Advance Payday Loans
If you ever find yourself short on cash you might want to consider an advance payday loan. When we think of loans we typically think of dozens of pages of documents, a long approval process and long term payments.
Advance payday loans offer an individual the opportunity to borrow money against their next pay check. The principle is simple. You visit one of the businesses that offer advance payday loans. You must bring with you at least two pieces of identification along with several records of pay.
Most companies that offer advance payday loans offer a maximum of $500 to the borrower. The borrower then writes a post dated check for the date of their next payday for the amount of the loan plus the interest accumulated. An example would be if a client borrowed $300 than they may be required to write a check for $360 for their next payday.
When the date of their next pay day arrives the $360 check is deposited. Writing a check is not the only form of repayment used. Some companies that offer advance payday loans will require the borrower sign a document which allows them to electronically withdraw the amount from the borrower’s checking account. Many companies are using this method of repayment because it’s quicker and more secure than depositing a check and waiting for it to clear.
However, in some cases, if the borrower is still feeling the pinch of not enough money, they can refinance the advance payday loan on the day the payment is due. In this scenario the borrower pays a fee to extend the loan until their next payday. Interest accumulates and they are then facing a higher payment because of the accumulation of the interest for the extended period of time.
One of the most appealing aspects of advance payday loans for some people is that there is no credit check involved. For someone who has struggled with their credit history they aren’t apt to want to visit a traditional lender to inquire about a short term loan.
Advance payday loans are gaining in popularity and are legal in Canada as well as in certain regions of the United States. Although traditionally advance payday loans were offered from check cashing companies, some banks are now seeing the value in the service and offering it to their customers as well.
Although the interest rate on an advance payday loan can be staggering it is an easy and quick fix to a short term money shortage.
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