Should You Use A Paycheck Advance Service?
With a sinking economy, many people are finding it more and more difficult to make it to the next payday. Groceries need to be bought and utility bills need to be paid. Sometimes the only way to get through these times is a paycheck advance.
Years ago, these were looked upon as a resource only for the downtrodden, poor unskilled laborers. Nowadays, even corporate managers and other professionals find themselves using this service because frequently it's their only option. No longer located in dark back alleys and staffed by employees who look like "bikers," these newer establishments can be found in suburban areas next to professional office buildings.
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.
Interest rates are comparable with what you'd expect to pay if you were taking a cash advance from your credit card. These are unsecured loans, the interest is a bit high with an average of 15-25% depending on the loan term, but if your only option is taking out a loan or having your electricity turned off - the decision is a no-brainer.
Many companies have websites where you can apply discretely and handle the entire process almost anonymously. They usually require that you send in some type of paperwork like check stubs but after your application is approved they usually deposit the money into your checking account fairly quickly.
Keep in mind that even though they won't pull a regular credit report, they will check with another type of credit service that only deals with open pay day loans. They monitor what loans have been paid, which ones are open, and which ones have been defaulted on. If you have no open loans, and if you have never defaulted on a past loan, you're good to go.
If you find a local office you want to use, call first to what you need to bring with you. The forms are easy and it takes about a half hour to finish up. Sometimes you'll walk out with a check; other times you'll have to wait for the wire transfer to your bank.
There are many companies out there competing for business so you check what a few have to offer to get your best deal.
Years ago, these were looked upon as a resource only for the downtrodden, poor unskilled laborers. Nowadays, even corporate managers and other professionals find themselves using this service because frequently it's their only option. No longer located in dark back alleys and staffed by employees who look like "bikers," these newer establishments can be found in suburban areas next to professional office buildings.
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.
Interest rates are comparable with what you'd expect to pay if you were taking a cash advance from your credit card. These are unsecured loans, the interest is a bit high with an average of 15-25% depending on the loan term, but if your only option is taking out a loan or having your electricity turned off - the decision is a no-brainer.
Many companies have websites where you can apply discretely and handle the entire process almost anonymously. They usually require that you send in some type of paperwork like check stubs but after your application is approved they usually deposit the money into your checking account fairly quickly.
Keep in mind that even though they won't pull a regular credit report, they will check with another type of credit service that only deals with open pay day loans. They monitor what loans have been paid, which ones are open, and which ones have been defaulted on. If you have no open loans, and if you have never defaulted on a past loan, you're good to go.
If you find a local office you want to use, call first to what you need to bring with you. The forms are easy and it takes about a half hour to finish up. Sometimes you'll walk out with a check; other times you'll have to wait for the wire transfer to your bank.
There are many companies out there competing for business so you check what a few have to offer to get your best deal.
Superior Service Payday Cash Advance
About the Author:
Rose Martin has a passion for helping people save money and solve urgent financial needs. She recommends Payday Loan Today when you need a payday advance online and are looking for reliable, affordable paycheck advance.
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