Getting a cash advance form Paycheck Advance is a loan that many get to cover an unexpected emergency situation until they get their next paycheck. A cash advance is a very quick solution that offers cash for minimum requirements. These types of loans are also popular for those who have a bad credit history.
You can borrow any amount between $100 and $1000 when you opt for a Paycheck Advance. Some lenders do offer the option of borrowing more than $1000, with certain additional criteria met. The charges for this borrowed money are usually between $15 to $30 from every $100 that is borrowed. This amount is higher than most credit cards and bank loans, but payday lenders carry a higher risk of their borrowers defaulting on their loans.
What is Required?
There are different names for a paycheck advance, such as payday loan, cash advance and even a postdated check loan. These types of cash advance loans are loans that you receive until you can pay it off on your next payday. A Paycheck Advance is easy to receive as there are minimal requirements to getting one.
- You have to be 18 years of age or older.
- You must get a regular paycheck
Many lenders require that their borrowers have been at their job for at least three months prior to applying for a loan. The minimum salary you must make also varies between lenders.
A Paycheck Advance is easy Online
There are two basic ways to obtain a loan through a payday lender. There are local paycheck advance shops that you can go to in person and apply for a loan. You can also take the easy route and get a cash advance loan on the Internet. This can save you time and money and gives you the ability to compare different lenders. Check approval and funding times, repayment schedules, and rates and fees to find the best one for you.
With an online paycheck advance loan you only need to fill out an application form with some details. These will include a valid phone number, your driver's license number, social security, employer's name and number, bank information and a bit more. It generally takes most people about 7 minutes or less to complete this application.
If your application is approved, the paycheck advance lender will then deposit the funds into your bank account in one business day. When your loan becomes due, they will then deduct the amount you borrowed, plus fees, right from the same account.