Cash advance or payday loan is short-term financial method which enables a borrower to deal with his expenses until his next paycheck. They are quick payday loans because their application starts processing immediately and you get the money instantly. They can also be termed as same day payday loans as the money gets transferred to your bank account within the same day. So it’s really interesting and sounds too good, right?

Here are some of the advantages of online payday loans discussed:

1. Quick application – It takes only five minutes for the online application for the loans while for the traditional loans it’s really time consuming. The procedures involved in the application are also very simple and easy. These ease perhaps adds in the smoothness of its functioning.
2. Instant approval –They hardly take any time in approving your application. They also don’t delay and disburse the money into your account immediately, perhaps within the next business day. It will not be hyperbolic to say that there are 1hour payday loans too.
3. Credit History   - Less-than-perfect credit history is not an issue for these online payday loans. Even if a person does not have a very clean and good credit records, he is eligible for applying for online payday loans.
4. Extra paper work not required – When you apply for traditional loans, you are asked for various minute personal details and lots of paper works are needed. But when it comes to online payday loans, you just require saying your name, address and the details of your bank account. You need not fax any paper too. This makes the processing faster and hassle free.
5. Completely trustworthy and confidential – Often people panic that their information has, perhaps, passed down to the wrong hands. But when it comes to online payday loans, remain assured that they are the best payday loans because they care for your security and keep your personal details absolutely safe and confidential.
6. Customer Service – Apart from all these, there is the additional advantage of the 24/7 customer service to help you out with your queries.

But every coin has two sides. Similarly, online payday loans have its disadvantages too and they are:

1. Small amount – Though quick payday loans appear to be very alluring, remember they offer you with very small amounts ranging from 300 dollars to maximum 1000 dollars. So if you want to take a large amount, online payday loan can’t appease you.
2. Short period, so high interest – They disburse you the loan for a very short period of time. If you don’t happen to return the money within the due time the interest level becomes double.
3. Terms and conditions not clear – Often the terms and conditions of the online payday loans remain obscure. The consequence is that the borrower happens to pay twice or thrice the charges.
4. Borrower is solely liable – In these online payday loans, it is the borrower who is solely responsible to look after his interests. The government regulations or the consumer protection can’t help you in any way as the rules of these same day pay loans are regulated by the respective lending businesses.

Therefore, though these online payday loans are instant and attractive, it is advisable to go for it only if you are sure that you can pay the whole amount back.