A cash advance loan is a short term, high rate loan, where the lender requires the loan to be repaid on your next payday. Although cash advance loans are relatively cheap if you pay back the loan quickly, you are still paying for the convenience of being able to get money quickly with very little hassle. Getting approved for credit in a few minutes is one of the prime benefits to a cash advance loan. Payday cash advance loans are very appealing, because the loan process involves no credit checks or collateral. Due to the short tenure, lenders charge a high interest rate on these types of cash advance loans.