Paycheck Loan: Mini Secured Loans

2007-03-08 10:33:40

( Financial )



WHEN INCOME RUNS OUT TOO EARLY

You have exhausted all your cash, there are still some expenses left to pay, and your next payday is still a week away. This scenario is very common among many households as most of us struggle month after every month to stretch our income and make it last until our next paycheck arrives.

The truth is that no matter how much we earn, we never seem to run out of things we need to buy or to pay for. And we always seem to run out of funds much earlier than planned. That is why paycheck loans or paycheck advances are highly popular among the working class.

PAYCHECK AS COLLATERAL

A paycheck loan is a mini secured loan which uses your pay slip as collateral. It is very fast and easy to get as long as conditions are met. It works like your in-house paycheck advances, only a paycheck loan is provided by an outside company. Another difference is that a paycheck loan once approved can be availed of indefinitely as long as you settle the previous paycheck loan before getting a new one.

To get approved for a paycheck loan you must be a tenured or regular employee; you also have to be earning at least a thousand dollars a month, and must have an existing savings or current bank account. The process usually takes only one business day. Once approved, the money will be deposited into your account and you can then use it however way you want.

A paycheck loan is your fastest and most accessible source of petty cash. However, as the name implies, the loan requires that full payment with interest be made as soon as you have received the next paycheck.

However if you are still short on funds, you can inform your lender if you can only pay a portion of your loan. In this case, you have to give early notice because if not, the full payment will be automatically debited from your savings or checking account. Also bear in mind that interests will accrue until you can pay your paycheck loan in full.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.