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