If you've ever applied for a loan from a bank you know it can be a very long process. Banks have to practice solid investing. The paycheck advance system is more simplified and a little unique. They can be a life saver but only if you use them properly. One significant incentive to a paycheck advance is that bad credit history doesn't matter. You could still be approved for a payday loan if you have written bad checks in the past or have overdue bills. There are generally only a few requirements: be over 18 and a US citizen and have a bank account and regular income. The period from applying to being approved is very quick and painless. This system of lending holds a lot of risk for the company. As steep as the danger is for the lender, the reward for the borrower is just as high. When used responsibly, a cash advance is only beneficial. Remember one thing: always repay your loan on time. For paycheck advances this advice is extremely important. Late payment penalties can be brutal. Before you know it, you could create a host of other money problems. To avoid trouble, you want to be sure you repay the loan in full on the due date. Depending on the lender you could repay the loan early. Another tip is to be conservative with the amount of money you borrow. Loan companies vary, but the general policy is not to loan more than $1,500. Consider carefully how much money you can afford to borrow and pay back. With little hassle it's easy to get a short-term loan for an emergency or unforeseen circumstance. On the other hand, the benefit is erased when you fail to pay back the loan on time. You create awful financial burdens when you make bad decisions. From start to finish the payday loan process is quite easy. You should still remember to take the process seriously. The financial reward for you can be high and so can the consequences if you don't act wisely. Payday loans are only as valuable as you make them.