It is a sickening feeling, hearing that once again your car is on the fritz. With ten days before pay-day and a checkbook balance that won’t even come close to covering the repairs. You’re stuck – right? No car, no way to work…eventually that will mean no job. What choice do you have? How can you get the car fixed without bouncing a check? The answer is simple: choose one of the many payday advance lenders that are available to help you in your time of need.

What Is a Payday Advance?

For those that are not familiar with the term, understanding what a payday advance, sometimes called a cash advance, is the first step. In the simplest terms, a cash advance is a simple loan, not based on a credit score, which must be paid back in a short period of time. The amount of the online payday loan is dependent on the amount of money you make. Payday advance lenders have few requirements for applicants to qualify. These typically include proof of employment, a checking account, and a registered phone.

How Do They Work?

Unlike traditional loans through a bank, a payday loan doesn’t need a credit check, collateral, or other information. Instead, lenders rely on a few simple checks before lending money. Because of the lack of collateral, the loans have to be paid back quickly. Lenders feel comfortable loaning out money because they typically have access to the checking account of those who borrow. In fact, many need a post-dated check or permission to withdraw money via EFT. Little risk to the lender, immediate access to funds for the borrower are the hallmarks of the cash advance process.

Finding a Lender

While there are literally thousands of payday advance lenders to choose from, they were not all created equal. When selecting your lender, keep in mind a few critical points. First, they should offer an easy process. This often means an online company. Second, take a look at the list of required documents. A no fax provider is often the easiest to work with. Finally, carefully review the terms and conditions.

A payday advance loan can be an excellent way to keep yourself afloat in the event of an emergency. Be sure you understand what a cash advance is and carefully select your lender to take advantage of this helpful financial tool. You will have little reason to worry about emergencies once you understand how they work.