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Payday Check Loan - Answering Your Queries

Jul 8, 2008
Personal fast cash advance industry has really grown over the years. These days, availing quick money is a quick, effective, and easy way of dealing with immediate cash crunch situation. Millions of Americans use this new, wondrous option every year to tide over their financial messes. So, if you have a pressing need for some quick cash, you can try to avail a payday check loan.

Answering Your Questions

If this is the first time that you are applying for a cash advance, then you must have lots of queries. The first question on your mind must be- what is a payday check loan? It is a short-term money advance that needs to be paid back on your next payday. Most of the lenders that offer payday money advances do not perform any credit checks. Your borrowed sum is secured against your pay check.

Your next question must be- what are the requirements for availing these loans? Payday loan are easy to avail, as there are not many requirements to be met. You need to be an American citizen and must be atleast 18 years of age. Next, you must have a regular job that pays you at least $1,000 per month. And finally, you must have a valid checking account.

Let us discuss the income criterion a little further. To get a payday check loan, you must show provable income. In other words, you must show income that can be verified by the finance company. Your income from a regular job, unemployment checks, social security checks, disability checks, or child support, are all counted as verifiable income.

Another question that many borrowers have is about the documents that they would need to submit for the loan. Today, there is hardly any need to submit any papers. All your information is verified automatically using VPN based software. However, some lenders might require you to provide them with a copy of your drivers license or passport. Overall, getting a cash loan is quite hassle-free, easy, and fast.

Since you are thinking about taking a cash advance, you must also have queries regarding the interest rates. Most companies charge anywhere between $15 and $30 per $100 borrowed. It is possible to find a these loan at very reasonable interest rates, if you shop around a little bit.

Another thing that you must know about the quick money advances is that it is better to repay the borrowed sum on the first due date. If for some reason you are not able to pay it back on that date, you can rollover the amount. You would have to pay a rollover fee for exercising that option. However, do not rollover the loan too many times, as you would end up paying lot more money than you have borrowed. So, if you are facing a financial crunch and you know that you can repay the lent sum on the due date, go ahead and apply for one.
About the Author
Payday check loan is one of the easiest and fastest ways of tackling your financial problems. It is a short-term payday loan that is secured against your paycheck. If you are taking a payday loan advance for the first time, it is in your own benefit to first find out all about it.
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