Payday Cash Loan - How It Works

Payday cash loan is a short-term cash advance program that gets you instant cash as and when you need it. Unlike title loans, it is an unsecured loan program. This means you are not required to put any collateral against the amount you borrow. In fact, these are small amounts of loans where the maximum amount that you can borrow does not exceed $1500. The range starts from just $100.

Understanding The Provision Of Interest 

The rate of interest charged on the payday cash loan is a bit higher as compared to other loans. It can be as much as 100-300%. This sounds a bit unacceptable at first, but if you dig deeper, you will get a very comfortable picture.

Please note that this is the rate per annum. But, since you get a faxless pay day loan for a very small period of time (one week to four weeks), the actual amount of interest is very low. Here’s a simple example. Suppose you borrow $500 on 21st of April and you get your monthly salary on the 5th of each month. This means the due date in your case will be 5th May. This way, you will have to pay the interest for a period of only 15 days at the rate of say 150% pa.