Statistics show that payday loans are very much a reality for a large number of Americans. Living from paycheck to paycheck can be a very vicious cycle for some. While some people end up leaning too heavily on these types of loans, there are others who thank goodness that they are able to get emergency cash on the rare occasion that they need it. A payday advance loan can help a person who desperately needs money before his next paycheck arrives. If bills have to be paid, an emergency situation arises, or a person simply needs money for an upcoming event, a payday loan is often the only option. Cash can be received within one day, so the stress of going a long period of time without any money can be relieved. There are a number of places one can get a payday advance loan. In most cities, check-cashing locations will provide advances. Also, in recent years, several online payday loan sites have popped up. If all else fails, there are actually pawnshops that will give people loans based on incoming paychecks, as opposed to objects that they trade in. Fees for payday advance loans vary depending on what type of service a person uses and where that service is located.
Requirements for Payday Advance Loans
To secure a payday advance loan, a person must, of course, have a job or, at least, a steady source of income. A borrower must be at least 18 years old, a legal citizen, and he will most likely need to have a checking account. A person will also have to have a minimum monthly income that will change depending on the service. Loans are generally given for two, three, or four weeks. A longer loan or a loan extension will have a higher fee. Some loan services will give a person anywhere from $100 to $1,500. Others will advance a customer considerably more. Payday advance loans, unlike most other loans, do not take a person’s credit rating into account into the approval process.