These days, it is easy to obtain a payday advance from most companies. A payday
advance is usually a smaller loan, lending the borrower money until the next payday.
Most banks do not deal with loans this small, so cash advances are generally easy to pay
back. Often, the loan amounts will vary depending on what is requested, but can range
from as little as $100 up to $500. Normally, the funds are instant but when requesting
over $500, it can take a little longer due to income verification. Usually, when trying to
obtain small loans from banks, it is never this hassle free and they often check credit.
There are many reasons to use cash advance services. Most people will generally take
one out because of unexpected expenses, such as a car repair, a doctor or dentist visit or
maybe an illness that prevented them from working during the previous pay period.
Perhaps there was even a job loss, but in any event, payday advances can help assist with
meeting financial obligations that would not be met otherwise.
Some situations when an advance is
necessary, are for family emergencies.
Borrow the money and pay it back when the
next paycheck is received. When utility
bills are due and money is scarce, a payday
loan will solve this situation.
A lot of companies that offer payday advances make it very simple to use their service,
manage a payback schedule and are easy to work with. Some benefits of using a payday
advance is they are generally low interest, they are easy to obtain and most companies
will help borrowers with managing their account. Typically, when obtaining a cash
advance, employment or income verification is a must. This basically ensures the lending
company that their client is employed or has gainful income and can pay back the loan in
a timely manner.
All companies are different. Some will require the full amount is paid back on the next
pay period while others will set up installments. For example, half of the borrowed
money will be due the following pay date and the other half the next pay date. Another
added benefit of a cash advance is they do not require credit checks, which can be an
obstacle for some. However, most companies will require references because there is no
credit check.
When obtaining an online payday advance, it is convenient because it does not require
leaving home. The process is simple; apply online, then fax over the required documents,
which can be a paycheck stub, a bank statement or other documents, such as proof of
identity, like a driver’s license. Generally, an e-mail address or phone call will follow
shortly, either asking for additional information or to say the funds are on the way.
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