With a sinking economy, many people are finding it more and more difficult to make it to the next payday. Groceries need to be bought and utility bills need to be paid. Sometimes the only way to get through these times is a paycheck advance.
It wasn't long ago that cash advance offices were in the wrong part of town, frequented by people our mothers told us to stay away from, and managed by individuals we didn't want to be around in a dark alley. No more! Offices are now managed by business people in suits, and located in the same beautiful office buildings as their where their customers are employed.
Application requirements differ depending on where you go, but generally you need a net income of at least $1,000 a month and your loan will only be approved for an amount less than your take home pay. You also need to have a checking account. Some companies allow you to borrow up to $1,000, but most limit their loans to a maxmimum of about $500. The general rule is the more you earn, the more you can borrow.
Interest rates are about what you'd expect to pay for any unsecured personal loan. You probably won't find anything less than the 15%-25% for the time you borrow the money (which could be a few weeks), but if your only choice is taking out a loan or having your car repossessed, it's not much of a choice.
These companies have a pretty significant web presence, too. This gives you a good opportunity to do some research and compare companies. Some will require that you fax in additional information after filling out the online application form. If you choose to work with an online company, you will have the money electronically credited to your checking account. Waiting periods vary between a few hours to an entire business day.
Keep in mind that even though they won't pull a regular credit report, they will check with another type of credit service that only deals with open pay day loans. They monitor what loans have been paid, which ones are open, and which ones have been defaulted on. If you have no open loans, and if you have never defaulted on a past loan, you're good to go.
If you find a local office you want to use, call first to what you need to bring with you. The forms are easy and it takes about a half hour to finish up. Sometimes you'll walk out with a check; other times you'll have to wait for the wire transfer to your bank.
Make sure you do some research first in order to compare rates and limits. These companies have learned to aggressively compete with each other.
- 29904
It wasn't long ago that cash advance offices were in the wrong part of town, frequented by people our mothers told us to stay away from, and managed by individuals we didn't want to be around in a dark alley. No more! Offices are now managed by business people in suits, and located in the same beautiful office buildings as their where their customers are employed.
Application requirements differ depending on where you go, but generally you need a net income of at least $1,000 a month and your loan will only be approved for an amount less than your take home pay. You also need to have a checking account. Some companies allow you to borrow up to $1,000, but most limit their loans to a maxmimum of about $500. The general rule is the more you earn, the more you can borrow.
Interest rates are about what you'd expect to pay for any unsecured personal loan. You probably won't find anything less than the 15%-25% for the time you borrow the money (which could be a few weeks), but if your only choice is taking out a loan or having your car repossessed, it's not much of a choice.
These companies have a pretty significant web presence, too. This gives you a good opportunity to do some research and compare companies. Some will require that you fax in additional information after filling out the online application form. If you choose to work with an online company, you will have the money electronically credited to your checking account. Waiting periods vary between a few hours to an entire business day.
Keep in mind that even though they won't pull a regular credit report, they will check with another type of credit service that only deals with open pay day loans. They monitor what loans have been paid, which ones are open, and which ones have been defaulted on. If you have no open loans, and if you have never defaulted on a past loan, you're good to go.
If you find a local office you want to use, call first to what you need to bring with you. The forms are easy and it takes about a half hour to finish up. Sometimes you'll walk out with a check; other times you'll have to wait for the wire transfer to your bank.
Make sure you do some research first in order to compare rates and limits. These companies have learned to aggressively compete with each other.
- 29904
About the Author:
Rose Martin has a passion for helping people save money and solve urgent financial needs. She recommends Payday Loan Today when you need a payday advance online and are looking for reliable, affordable paycheck advance.
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