What a Cash Advance Payday Loan Is, How Much It Costs, and What’s The Total Amount You Can Borrow?

The definition of a cash advance payday loan is a short term, two week, small personal loan. It is the same thing as a cash advance, a payday loan, and a payroll advance as it is an easy and fast type of loan to get when you need some last minute fast cash.  By definition a cash advance is a two week loan which means it benefits you to pay it off in that time frame.  The longer you extend your due date, the longer you put off repayment, the more money you’ll end up paying in finance fees.

It costs $25 for every $100 borrowed. That means that if you take out a $200 payday loan you will have to pay back $250. You pay back the initial amount that you borrowed and then a $50 finance fee because your payday loan was for $200. If you are a new customer and have never taken out a cash advance with Mypaydayloan.com, you’re first loan is free. You get the free payday loan when you pay back the principle in full.  Remember, when it comes to fees they are charged every two weeks since this is a two week i.e. short term loan.  Don’t treat it as a long term loan and get mad at us when you owe a lot of fees.

You can borrow as much as $400 and as little as $200 for your first payday loan. Once you pay it off you can apply for another one and your loan limit actually increases by $100. This means that if you had a $400 cash advance and are applying for another, your next can be for $500.