You've seen them advertised everywhere, on TV, the radio, in newspapers. You have seen them on the internet- payday advances. You need cash before your next payday but you're not sure if a payday advance is the right thing to do.
It's tough to decide when there's so little information out there about the actual details of a payday advance. It seems as if all the payday advance companies want you to know that you can get up to $1200 deposited into your checking or savings account, yet they conveniently leave out the details. It's crazy to expect a person to sign up for a $1200 loan without any real information.
Defining Payday Advance Loans
The lender gives you your "paycheck" in advance of your next payday. When your next paycheck from your employer arrives, you are expected to pay back your loan amount plus a fee. If you can't pay back your payday advance when your next paycheck arrives, you can roll the loan over. Rolling over the loan gives you an extended period of time to pay back the loan, but you will be burdened with additional fees.
Payday Advance fees are fairly reasonable as a one-time charge (generally less than combined return check fees), but can quickly stack up to large amounts if you let your payday advance go unpaid. In fact, computing the interest on a payday advance can exceed 400%! These loans were never meant to go beyond the term of your loan. As the FTC can tell you, a payday advance can result in debt fairly easily if you miss a payment. For these reasons and more, it's important to be extra careful when taking out these loans.
Payday Advance Requirements
To apply for a payday advance, you must have a job. Your paycheck must exceed $1,000 per month. Also, a payday advance will require you to have a checking/savings account with direct deposit. Although PaydayCash.org does not require it, in some case You may be required to have access to a fax machine to submit documents in order to qualify for your payday advance.
Payday Advance Repayment
How long will you have until you need to pay back your payday advance? Terms generally run between 7 to 18 days. Of course, the schedule depends on your regular payday schedule. You will be paying back your payday advance on your next payday, so it is fairly easy to compute your own payday advance schedule. It's important to remember to pay back your loan on time or earlier (there's usually no penalty for prepayment).
Payday Advance Assistance
If you have any questions, please don't hesitate to contact us, we are more than happy to assist you anyway we can. To apply is simple, just click on the Click for Cash button below.