PAY DAY ADVANCE LOANS: Quick Cash When You’re In A Rush

2007-03-08 10:33:40

( Financial )



Pay day advance loans began after loan companies recognized the need for quick cash during financial emergencies before pay day has arrived. A pay day advance lets you borrow a few hundred up to a thousand dollars but with hefty interest rates. Thus, you might want to repay it as soon as possible.

Pay day advance are short term loans and usually have 14 day loan periods or less. Companies offering pay day advance loans do not perform credit checks although they may verify your loan history with national databases.

Unexpected bills and special occasions may call for additional cash. But if you’re planning to use your loan for your grocery shopping or other items, you might want to compare the fees for a payday advance to the fees for a credit card cash advance first.

In terms of repayment, it is advisable that you pay your cash advance in full although there are loan companies that allow you to pay a minimum amount and extend you a new contract for the remaining sum.

Repayment of pay day advance loans can be automatically drafted from your bank account. You will do well to make sure that your account has sufficient funds though as loan companies tend to charge additional fees in case of insufficient funds.

When you’ve repaid your cash advance in full, and thinking of getting a new one, there is usually a waiting period of 5 to 6 business days before you can apply for a new contract.

Pay day advance loans come handy during times when you really need quick cash and simply do not have the time to apply for a conventional loan. Beware though since this can be habit-forming and can lead to an endless cycle of spending your whole paycheck even before it rolls in. Used properly however, pay day advance loans can be your answer to life’s little emergencies.


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