Your Top Five Payday Advance Questions Answered
Payday advance companies have grown in numbers across the country as more and more
people begin turning to them for their short-term cash flow problems. However, there are many questions regarding payday advances and their advantages and benefits. We have therefore answered the top five payday advance loan questions:Q: Is it true that my credit score really doesnt matter when it comes to applying for a payday advance?
A: Because payday loans are secured using your next paycheck as collateral, your credit score is not taken into consideration when applying for a payday loan. In fact, the payday lender will not even perform a credit check. Payday loans are therefore incredibly beneficial to individuals with either no credit or poor credit.
Q: What are the requirements for applying for a payday advance?
A: Although the requirements for payday loans vary from one payday lender to the next, there are a set of general requirements, including: you must be at least 18 years of age to apply for a payday advance; you must have a steady source of income and earn a minimum amount of money (this amount will vary from one company to the next); and you must have an active checking or savings account.
Q: How long does the process of applying for a payday advance take?
A: Because of the convenience of the Internet, many payday loans can be applied for online through easy-to-complete loan applications. It is because of the ease and convenience of the Internet that individuals can secure their payday advance loan in as little as a few hours. In addition, the money can be transferred easily to an individuals bank account to further facilitate the process.
Q: How long do I have to pay back the payday advance?
A: Although payday lenders vary according to their policies for paying back the payday advance, generally speaking, payday loans are very short term, and they are usually paid back within a couple weeks. In addition, many payday lenders also allow customers to roll over their payday loans if they cannot afford to repay them in the agreed upon time frame.
Q: Why are there so many lawmakers who oppose payday loans?
A: Payday advances have come under fire over the last few years because many lawmakers have a problem with the high interest rates and fees charged by payday lenders. However, what many of them fail to realize is that for many people, payday loans are their only choice when they find themselves in a difficult financial situation. In addition, many legislators also fail to recognize that the fees charged by many banks and credit card companies often far exceed the charges imposed by payday lenders. Just like another industry, the payday loan industry is competitive, and it is possible to find reasonable interest rates and fees. It is up to you to find competitive rates and to educate yourself on the pros and cons of payday advances before applying for them.
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