The popularity of payday advances is now an established fact, and one of the main reasons for this is because of the ease with which they can be obtained. Payday loans are available at not only the established stores which offer loans alongside check cashing facilities; they are now also available over the internet.
If you need an advance on next week’s pay check but have a bad credit rating, cash advance payday loans are there for you. When no one else considers you a good risk to lend money to there are companies who are more than happy to obtain your business. They only require two criteria meeting, the first being proof of a regular income. Pay stubs from your current job will be needed but the company will not call your employer and embarrass you. Those without a job but on regular social security payment can also apply if they can show proof of an income.
The second requirement is that you have a current checking account. This is needed so that the repayment of your loan can be taken directly from your bank account. The two established ways of covering your loan are for you to leave a post-dated check in one of the stores, and either collect it and repay the loan in cash, or allow them to deposit it on the date the loan is due to be paid. If you use this method always be aware that you will incur charges from both the bank and the lender for bouncing the check.
The other way of both receiving and paying back the cash advance is through automated payment. This is necessary if you choose to apply for an online advance loan. When your application is approved the funds will be paid directly into your bank account, and then withdrawn with interest on the date the advance must be paid back. There is little risk to the lender as the agreed period will be short term and they have access to your bank account.
The price you will pay for this advance cash service is really dependant on how much effort you put into finding one with a good deal. Some of the services offered can be extremely expensive, charging $30 for each $100 advanced. If you are prepared to take the less easy route of shopping around online you will find lower rates available and even special introductory offers.
If you do choose to avail yourself of an advance payday loan it is definitely worth searching for the best deal you can find. It really is extremely easy as long as you have a regular income and a bank account. It is up to the individual to consider the drawbacks of this kind of loan, and if the responsibility of paying it back in full on the due date is feasible or not. It is not recommended though to become reliant on them as a regular means of making ends meet, but rather to use them sensibly and always repay them on time.