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What Are Payday Loans All About?

       Payday loans or a cash advance payday loan is exactly what the title states. It is a cash advancement on the borrowers very next paycheck. When the next payday arrives, the customer will need to pay the cash advance back, plus interest, out of the paycheck. This is a handy service when used in the time of crisis, but should be used with caution.

        This type of transaction is easy to qualify for and can be done online. Customers can receive up to $500 overnight. Larger amounts may take a little longer to process. There are no credit checks and very few qualifications that must be met. The applicant must be employed and be able to provide copies of the last few check stubs. They must be a minimum of 18 years old and must have a bank account. Users of this service will need the bank account for the lender to transfer the loan into. Some lenders will not lend money to active military personnel and others have a restriction on citizenship. Borrower's will need to verify with the lender what their conditions are for the loan.

        There is no credit check involved with this type of borrowing. Because this is a short- term process, which is collateralized by a paycheck, these lenders do not require clients to jump through the credit report hoop. Paying off a payday loan will not show on the person’s credit report. Using this type of financial tool will not affect credit in any way, unless, the debt is not paid.

        Consumers can use the money for anything that they desire. Most use the advance as a way to get out of a bad situation. Perhaps the car has broken down before payday and the money to fix it is not available, a payday advance will help in this circumstance. Maybe someone needs some extra cash to finish a project by a deadline; this type of loan can help here also. Whatever the situation is, there is money available when people are actively employed.

        Do not use a payday loan if repaying the money from the next paycheck is not possible. These loans have to be paid in full on the following pay cycle. If borrowers cannot afford to give up their next check, they should not use the service. While lenders do provide contingency plans in the event of non-payment, this process has very high fees and penalties.

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