When you're low on cash and payday is far away, a cash payday loan may seem like the answer. Cash payday loans don't require a credit check, so you can borrow money even if you have bad credit.
How to Get a Cash Payday Loan
Applying for a cash payday loan is as simple as filling out an application and writing a postdated check for the amount of the loan plus the fee. Some cash payday loans require you to pay the fee upfront. In that case, your postdated check will only cover the amount of the loan.
Cash Payday Loan Repayment
Cash payday loans are typically due within 10 to 14 days. That's just enough time for most people to receive a paycheck. On the cash payday loan's due date, you can either visit the lender and pay off the loan, or the lender will cash your postdated check as payment for the loan.
If you're not able to pay off the cash payday loan when it's due, you can extend or "rollover" the loan for an additional 10 to 14 days. You simply pay an additional fee and write another postdated check. Continuously rolling over a cash payday loan becomes quite expensive as the fees accumulate.
The Problem With Borrowing Cash Payday Loans
Cash payday loans provide a temporary solution to an even bigger cash flow problem. Many people who borrow cash advance payday loans assume they'll be able to repay the loan, but that's often not the case. Consider this: if you don't have an extra $300 today, it's likely you won't have an extra $300 when your next payday comes.
