How Cash Advances Can Help You Make Your Monthly Payments

Everyone has times in their life when they experience a need for extra money

. Most of the time, an unexpected expense occurs that throws off the monthly budget. It could be a medical emergency that generates medical bills or a need for expensive medication. Another source of surprise expenses are major appliances breaking down such as a washer or dryer. Car repairs are another. Posting bail for a friend or family member in trouble also occurs. If unexpected costs and expenses have caused you to be short on funds and at risk of not being able to pay your monthly payments, then taking out a payday loan may help.

Payday loans are cash advances against your future paychecks. For a small fee, you can get a loan in any amount ranging from $100 to $1500. The loan is guaranteed by a post dated check which is deposited on your next pay date which must fall between 14 to 30 days from the loan origination date. While you may not have the money that month to pay your monthly payments, a short term loan can provide you with the breathing space you need to generate funds. Instead of incurring late fees or bounced check fees, you'll be able to pay your bills and protect your credit.

Qualifying for a cash advance varies from lender to lender. In general, you must have an active checking account, have been at your job for at least 90 days, and have a stable residence. If you are not employed, you must show that you are receiving regular income that will help you pay for your loan. For example, those receiving monthly payments for government benefits like social security are usually eligible. Additionally, many companies require that you have at least $800 in verifiable income. The amount of money the company loans you will be based on your income.

Payday loans are best used when you can pay them off quickly. If you are not able to pay the full amount when the loan is due, the company will allow you to extend the loan for a fee. Most states regulate how many times you can renew a loan so you should be prepared to pay it off at some point. While you are usually responsible with making your monthly payments, it doesn't take much to get in trouble. When used wisely, a payday loan can help you stay on track.

by: Troy Truman

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