Understanding Payday Advance
A payday advance is simply a small dollar loan, usually up to $500, which has to be repaid by the next payday. In some states, you can apply directly at a storefront location, and often they will ask for a post-dated check to repay the loan on your payday.
You can also get a payday advance online by filling out an online form on the lender's website. In this case, the lender may ask you to arrange an auto-payment from your bank account to make sure it is repaid on time.
Where Can I Find Payday Advance?
Find Payday Loan Near You
When you are looking for a fast payday loan near your location, you can waste a lot of time phoning around or visiting storefront locations to locate a lender who will approve your loan, and this can be frustrating if you need cash in a hurry.
A much easier way is to go online to the CocoLoan website. You will see a search box, just type in your city and zip code, and you can find payday loans near you. Also, because payday loans are not available in every state, CocoLoan’s website lists all the states where you can get a payday loan, with links to lenders' websites.
Find Payday Loan Online
Visiting a physical store can take time, especially if you are at work, and an easier method is to simply apply for a payday loan online. You can use a search engine like Google to get a list of online lenders and then apply through their websites, or you can opt for an online broker like CocoLoan to save even more time.
With CocoLoan, you just fill out one online submission on the website and you will then get offers from the various payday lenders in our network, so you can compare rates and terms before making a decision.
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How Do Online Payday Advances Work?
There are many lenders offering online payday advances, and the eligibility requirements are fairly simple. Normally the borrower must be a US citizen or permanent resident and be at least 18 years old. When applying, you need to provide your full name, address and contact details, proof of employment and income, and your bank account number.
Payday advance loans have fast approval rates, often without a credit check being required, and the money is normally available in your account within 24 hours. The whole process is easy and quick, although it should be noted that payday advances are not available in all states.
Three Steps to Get Payday Loans With Instant Approval
When you need a loan fast and don’t have time to look for various direct lenders, CocoLoan makes it easy for you in three simple steps:
Submit Your Information
Fill out your personal and financial details on the handy loan request form in just a few minutes. Please make sure you enter the accurate and latest information to help lenders get a whole picture of your financial status.
Get Quotes From Our Lenders
You will then get a number of quotes from our extensive lender network, so you can compare the rates and terms. Most lenders have different loan structures so you should go through them all and choose the one offering the best deal for you.
Sign the Agreement & Get Funded
When you find the loan you want and you agree with all the conditions, you can sign the loan contract online through the digital portal, and the money will be on its way to your bank account. Usually, you can get the funds as soon as 24 hours, or at the most within 3 business days.
How much would you like to borrow?
What to Consider When Looking For Payday Advances Online?
Although getting payday advances are fairly simple, there are a few points you should consider before applying:
Short-term loans like payday advances come with high-interest rates. The lenders charge up to $30 per $100 of the loan, which equates to an annual rate (APR) of 260%, so you need to be really sure you can afford the loan.
If you have trouble repaying the loan on your next payday, the lender may offer to renew or roll over the loan and will charge an additional fee for this, making it even harder to pay off.
A payday advance is required to be repaid on the next payday, so if you borrow halfway during the month it may have to be repaid within 2 weeks. This can sometimes be negotiated with the lender, and although it is sensible to repay as soon as possible, the cost of borrowing is a fixed charge so early repayment will not make any difference.
Are There Any Payday Advance Alternatives Available?
Payday Advances are expensive with short repayment periods, so before you commit yourself you should consider all the other options as well.
Borrow From a Credit Union
Credit unions are not-for-profit lenders so their fees and costs are lower than others, and repayment terms are flexible. They also have fewer requirements than other traditional lenders and will look at loans for bad credit, but loans are only available to credit union members.
Apply for a Payday Alternative Loan
Payday Alternative Loans (PALs) are offered by federal credit unions, and you can borrow up to $2,000 over a maximum 12-month period, with regular installments. Interest rates are lower than payday loans and are capped at 28%, although you have to be a member of the federal credit union to take advantage of PALs.
Form a Lending Circle
To prepare for future cash problems, a group of people may get together and pool some money each month which members of the circle can borrow later if needed. You can form a lending circle with family or friends and make your own lending contracts which may or may not involve any fees or interest rates if the group agrees.
Turn to Friends and Family
Depending on your relationships you can consider asking your family members or friends for a loan. This will be a much cheaper option than some others and you can come to an agreement about interest (if any) and repayment terms. However, it is very important to stick to the agreement and repay on time to avoid damaging the relationship.
Use a Credit Card Responsibly
It is easy to get a credit card and provided you only use it when really necessary it can be a cheap loan option, especially if you can repay in full on or before the due date because then you won’t have to pay any interest charges. If you can’t it is important to pay the monthly card bill on time to avoid interest and late payment fees.
Get Help With Bills Through Payment Plans
If you are having trouble paying a bill, you can ask the company to help set up a payment plan, so you can pay the bill in installments. Alternatively, if you are in real financial difficulties you can ask if payment can be deferred for a period so you can catch up. Of course, there may be fees or interest charges with this method but will still be less costly than a payday loan.