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When a small amount of money is needed quickly, there are a number of ways for people to get
it. While they can borrow money from friends or family members, this can be embarrassing and
usually will not be tolerated on any type of ongoing basis. Especially if there is concern that the
money will not be repaid right away, the person will be denied. This can cause a family rift, and
still no money.
One alternative is a cash advance payday loan. For those with regular employment, they can
either secure a short-term cash advance online or by going down to the local payday advance
storefront. Both have advantages and disadvantages, and it depends on the individual borrower
which method works best.
In Person
Securing a cash advance from the local payday loan business is helpful for those that do not
have a reliable home computer or are leery of participating in e-commerce. It requires bringing
proof of identification, such as a government-issued photo ID. Potential borrowers should also
have a copy of their last 4 paycheck stubs or a letter of verification from their employer.
In order to receive a cash advance payday loan, the person may need to have a bank account in
good standing that can send and receive electronic transfers. Some local companies may waive
the last requirement if the individual does not have an electronic account and can accept a paper
check instead. To use this option, it is best to call the establishment first to find out what the terms
of transfer are. This method of receiving a cash advance may require answering a
series of questions, such as name, date of
birth, address, employer's address and
purpose of the loan. This information will
not be used to do a credit check, but to
track down the person in the event of a loan
default.
The person does not have to endure a credit check, but will have to sit and wait while all
information is checked. Some places require a 24-hour waiting period to receive positive
verification, in which case a return trip is needed to receive the money or sign additional
paperwork. At the end of the pay period, the borrower is required to repay the
amount in full, plus interest and
fees.
Online Transactions
Internet pay day loans can be faster and easier than the local storefront method. It has many of
the same requirements, but the borrower does not need to go anywhere except the computer
keyboard. These e-commerce businesses deal through secure connections to produce advance
cash online without concern of identity theft or invasion of privacy. There is no face-to-face exchange of information, only typing in basic information and providing
proof of identification, employment and a bank account.
Online payday loans can usually be forthcoming in less than an hour, but some companies may
require up to 24 hours. Terms of the transaction can be found on the company's website. In both cases, the money must be paid back on the next payday to avoid penalties and additional
fees. Depending on the lender, and extension may be available. Others may simply remove the
amount of money owed from the bank account until the amount due is repaid.
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