Define PayDay Loan - Pay Day Advance Loan?
A PayDay loan or Pay Day Advance loan or cash advance is a small, short-term loan typically up to $500 - $1500. All transactions in which funds are advanced to be repaid at a later date, notwithstanding the fact that the transaction contains one or more other elements and a ‘PayDay lender’ shall be one who engages in such transactions

PayDay lender’ shall be one who engages in a loan transaction in which funds are advanced to be repaid over a relatively short term such as two to four weeks.

Repayment is made by direct withdrawal from a bank account, cash payment or funds provided against a prearranged line of credit such as a credit card. 

Most cash advance, short-term loans go to repeat borrowers who return as much as a 12 times a year.

Cash advance loans do not require good credit standing or high FICO score as the application process usually does not involve a credit check.

Proof of income is required. The last three bank statements may be sufficient to secure a cash advance loan.

Most PayDay cash advance loans fund within 24 to 48 hours.