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Aug 14

Are Payday Loans And Cash Advances The Same Thing?

The short term loan industry is full of buzz words, abbreviations, rules and regulations. In order to keep things straight, we decided to list out a few of the most common names for payday loans.

Payday loans are called many things, such as: payday advances, cash advances, short term loans, flexible payment loans and paycheck advances. If you ever come across a site offering any of these types of loans, you now know that they are offering payday loans.

So what exactly is a payday loan?

A payday loan is a short term loan, usually about the length of your pay period. Which is most often a two week period. These loans come in the sum of up to $1500. You can get a payday loan in segments of $100 from $100 to $1500.

Payday loans are often applied for online. You can fill out our loan application and we can connect you to a short term loan super quickly. Throughout the process of filling out the application, you will need to provide things such as your address, your phone number, the amount of money you would like to receive in a loan, how much your average paycheck is and many other items. In total, the application should only take about 1o minutes.

Once the loan is complete, we take your application and submit it to the loan lending companies we work with. Different loan companies offer different types of loans. Some allow you to pay back the loan over a long period of time while others let you pay the loan back in installments. Certain loan providers also only offer certain amounts. Here at Payday Loans Central, we work with many loan lending companies to help you find the best loan available.

The main thing we look to do is to match you up with a loan company that offers low interest payday loans. Different states have different laws about payday loans so depending on where you are located and where the loan company is located can have a major impact on the interest rate you have on your loan. By working with us, we do the work for you and help you get a low interest rate right from the get go.

Once you get matched up with a loan lending company, they reach out to you via email. You then have the option to accept of decline the loan. If you move ahead with the loan you will get the money direct deposited into you bank account within an hour. So you can take care of whatever you need to with the money you received via direct deposit.