What is a Payday Advance?
Surveys show that while Americans do a pretty good job of managing household budgets, most of us need occasional help. An increasing number of consumers choose a payday advance to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt.
A payday advance is a short-term financial management tool that can provide a sensible alternative to costly bounced checks, late payment charges and tarnished credit ratings.
However, you should evaluate the costs and benefits of all alternatives before borrowing. Other forms of short-term credit that may be less expensive include a loan from another institution or from family or friends, a credit card cash advance, an account with overdraft protection, or a salary advance.
For answers to some frequently asked questions, click here.
