Cash Advance Payday Loans
How do I get one?
Cash advance payday loans are also known as ‘deferred deposit services’ and allow you to borrow money against your paycheck. Cash advance payday loans are legal in 36 states, but either banned or restricted in the remaining states. However, you’ll still be able to borrow online and some of the national banks even have payday loan divisions that’ll lend you money. They’re popular with people who have a poor credit history and they are happy to enlist borrowers who other financial institutions wouldn’t touch.
So how do you get one? You’ve a choice between visiting a cash advance payday loan company in person or borrowing online. There are a number of check-cashing companies that operate across the country and you’ll find one in most reasonably sized towns. Alternatively you can apply for a loan online and have the funds paid directly into your bank account. The main advantage of using the web is that you can do everything from home; as long as you have access to a fax machine to transmit the necessary paperwork.
If you decide to go to a payday loan company in person; you’ll need to take documents to prove who you are (a driver’s license will do) and that you’re in full-time employment (last months pay slips). You may also be asked for a utility bill and some companies request your car license plate number as additional collateral.
Next you’ll have to wait a short while the loan company crunches the figures and decides whether or not to approve your application. If successful you’ll be expected to hand over a post-dated check for the sum of money plus an additional fee. Anyone applying online will be allowed to withdraw funds form their bank at a predetermined time/date.
Cash advance payday loans are an expensive way to borrow and it’s a good idea to look at other ways of raising funds. If you fail to pay the loan back at the end of month it will be rolled over to the following month and costs quickly begin to add up.