How Payday Cash Advances Work
You may have heard about payday cash advances and how they can give you cash immediately when you need it but if you're like many people who have never gotten a payday loan before, you may want to know how they work. Payday cash advances are actually pretty simple. There are some minimal requirements to qualify for the loan and if you meet these requirements, you can be approved in a matter of hours and be on your way to getting your financial problems solved.
So how do payday cash advances work and what do you really need to know? First, they are not like your typical loan from a bank or lending institution. They are intended to be short term only and because having your job is validation that you will pay back the loan, there is typically little to no paperwork involved. There are no credit checks or background checks and you can have your cash in hand the same day. It's fast, easy and convenient to get money now.
So what's the catch? The only real “catch” is that there are fees and interest involved. Some payday lenders charge as much as $25-50 for every $100 you borrow. This can be rough when the time comes to pay it back. Your best bet is to shop around and request a quick and easy cash advance comparison. This way, you can ensure you are getting the company that offers the best rates for your needs.
If you are seeking a payday cash advance, chances are you are already facing some type of financial emergency. The last thing you need are really high fees and interest rates that make it difficult to pay back. But with so much competition available today, you can shop around and find better prices. Even though you may be facing an emergency and need your money fast, you can still shop around and find good rates by getting a price quote.
So how does it work? You will fill out your application and provide proof that you are a legal US citizen age 18 or older. You will likely need to show a paycheck stub and a photo ID. Then if you meet the minimal qualifications you can sign a loan agreement, write a postdated check to the lender and you will receive your money. Your check will then be held until the time the payment is due (usually 14-30 days) and then it will be cashed.