Payday Loan Advances

Emergencies can happen at any time. A family member may become sick and in need of hospitalization. The car may start to act up and may suddenly require a few repairs. This is when payday loan advances will be able to come to one’s aid.

Payday loan advances are short-term loans that are availed by people who are in need of financial help while payday is still a few days away. People can make advances against their next paycheck and pay it back with interest. Payday loan advances can be as small as $500.00 with a cap of $1,500.00. It is very short-term since payment is due in the next payday or in two weeks time.

It is quite easy to avail online payday loans advances. The requirements are minimal. Although it varies from state to state, usual requirements are that the borrower must be at least 18 years old, must show proof of income and employment, must have an income of $800.00 to $1,200.00, and have a savings and checking account that is active in the past 90 days.

There are several choices of companies from which to obtain these payday loan advances. The internet is filled with advertisement for companies who will process your application in just a few minutes. Some companies even have the faxless application process. This means that they do not require the borrower to fax their documentation anymore. What they require is their bank account where the loan will be deposited and from where they will also automatically deduct the amount on the due date.

One can also avail of payday loan advances from actual stores that offer payday loans. A borrower must be able to present documentation of his employment, bank statements and present a post-dated check as payment for the amount due. This whole process, as long as all the requirements are met, can take only a very short 15 minutes of one’s time.

There are quite a lot of benefits with payday loan advances. It helps the person who is in a financial bind. It fills the need for a quick financial solution. The interest rates for such a loan may be high but credit card rates are higher. Some say that it is better to pay their credit cards on time with their payday loans rather than incurring a higher interest on their credit cards. Some people will also finance their checks with a cash advance instead of having to pay the bank for a check overdraft.

As with any kind of loan however, one must also be wary of obtaining loans against their future paychecks. Having loans show the inability of the person to manage their finances. Cash advances are just a short-term solution to a problem that has been going on for a long time. The person who is dependent on payday loan advances or who lives from paycheck to paycheck must carefully consider their financial management. An employment with a higher salary should be sought or a change in lifestyle can also be a better solution.

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