The True Definition of an Online Cash Loan

An online cash loan is a payday loan that is applied for online and you receive cash directly into your account instead of a check in the mail.  It is a much quicker loan thanks to the direct deposit method of distribution and a much more convenient type of loan.

It is a cash advance that you get from a payday loan company such as Mypaydayloan.com, and can be used for a wide variety of things. You can use an online loan to go on vacation, for a pampering day at the spa, to pay your utility bills, phone bills, or insurance bills. An online cash loan is simply a small cash advance that is meant to give you a little extra money for whatever reason you may have for needing money.

A payday loan is a short term loan, more specifically a two week loan.  By no means is a payday loan intended to be a long term loan.  In fact, the longer you extend your loan the more you end up paying in finance fees, so be smart about it and pay off your loan on the first due date.

It costs $25 for every $100 that you borrow. The finance fee is a 25% service fee. This means that you will have to pay an extra 25% of the loan back to the company as payment for lending you the money. Sine these are two week loans, finance fees are charged every two weeks.  More incentive to pay off your loan as quickly as possible. Mypaydayloan.com is a unique loan company because we offer all of our first time customers one free loan. The way our free loan works is that the 25% finance fee is waived when you pay back the entire loan, so you only pay back what you borrowed.