A payday cash advance is a short-term loan of usually 18 days or less, which is given to an applicant based on their monthly pay. The monthly salary is the guarantee for the advance in these situations. A minimum monthly pay of $1,200 is required by most online cash advance services.

Once the applicant has fulfilled the requirements stated by the service, he will be given approval and the requested amount will be credited to his checking account. It is not necessary for an applicant to have a credit history no credit checks are performed on the applicant when they apply for a loan.

A nominal service charge is levied on the amounts requested as well. In the case of Cash Advance agencies like Sonic Cash, the service amount charged is $20 for every $100 requested.

If the applicant cannot pay back the loan by the time stipulated then he can request an extension. These extension periods will also be charged so the total amount that has to be paid back will also increase. It is therefore wise to ensure that the loan is repaid in the allotted time.

It is also important to note that an online cash advance is just a temporary measure, to help ensure that an immediate need for cash is taken care of. For longer-term relief from financial problems, a bank loan may be the answer.

An online payday cash advance is, however, of great advantage to those who need small amounts of cash in an emergency. The fact that it takes just 24 hours to obtain the amount is a huge advantage over applying for small loans from a bank. The applicant neednt bear the long lines or interminable forms in order to obtain such a cash advance. It is all done over the Internet with great speed and efficiency.