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What is a Payday Loan?

A payday loan is a small loan given to individuals typically expected to be paid back to the direct lenders on or around the borrower’s next payday. Payday loans can be beneficial to anyone who is in need of emergency funds before their next pay day. They are sometimes known as “payday advances” because that is essentially what it is: a cash advance on your next paycheck. Reasons that people apply for and receive these loans can vary from avoiding penalties and fees on a bill, to making sure they do not miss a certain sale on an item. If you are in between paychecks and need cash fast then such a loan could be right for you. Sign up today for loans online to start the process.

Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans.

Lenders hold the checks until the next payday when loans and the finance charge must be paid in one lump sum. To pay a loan, borrowers can redeem the check by paying the loan with cash, allow the check to be deposited at the bank, or just pay the finance charge to roll the loan over for another pay period.

Perks of Online Payday Loans

Fortunately the technological age means you can apply for a payday loan online. Fill out an application, sign a few loan documents and be approved for a cash advance in a matter of minutes. You could even see the funds hit your account within one business day. To qualify you must be over 18 years of age, a US citizen, have some sort of steady income, and have a bank account capable of receiving direct deposits.

Ready to Sign up for an Online Payday Loan?

At Treehouse loans, newly established and dynamic payday Loan Company, process is easy. First you just need to fill out the application. This can be done over the phone with a direct lender or online right here at Gadcapital.com. The application is painless and will ask for general information about you, your income, and the bank account where you want your payday loan funds sent. After the application you will be presented with loan documents from your lender. These documents will outline the amount of your loan, the payback schedule, and any interest and penalties you could face if you do not pay it back on time.