Definition: Payday Advance

A payday advance is the same thing as a cash advance which is the same thing as a payroll advance which is the same thing as a payday loan. In it’s most simplest form a payday advance is a small personal cash advance that you borrow from a payday advance company when you need some extra cash. A payday advance is a cash loan that is due to be paid back within two weeks or on your next pay day whichever happens to come first. A payday advance is a broad type of loan because you can use a payday advance for pretty much anything you want to. A payday advance is not restrictive like a auto loan because a payday advance is simply cash in your pocket.

Cost: Payday Advance

A payday advance is free to all first time customers. If you are a new payday advance customer you automatically are a free payday advance customer. This means that the finance fees on the payday advance are waived when you pay off your payday advance in full. For all other payday advance customers there is an added finance fee to your payday advance. The payday advance finance fee is $25 for every $100 that you borrow. If you take out a $100 payday advance you will have to pay back $125. If you take out a $200 payday advance you will have to pay back $250. The sooner you pay back your payday advance the less finance fees you will pay, so it behooves you to pay back your payday advance as soon as you can.