PaydayAct

Stores offering cash advance payday loans are fast becoming a presence in major cities nationwide. If you need fast cash and have been denied loans via other means, you’re probably wondering how cash advance paydays loans work. For this type of loan, typically you write a personal check to the store lender for the amount of money you want to borrow plus the cost of the finance charges for the cash advance. The store lender then gives you the money for the loan (minus the finance charges). The lender holds the personal check until you pay for the cash advance and its fees.

The longer that the check is held, the more you’ll be charged in finance fees, so it’s in your best interest to pay your cash advance payday loans as quickly as possible. If the time comes to pay back the lender and you don’t have the money, you’ll be charged additional fees. This is why it is very important that you are certain you’ll be able to pay back the cash advance payday loans quickly.

It is easy to get into serious debt with this type of loan when you keep extending the length of the lending agreement, which is why I recommend finding other ways to secure a loan. (See the Resources area for other alternatives to getting payday loans.) But when you’re out of loan options, cash advance payday loans can come in handy when used carefully. Here is how to get cash advance payday loans and keep finance charges low.

Step 1
Ask trusted friends and family if they know of a store that offers fair cash advance payday loans. Some lenders charge higher finance fees than others, so it pays to shop around first.

Step 2
Borrow the least amount of money for cash advance payday loans. This is not the time to borrow extra “just in case” money. Being frugal with a payday loan will help keep your finance charges low.

Step 3
Do not keep cash advance payday loans out for any longer than necessary. This also helps keep your finance fees low.

Step 4
Before signing the cash advance payday loans agreement, get the finance charge in writing. The Truth in Lending Act requires lenders to reveal the cost of the loan, which includes finance charges and APR, to borrowers in writing before the loan agreement is signed.