The Basics about Internet Advances and Retail Cash Advances

There are a variety of reasons a person can have for requiring a cash advance from a payday lender. This may range from something as common as not having enough money for the rest of the month (we've all been there) or having other debts that require immediate payment. And when working with money, it's always a wise decision to educate yourself regarding the various types of advances available. Here we'll look at retail cash advances and internet advances respectively.

Retail Cash Advances

Very simply put, with a retail cash advance you physically pay a visit to a payday lending store and go through the various required steps to secure a small loan (typically $50 to $500) from them. As per modus operandi in these situations, you'll be required to write a check covering the advance amount as well as the associated fees (anything from 15% to 30%). This check will be postdated and will be processed by the lender if you do not physically return to the lending store to repay the cash advance plus fees.

Should the check bounce for any specific reason (lack of funds in your account), you'll not only be liable for the incurred banking fees, but also be subject to additional fees from the lender. Seems tough, doesn't it? But you'll be happy to know that this is only subject to provincial law. In some provinces lenders are obliged to make an extended payment plan available to those individuals who are unable to repay their cash advance on the due date - without any added fees.

Internet Advances

Thanks to modern technology you do not need to even put your foot out the door to get the cash advance you require for whatever purposes. All you need to do is log on to the internet, and do an online search for an affordable lender. Once found you'll be required to fill in an online form that requires the following information:

• Personal Details
• Bank Account Information
• Employer Information
• Social Insurance Numbers
• Proof of Salary

In this case the advance amount as well as the associated fees will be deducted from your account upon the next scheduled pay day. Again, if you are unable to make payment for any reason, you'll be liable for additional costs.

Additional Info

All technical information aside, be sure to find a lender, preferably online (less hassle and in some cases cheaper than their retail counterparts) who will be able to provide you with reasonable interest rates. If you're from Canada, then you'll be glad to know that payday lenders may not charge more than an annual interest rate of 60%.