Cash-on-the-go loans are quick money payday loans in which the applicant submits an application online and, if approved, typically has the money wired to his bank account in a short time, often within a day, explains Get Cash & Go. The service is offered for those in need of urgent financial support who need an immediate response to an application.
Because such types of payday loans are easier to get than regular loans and don't require a credit check, they have become popular as a method of short-term financing solutions, explains About.com. The loans are known as payday loans because they are provided with the agreement that the whole or a portion of the loan is to be repaid with part of the individual's next paycheck.
Applicants for these loans should be aware that there is a considerable charge for such quick access to these funds, warns About.com. Finance charges and fees on these loans range anywhere from 15 to 30 percent of the amount being borrowed. Considering the short term of most of these loans, such charges can add up to as much as an 800 percent annual percentage rate, an astronomical amount compared to more traditional loans. Alternatives to such loans include negotiating a pay advance from an employer or asking friends or family for a loan.