Payday Advances Were Made For You
The number of payday advance applications increase daily and people are turning to these short term loans for a number of reasons
. The problem is with so many options out there what should you be looking for in a payday advance company.The consumer has the option of finding an online cash advance lender or going to a storefront location. Many people are leaning towards online lenders for the ease and confidentiality they provide. The benefits of a payday advance are discussed here. First of all, there is no credit check.
With the availability of cash advance lenders you should always be able to find one that offers no credit check to be approved for a cash advance. The majority of these lenders consider your job as your credit since you are essentially getting an "advance" of your paycheck.
There are no hidden fees. The cash advance company you choose should be honest and upfront about all fees associated with your loan. The Truth in Lending Act makes sure that lenders are honest and informative about their rates.
Cash advance companies charge on average from $15 - $50 per $100 borrowed. Do your homework and find a lender promising the lowest rate this may take a little longer, but they are out there.
They will offer a direct deposit. This is an important feature for your payday advance company to have. These companies require you show proof of directly deposited employment checks to your bank. It also ensures quick money transfer to your account the next business day.
An average payday advance lender should only require some type of proof of employment such as a pay stub and a current bank statement.
This allows them to verify you have a stable reliable income and no other outstanding cash advance loans. Some online lenders offer you to send this information via email eliminating the need for a fax machine.
The most vital characteristic of a payday advance company should always be their customer service.
The payday advance agent you choose needs to have the attitude of "do what is best for the customer."
Once you find a company that you would like to use, work with them to make sure you understand the entire process and that your loan is affordable. On your quest to find the perfect cash advance company, beware of lenders that try to push you into a loan that is not right for you.
Even though your credit won't affect your ability to receive a payday loan, there are other things that a payday loan company will use to determine your financial responsibility in order to qualify you for a payday loan.
You must be 18 years or older to be approved for a payday loan. When you accept a loan, you are required to sign a legally binding contract, and legally you must be 18 to do this.
Although this could vary from state to state, in general a minor (under 18 years of age) is ineligible to receive a payday advance loan. You must be employed (or have a regular source of income) to qualify for a payday loan.
You must have been employed for a minimum amount of time for approval of a payday advance loan. The amount of time required varies from one company to the next, but in general you won't be eligible for this type of loan if you just started a new job.
You must have a checking account to qualify for a payday loan. Just as with the employment history, most payday loan companies have a minimum requirement for how long you must have had an existing bank account.
The ability to provide documentation is a common sense requirement for a payday loan. Documentation needed usually includes proof of identity, proof of income, and a bank statement.
The ability to repay your payday loan is the biggest requirement of all when you apply for a payday advance loan. If a company is actually willing to give you money that you are not able to repay, you should avoid that company. Only a predatory payday loan company will approve you for a loan you can't afford.
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