Finance Marketing Business

Unemployment is high and money is tight for everyone. With increasing regularity, people are finding it more and more difficult to stretch their paychecks to last an entire week. Whether emergencies pop up or you’re behind on your car payments, you may need to think about a paycheck advance to make it through.

Years ago, these were looked upon as a resource only for the downtrodden, poor unskilled laborers. Nowadays, even corporate managers and other professionals find themselves using this service because frequently it’s their only option. No longer located in dark back alleys and staffed by employees who look like “bikers,” these newer establishments can be found in suburban areas next to professional office buildings.

Application requirements differ depending on where you go, but generally you need a net income of at least $1,000 a month and your loan will only be approved for an amount less than your take home pay. You also need to have a checking account. Some companies allow you to borrow up to $1,000, but most limit their loans to a maxmimum of about $500. The general rule is the more you earn, the more you can borrow.

As with any type of unsecured personal loan, you can expect to pay a higher interest rate than traditional loans. For a short term loan this could be anywhere from 15% to 25% over the course of 1-4 weeks. This might sound a bit scary, but if you have a choice of taking out a cash advance or handing your car keys over the repo guy, there’s not much to think about.

Many paycheck advance companies are online as well, and these loans can be applied for and processed in the privacy of your home. You may be required to fax information such as pay stubs or bank statements, but many companies also offer the option for you to be able to email your documents as well. These companies will electronically credit the money directly into your checking account within one day, and frequently within a few business hours.

You probably won’t need to undergo a traditional credit check becasue these companies use check a credit system that reports information specifically about open and overdue payday loans that you may currently have. In other words, if you have four open loans with other companies and you aren’t paying them as promised, you won’t be approved for another one.

If you find a local office you want to use, call first to what you need to bring with you. The forms are easy and it takes about a half hour to finish up. Sometimes you’ll walk out with a check; other times you’ll have to wait for the wire transfer to your bank.

Make sure you do some research first in order to compare rates and limits. These companies have learned to aggressively compete with each other.

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