A payday advance or cash advance is a short term loan that a person secures on their next pay check. To qualify for a payday loan one must have a current salary account, previous payroll and employment records. Legislation of payday loans varies from state to state in U.S. and from one country to the other with some states and countries placing caps on the maximum interest rate that can be charged on a payday loan. The loans are meant to be paid within 31 days although a customer can request an extension of the time period which in most cases is granted with an additional fee charged.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk