Table of Contents:

How Are Cash Advances and Payday Loans Similar?

Payday Cash Advance Online lenders

How Are They Different?

How do Payday Loans work?

Payday Cash Advance Loans

Sometimes, you find yourself in a pinch and need to borrow more than what you have. Usually, this is where credit cards come into play. But what if you need cash? Credit cards are useful when making digital purchases, but sometimes you need the cash. Having cash on hand is also a better way to manage the money that you have. You can swipe all day with a credit card without realizing how much debt you’ve racked up.

There are two ways to get cash when you’re in a pinch: cash advances and payday loans. There’s always the possibility of asking friends or family, but sometimes that’s not a viable option. Both cash advances and payday loans have their pros, cons, and similarities. Read on to see which is best for you.

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How Are Cash Advances and Payday Loans Similar?

Unsecured Loans

Both types are considered short-term, unsecured loans. An unsecured loan is one that has no guarantor or collateral attached to it. For example, a mortgage is a secured loan because your house is the collateral in case you fail to pay it. With an unsecured loan, there is nothing attached to it that the lender can use as payment.

Interest Rates and Fees

Because unsecured loans are uncollateralized, they are solely based off your income. This gives the lender motive for mile high interest rates and fees. Although the actual amount differs between cash advances and payday loans, both are insanely high.

Compare Payday Cash Advance Online lenders:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Loan By Phone offers Payday Loans, Installment Loans and Line of Credit.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $3000
  • Terms: Varied
  • Rates and fees: Vary by state
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Line of Credit
  • 21 years of age
  • Social Security Number
  • Proof of Income (from your job, pension, welfare, or other source)
  • Valid email address
  • Active checking account (open for at least 90 days)
  • Current cell/home and work phone number
Pros
  • All loan applications and requests are guaranteed confidential and all transactions are governed in accordance with the laws of your state of residence.
  • Flexible repayment.
  • Available in most states.
Сons
  • High interest rates.
  • If you don't pay back on time your data may be sold to third parties.

 

Indyloan.com offers Personal Loans online at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $5000
  • Terms: Vary by state
  • Rates and fees: Varied
  • Turnaround Time: 1 - 2 business day

Personal Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • High approval rate even for bad credit borrowers.
  • Online Payday cash advance with no collateral or co-signer.
  • 24 / 7 online service.
Cons
  • High interest rates.
  • Available not in all the states.
  • Only loans up to $5000 are available.

 

How Are They Different?

3 Types of Cash Advances

  1. Credit card cash advances are the most common. You can obtain your advance via a bank or ATM using your credit card, but pay attention to the APR. It can climb to 25%, whereas your regular transactions are usually around 14%.
  2. You can get a cash advance that is very similar to a payday loan. It’s designed to be paid in full one month later and it’s based on your income. These are more secure than a payday loan, usually, because they are offered by more reputable services.
  3. Your employer may allow you to take an advance, directly. This is the most secure option, but also the least common. The money comes from your upcoming paycheck and most employers don’t charge a fee, so it acts as an actual advance.

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How do Payday Loans work?

Payday loans are also referred to as a personal loan or payday advance. These don’t come from your employer, rather from a local or online lender. You receive cash in exchange for a written check dated for when you can pay it. This date is usually your next payday. When this day comes, they can either cash the check or you can ask for it to be extended one more month. The extension adds more fees and interest, so be careful. If you consistently pay back your loan on time, those interest rates can be lowered as the lender gains trust in you.

The concern with both options is being able to pay them back on time. If you are certain you can pay the amount you’ve loaned in one month, then a payday loan might be your best option. However, a cash advance is more secure, especially if you can get one through your employer. Weigh the pros and cons and make your choice, just be wary of the consequences.