Anyone can run out of money before pay day. Often times, income has little to do with it. Couple that with a flailing economy, and more and more individuals are having trouble making it to their next pay day. It might be more diapers and formula for the baby, or an overdue car payment. In any case, a paycheck advance is an option that more and more people are taking advantage of.
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 where their customers are employed.
Requirements differ from company to company, but the general rules are that you need to be actively employed with a net monthly income of $1,000 a month and you must have a checking account (usually with payroll direct deposit). You can borrow between $100-$1,000 depending on your paycheck, and you need to be able to pay back the entire loan from your next paycheck. Obviously the less you make, the less you can borrow.
As with any type of Unsecured personal loan, you can expect to pay a higher interest rate than traditional loans. For a short term loan this could be anywhere from 15% to 25% over the course of 1-4 weeks. This might sound a bit scary, but if you have a choice of taking out a cash advance or handing your car keys over the repo guy, there’s not much to think about.
Many paycheck advance companies are online as well, and these loans can be applied for and processed in the privacy of your home. You may be required to fax information such as pay stubs or bank statements, but many companies also offer the option for you to be able to email your documents as well. These companies will electronically credit the money directly into your checking account within one day, and frequently within a few business hours.
Even though you probably won’t need to undergo a credit check, these companies will search a separate database that only lists people who have outstanding paycheck advance loans. These reports will show how many you have open and how many you have paid off (or not) in the past. Having an open unpaid loan will definitely prevent you from getting another.
If doing business online is not your thing, call a local office and ask what you need to do to apply. Make sure you have everything when you show up. You may get a check right away or you may need to wait for it to get wired to your checking account.
Make sure you do some research first in order to compare rates and limits. These companies have learned to aggressively compete with each other.
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