Payday advances, otherwise referred to commonly as cash advance loans are low value loans borrowed for a short term duration which is then repaid by the borrower when he or she is paid next. The value of payday advances are characteristically $1000.00 or lower, and the annual percentage rates that accompany such loans are traditionally a bit higher than those that accompany standard loans from a lending institution. Cash loans can be, however, a better alternative than dealing with NSF charges and they are a superlative financial option for meeting unanticipated financial obligations and debts.
Imagine that the brakes on your car go bad and you need them repaired immediately in order to get back and forth to work each day. If it is Monday and you do not get a paycheck until Saturday, this could prove to be a difficult time for you financially. A payday advance can give you the monies needed to repair the brakes on your automobile so that you can commute back and forth without danger or worry. When you get paid, you simply pay back the monies to the payday advance lender.
Even if you are suffering the baneful effects of bad credit, you can still qualify for many of today's payday advance offers. Payday lenders do not partake of create checking methods and your score does not reflect on whether you qualify or not. Your paycheck is the collateral for payday advances, and the increased APRs assigned to many payday advances absorbs the risks that payday lenders face.
Unfortunately, as per the 2007 Payday Loan Consumer Protection Act in the District of Columbia, which was first enforced in November of 2007, loans with high APRs against a paycheck are not permitted. Since May of 2008, standard loans however, are limited to an APR of no higher than 24 percent. All companies that supply payday advances in the District of Columbia must adhere to the laws that govern them.