Should You Get a Payday Advance?
Payday loans need to be repaid within a defined period of time, which is usually two weeks. All that is typically required to get a payroll loan is that you are 18 years of age or older, that you fill out an application and then you must provide things such as payroll stubs and photo identification. You should also be making over a thousand dollars a month. You then would sign a loan contract, write a postdated check to the lender, and then you will receive your money.
Requirements for payroll loans may vary, but usually you will post-date a check (3 days to 12 weeks) with the amount of your loan plus some interest. You are typically able to pay back your payday loan prior to the date on your original check and save some interest charges.
Paycheck advance checks can be in amounts of $100, $200 or even up to $2500 or more from some lenders. You will receive a check, cash or you can have funds electronically transferred into your checking account overnight or in just a few days.
Tips for Payroll Advances
* Find out the exact terms of your payday advance loan.
* Make sure you know the amount of interest you will be paying.
* Try hard to pay back your paycheck advance loan ahead of time.
* Make sure you know how much interest you will be paying.
* Find a payday loan that will not require a credit check.
* Try to avoid lenders that require faxing in all kinds of paperwork. You have enough problems without that added hassle.
* Get a payroll loan from a lender that is flexible and easy to get a hold of and communicate with.
Can I Apply for a Paycheck Advance?
Many lenders won’t require a credit check, so even people with unstable credit, bad credit or low-income can obtain paycheck loans – regardless of their credit history.
Sometimes the longer you use a certain payday advance service, the better line of credit you can obtain as long as you are making your scheduled payments. Some will also let you extend your loan if needed.
If you are looking for money to pay a creditor, you should first contact the creditor and discuss working out a plan for repayment. If you explain your situation, most are happy to help and work with you. Remember that payroll loans are not the only solution. Alternatives to payday loans include short-term loans from local banks or credit unions. Some people can get salary advances from their employer. Another option is to get a cash advance on a credit card.
