and usually must be paid back on your next payday. There is no credit check to qualify for an easy payday advance allowing anyone to qualify. The requirements are usually just a checking account and a steady job. To start the loan process, one has to complete an application, show some identification, and then write out a check to the payday advance company for the amount of the loan plus the fee. The loan is granted in a few minutes to a few hours. The company will hold the check until your next payday. The payment is made in cash in the office on the due date. The check is then given back to the customer. A traditional loan requires a credit check and sometimes verification of assets. The approval process can take days or longer. The interest rate is much lower and the repayment period is for a longer period. The drawback to these types of loans is that many people who need a loan will not qualify, which is where the easy payday advance comes into play. With so few qualification requirements, those who need money quickly can count on a quick approval with a payday advance loan. A negative aspect of an easy payday advance is that the loan must be repaid on your next payday. Someone who is already strapped for cash may have a hard time coming up with the loan amount plus the loan fee. Payday companies have a solution for this. There is a waiting period of 24 hours and then the customer can take out another loan in the same amount or higher depending on the amount of his paycheck. This sounds great and it can help if the money is needed, but the cycle is very hard to put an end to. Customers who get stuck in this rut constantly have a loan out and are paying a loan fee every pay period. While it can be a blessing to have an easy payday advance available in an emergency, it really should only be used in an emergency. It is better not to borrow the loan at all if there will not be enough to repay it on the day it is due. In this case, instead of taking out a payday advance loan, consider asking friends or family for a loan. If the money will be used to pay a past due bill, keep in mind that a late fee may be cheaper than an easy payday advance fee. payday advance  |  cash advance  |   no fax payday loans  |   payday loans  |   cash advance  |   cash advance  |   payday advance  |   |