Cost and Uses of a Preferred Cash Payday Loan

A preferred cash payday loan is a small personal loan that is frequently referred to as a cash advance, payday advance, or payroll advance. It is a short term loan that customers take out when they need a few hundred dollars until their next payday, and it is meant to be a two week loan.

Since a preferred cash payday loan is a personal loan you can use it for anything you want. It can be used as vacation money or for extra shopping money. You can pay bills with a payday loan, you can make credit card payments, you can even use it for weekend money.   This type of loan is one that is very flexible in use and easy to obtain.  It is a short term loan and a small personal loan which means that the lender can be less controlling and the borrower has more options.

The typical cost for a loan like this is $25 for every $100 borrowed. If you take out a $500 payday loan you will have to pay back a total of $625 because there is an additional $125 finance fees due. The good news is that if you are a first time customer your first loan is free. This means that when you pay back your payday loan in full, the finance fees are waived and you only pay back the exact amount that you borrowed.  The loan will be due two weeks from when you are approved; however, customers are allowed to select their own due date within a specific time frame.  This lets you take control and set yourself up for a successful repayment plan.