Define: Payroll Advance

A payroll advance is a cash loan. A payroll advance is money in your hand. A payroll advance is a short term personal loan that you can take out last minute when you find you need a few hundred dollars to get you through until your next payday. A payroll advance is designed to be a two week loan

Cost: Payroll Advance

There is a 25% finance fee on a payroll advance at Mypaydayloan.com. This means that for every $100 that you borrow in the form of a payroll advance, you will have to pay back an additional $25 in finance fees. If you take out a $400 payroll advance you’ll have to pay back a total of $500 because there is a $100 finance fee added onto the payroll advance principle. The good news is that if you are a first time payroll advance customer, you’re first payroll advance is free. You can get a free payroll advance by submitting a payment request to pay off the entire payroll advance. Once a payment request has been submitted our system will know you’re a free payroll advance customer since you are a first time payroll advance customer and you just submitted a payment request.

Length: Payroll Advance

A payroll advance is meant to be a two week loan. You are not required to pay off the entire payroll advance in two weeks but it will be cheaper for you if you pay off the entire payroll advance in the first two weeks. You always have the option to make smaller payments on the payroll advance but some sort of payment on the payroll advance is due every two weeks.