Definition: Pay Advance

A pay advance is a payday loan. A pay advance is a cash advance, payroll advance, cash loan, or also called a payroll loan. A pay advance is a short term loan that pay advance companies lend to customers and expect to be paid back on their next payday. A pay advance is a last minute type of loan. When nobody else will lend you a few hundred dollars a pay advance company like Mypaydayloan.com will.

Cost: Pay Advance

A pay advance is free for all first time pay advance customers. As a new pay advance customer you only pay back the exact amount that you borrowed. All other pay advance customers pay a 25% service fee. If you take out a $400 pay advance you will have to pay back $500 because of the $100 service fee. The easy way to calculate the pay advance service fee is to remember that you will have to pay $25 for every $100 that you borrow.

Time Frame: Pay Advance

It takes about 5-10 minutes to apply for a pay advance. The pay advance application is short and easy. Most pay advance applications are approved within one business day. The pay advance will be deposited directly into your checking account the business day after the pay advance application is approved. The pay advance is due to be paid back two weeks from when you get the pay advance or whatever due date you select on your pay advance application.