Traditionally, a payday loan, also known as a cash advance or payday advance, was a loan that was repaid on or before the borrower’s next payday. Today, repayment of a payday loan may not always be directly tied to a borrower’s actual payday.
However, what all payday loans have in common is that they are:
Payday loans are usually due on or around the borrower’s next payday. This might be in a week or a month but is rarely much longer than that. Unlike an installment loan, which consists of multiple payments, payday loans usually have just a single payment.
Borrowers don’t need to offer collateral to take out a payday loan. Collateral is something valuable in the borrower’s possession — the deed to a car, for instance. If the borrower fails to repay the loan, the lender seizes the collateral, regaining some or all of their money. Unsecured lending is riskier for the lender, and because of this, unsecured loans are usually for lower amounts and have higher interest rates.
- Relatively Smaller
Because they are short-term and unsecured, payday loans are usually for smaller amounts than other types of loans. They are designed to help you deal with immediate financial difficulties while being small enough to pay back relatively quickly.
Why Would I Take Out a Payday Loan?
- Paying urgent bills
- Avoiding overdraft fees
- Preventing checks from bouncing
What these three examples have in common is their urgency. Payday loans are a temporary solution to a short-term financial problem; they are not a good way to solve long-term money issues and should only be taken out if you know you can pay them back on time.
What Is Different About CashNetUSA’s Payday Loans?
For one thing, they’re entirely online. Unlike a more traditional payday lender with a storefront location, you deal with CashNetUSA over the Internet. You’ll never have to leave home or wait in line to apply for a loan, and customer service representatives are available seven days a week to answer any questions you may have via phone and online chat.
This has several advantages. First, you can apply for a loan and, if approved, manage and repay that loan from anywhere. With our online payday loans, you typically get fast lending decisions — sometimes even instantly!
Another of CashNetUSA’s advantages is our transparency. We clearly lay out your rates and terms before you sign your contract so there are no hidden charges or fees. With a CashNetUSA online payday loan, you always know exactly what you’re getting.
Though CashNetUSA does not charge you unexpected fees, you should make sure that you are familiar with the terms of the bank you use to receive and pay back a loan. Your account may be charged by the bank itself based on the withdrawals and overdrafts that might result from your loan repayment.
How Do I Pay Back an Online Payday Loan?
CashNetUSA uses a repayment method called ACH. Simply put, this is a type of electronic debit in which funds are directly withdrawn from your bank account.
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