subject: Say Good-bye To Credit Checks With A Payday Advance [print this page] Payday advances are usually short-term loans (most payday loan terms are just for a few weeks) that allow borrowers to receive fast cash for a financial emergency. Payday advances are provided by cash advance stores or web-based companies and have become increasingly popular over the last few years.
Expect to pay a high interest on a payday advance, and also expect to pay a one-time processing fee. It is not uncommon to pay between $15 and $25 for every $100 borrowed on a payday loan. The loan is taken out against the borrowers next paycheck or paychecks, and if he or she is unable to pay back the loan in the agreed upon timeframe, the loan may be rolled over. However, rolling over a payday loan may prove to be quite costly, so it is always recommended that borrowers try their best to pay back the loan during the original loan period.
The bottom line, however, is that payday loans have proven to be a very useful type of loan for todays consumer, as they are usually quite convenient and practical. Although the interest rates on these types of loans can be astronomical if you think in terms of APR, the fact is that the interest is diminished because the loan is repaid in a short amount of time.
Payday Loans for Individuals with Poor Credit
One of the many benefits of online payday advances is that they are easy to receive. For individuals in a difficult financial situation, a payday loan may prove to be truly invaluable. In particular, online payday advances allow individuals with poor credit or no credit to receive the cash they need in a short amount of time.
Most online payday loan applications are short and easy to fill out, and they allow individuals to receive the fast cash they need without submitting numerous documents required by traditional lenders. In addition, because a credit check is not performed when applying for a payday loan, individuals with poor credit need not worry about being approved for the loan.
The Online Convenience of a Payday Advance
Instead of heading from bank to bank in search of a short-term loan, individuals need to only head to their home computer to find a reputable payday lender that will offer them a short-term loan without any credit check hassles.
There are certain conditions that must be met in order to qualify for a payday advance, and these conditions differ from one payday lender to the next. However, in general, most payday lenders require that the borrower have a steady job and that employment has been consistent over the past six months.
In addition, the lender will likely require that the individual earns a minimum amount of money each month (this amount is usually between $800 and $1,000) and that he or she has an active checking account into which the funds will be transferred upon approval of the loan.
However, the payday lender will not require a credit check, thereby allowing many people who otherwise cant secure a traditional loan or credit card to get the cash they need to cover financial emergencies.
