Payday loan in U.S.. When you decide to apply for a cash advance, you will need to provide your full name and the current address, the name should be written exactly as in government documents; like driver's license, passport or green card. Payday loan applicants need to have a checking account as the money is transferred there and the repayment is also electronically withdrawn from the borrower’s account on the agreed date. Online loans versus credit cards. Interest rates on credit cards can be up to six times the interest rates you could qualify for through peer-to-peer lending. If you already have a credit card and you take out a cash advance against your credit, most credit card companies charge an even higher interest rate on cash advances than they charge for purchases. The real catch is that most credit cards won’t allow you to pay off your cash advance until you’ve paid the rest of your balance. For example, if your usual credit card interest rate is 20 percent, your credit card company might charge you 30 percent interest for a cash advance. Short-Term loan are due approximately three quarters of the way through the semester or term, providing adequate time for the student to make long-term financial arrangements.