Payday Advance Loans

What do I need to get one? Credit Check?

Payday advance loans

Payday advance loans are a popular way of borrowing money across the USA. They allow people in regular employment access to small, short-term loans of up to $500 with little hassle. The payday-lending industry has more than 6,000 outlets nationwide and each year it cashes 180 million checks worth in excess of $55 billion. Most people who use payday lenders do so as a short-term measure to cover unforeseen expenses.

There are a number of different check-cashing companies in America and many of them operate on a nationwide basis. Getting money shouldn’t be too difficult, but you will need to be able to prove that you’re in regular employment. The loan will be able to approve funds in a matter of hours provided you can supply then with everything they need.

First off you must have a bank account and a job that pays more than $1000 a month. To prove this you’ll need a copy of your driver’s license or an alternative form of state issued or military identification. You’ll also need a copy of a bank statement (usually from within the last 30 days) and a copy of your most recent pay stub.

As further collateral, some will ask for a copy of a car's registration or a phone/utility bill. Payday lenders use database companies, such as TeleCheck Recovery Services, to check credit records and screen out risky borrowers.

Traditionally companies have relied upon a post-dated check, but increasingly they now take money directly out of your bank account. This is obviously much easier for both parties involved, although you’ll have to make sure that you have sufficient funds or you could face a stiff financial penalty. Come payday you can pay back the entire loan (and fee) or a portion of loan (plus the fee) and rollover the principal sum. You can even choose to borrow more money on top of the original amount. However, remember that loan companies make their money on a combination of high interest rates and defaulted payments; so it’s beat to clear all debt as soon as possible.

 

 

 

 

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