Payday Advance Loans For Emergencies
If there was ever a bad time to get into some kind of emergency it is in-between paychecks
. When that happens it can really cause problems for many people, and if you are one of them you know what I mean. Fortunately, there are loans designed for just that very situation, and they may be what you need if you are in that situation now. Payday advance loans are especially for emergency use between paychecks, and they are available at loan stores and on websites online. You can find them at check cashing stores locally, especially if you live in a metro area.In the old days when employees got in a jam between paydays they often asked their employer for an advance on the next paycheck. The employer was in complete control of course, and he or she could certainly deny the loan, but quite often there was no reason to deny the request since that just reduced what would be owed on payday. In a manner of speaking, you could call those employer advances against the next paycheck the original payday loan cash advance model. The idea is the same, meaning an employee borrows money with the obligation to repay it in full on his or her next payday.
But, these days many if not most employers outsource their payroll function, and so it's nearly impossible to advance cash to anyone in the organization. It's not practical and might even be considered illegal, at least the way it was handled decades ago. So that was the inspiration for the payday advance industry to begin. It fills a need for a service that is no longer provided as a courtesy by employers, and has become a huge industry. The cash advance loans industry has always had its fans and its detractors, and that is certainly the case today.
Without the built-in security enjoyed by employers loaning money as an advance on a paycheck, payday lenders had to devise another plan for their own security. Almost universally, these short term lenders will make an automatic deposit of the loan funds when a customer is approved, and at the same time they will set up an automatic debit for the customer's next payday. That way, a lender is guaranteed security for loan repayment, a basic business necessity since no credit reports are used for loan qualification. Loan repayment is carefully specified in the loan documents signed at the time the loan is disbursed, so there is no doubt exactly how much money, the loan amount plus interest and fees, will be due on payday.
by: Leo Kingston