subject: Payday Advances To Bring You A Sigh Of Relief [print this page] If you've never availed one, you might be wondering what a payday advance loan really is. A payday advance provides you with an unsecured, short-term cash advance until your payday. Customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties.
Your reason for availing a loan like this is not scrutinized, however, it is wise to note that you should use them in urgent or emergent financial situations you find yourself in. Some of the most common reasons people avail payday advances are for car repairs, medical expenses,urgent home repairs such as water heater or furnace repair.
Some people will even use these loans to pay a bill that is due before their next paycheck so they are not issued late fees. There are stores you can walk into to apply for such a loan and hundreds of lenders on the World Wide Web. With most online lenders you can sign up via thier form for a payday loan online and have your advance electronically deposited to your checking or savings account by a payday loan lender.
Believe it or not, qualifying for a payday advance is easier than qualifying for traditional credit. Your job and your paycheck act as your collateral.
You need to meet the following minimum requirements:
Currently have a job (or receive regular income), make at least $1000 per month, are 18 years of age or older and a U.S. Citizen, have checking account or savings account with direct deposit, not active in the military; though you might want to check into lenders who specifically lend money to military personnel.
One of the best advantages to these loans are how fast you can get approved and get your money; along with the ease and convenience they offer. Customers typically receive approval within hours of applying.
Since the money is wired directly into your checking or savings account, you can usually have access to your funds the very next day after talking to a customer service provider designated by your service provider. You might worry about your information being secure, so it is wise to investigate the lender you have chosen to make sure they are legitimate.
You can find a padlock symbol on the bottom of your web browser that indicated security, you can check the Better Business Bureau as well to find out about complaints. If you have bad credit, charge offs or even bankruptcy, you can usually still get approved for a payday advance loan.
Unlike a car title loan, there is no valuable you have to sign over for collateral on this type of loan. Your job and your paycheck are collateral enough. It is more secure to have a direct deposit transaction, but if you need a check cut to you, you can always ask the lender what other options there are.
Most lenders do not charge application fees for filling out their form. If you find a lender that does, it is recommended that you find another as this is not typical practice of legitimate lenders. You are not restricted to using payday advance services frequently if you need, however they are meant to be a short-term answer to an immediate cash need.
Payday loans are not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance on payday loans can create serious financial difficulties. You are usually qualified for the maximum amount you can receive based on your current income and other questions that you answer truthfully on our sign up form.
Payday cash advance loans are generally repaid back when you receive your next paycheck. The standard time for loan repayment is usually no less than seven days and no longer than eighteen days. Your lender should disclose this information when you agree to their terms.
Be advised that you know before availing the loan that you can pay it back with income coming in to you in the next couple of weeks. It is not wise to extend your loan as then the fees can pile up. Borrow knowledgeably and you should have great experience!
