Paycheck Cash Advance Loans To Fill The Gap Between Paydays
If you are a hard-working individual who often finds themselves running short on funds between paydays, you are definitely not alone. Many individuals who work full time struggle to stretch their paychecks, especially when large expenses such as rent or car payments fall on a non-payday week. While it can be challenging to live paycheck to paycheck, the good news is that there is help available. Paycheck advance loans provide responsible individuals with the funds they need to cover bills, groceries, last-minute expenses and more.
What is a Paycheck Advance?
A paycheck advance is a short-term loan provided to borrowers based on their incomes as opposed to credit. The loans are typically funded via direct deposit into the borrowers' checking accounts, but certain storefront lenders may also offer cash loans upon receipt of signed loan documents. Specific loan amounts can vary depending on the lender's state regulations, but typically range between $50 and $1,000. Payday lenders also charge customers loan fees that commonly range between 10 and 48 percent of the loan amount, but specific percentages can also vary.
Borrowers can apply for paycheck advances online or through storefront lenders wherever services are available. While specific lending requirements may differ depending on the lender, borrowers are usually required to be at least 18 years of age with, with verifiable income sources and checking accounts in good standing. Certain lenders may also require that borrowers provide copies of utility bills or pay check stubs. Once the lender has verified the information and the loan is approved, the borrower is provided with online or paper loan documents that must be signed and returned prior to the release of funds. The loan agreement will state the amount of the loan, the repayment dates and the agreed-upon loan fees. Once the document is signed and returned, the loans are provided in cash or deposited into the borrowers checking accounts within a few business days.
Loan Repayment
Paycheck advance loans are designed to be short-term, which means most borrowers are required to pay the loans back on their next paydays. Certain lenders may allow borrowers to extend the loan by paying the loan fee; however, this type of borrowing can become costly, so it is always best to have the funds available and pay back the loan on the original due date. Loan amounts and interest fees are typically deducted via direct debit from the borrower's checking account on the agreed-upon repayment date or repaid in cash where allowed. It is important for borrowers to do their best to pay back their loans on time, as this helps to avoid additional late fees and also creates a positive loan history, allowing for approval of future loans.
Funds to Fill in the Gaps
A paycheck advance is a beneficial financial product that provides hard-working individuals with a financial cushion between paydays. When used responsibly, these loans can help borrowers stay on track with their finances and look forward to secure financial futures.
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