| There is a multitude of reasons that you may | | | | next few payday. If you are unable to pay off |
| want to obtain a small short term loan, | | | | your payday loan or you would only be able to |
| otherwise known as a cash advance or payday | | | | make a minimum payment, you would be liable |
| loan. Many people can remember a time when | | | | for extra fees that could send you into a |
| they were short on funds and needed some | | | | potentially harmful spiral of debt. Many |
| emergency cash to tide them over until they | | | | short term lenders have a cap on the amount |
| received their next pay check. Maybe your car | | | | that can be borrowed by those applying for |
| needs repairs, you are short on your rent, or | | | | their first quick cash loan from their |
| you miscalculated on the amount of money you | | | | establishment. For example, a company may |
| had in your bank account and you need money | | | | loan a first time borrower a maximum of $200 |
| fast to avoid costly dishonour fees. Whatever | | | | if they are paid weekly, $300 if paid |
| the reason, receiving a short term loan like | | | | fortnightly, and $400 or 20% of their pay, |
| a payday advance can be invaluable in the | | | | whichever is lesser, for those paid monthly. |
| event of a financial emergency or for no | | | | After they successfully pay off their first |
| other reason than having some extra spending | | | | loan, they would then be eligible to apply |
| money. A payday loan is usually in the amount | | | | for up to 30% of their take home pay on their |
| of $100 to $1,000. In some cases, you can | | | | next small loan. There are many reasons for |
| obtain this amount quickly if you are at | | | | obtaining a short term loan. Regardless of |
| least 18 years of age, have a steady source | | | | whether you need extra cash for a financial |
| of verifiable income, have been at your place | | | | emergency or desire extra spending money, a |
| of employment for a set number of months, and | | | | payday loan cash advance can help to bridge |
| have your pay check deposited directly into | | | | the financial gap until your next payday. If |
| your bank account. If you have bad credit or | | | | managed correctly, a loan of this type would |
| no credit, you may still be eligible for a | | | | be a smart alternative to paying costly |
| payday advance. Some lending institutions do | | | | dishonour bank fees, late rent fees or |
| not perform credit checks if they believe the | | | | possibly losing your job if you are unable to |
| can recoup the loan amount plus fees in a | | | | afford a much needed car repair. |
| short period of time. Today, it is even | | | | |
| possible to apply for instant cash via payday | | | | Greg Ellis co-founded Cash Doctors, |
| loans online. The application process only | | | | Australia's largest online small loan |
| takes minutes and you can have your cash loan | | | | provider. They lend up to $600 securely |
| within 24 hours. Another benefit of obtaining | | | | online. New clients have cash in their |
| a small loan is the ability to get out from | | | | account in 60 minutes and members within |
| underneath the loan at the time of your next | | | | seconds. The founders understand the Internet |
| pay check. When applying for a small loan it | | | | and their clients needs intimately, having |
| is important to apply for an amount that you | | | | needed a source of fast convenient credit in |
| can afford, plus the fee, on your following | | | | years gone by. In 2005 they created one. |