Standard Process for Paycheck Advances
Quick cash when you need it.
1. Paycheck Advances are short term personal loans given to a borrower against his next paycheck with the purpose to cover his immediate expenses. These loans can also be referred to as payday loan, although the term can be also used when referring to cash provided against a prearranged line of credit like a credit card. Read the full definition of paycheck advances here.
Getting Started
1. Find a lender. Make sure to double check your lenders license by accessing the DFI site at www.dfi.wa.gov. Also, be sure to screen them with any questions you might have. What is the payback period? Is there a penalty for paying back early? What other questions do you have for your lender? Make sure you talk to them before committing to a loan.
Apply
2. Apply online or in person for your paycheck advance. Make sure during your online application that you use a secure form. Look for the lock logo and the letters “SSL” to ensure the safety of your personal information. The lender will not qualify you based on your information. In most cases, approval is virtually instant, and does not factor in a credit check or credit rating.
Upon Approval
3. Some payday lenders ask that you sign over a personal check of the amount of the loan and fees. They then schedule to deposit the check on your payday. Other payday lenders ask for a bank account number and withdraw the amount of the loan plus fees on the day you have agreed upon. Either option will usually provide cash to your bank account within 24 hours.
Paying Your Loan
4. On the agreed upon payday, your loan amount including the fees agreed upon will be withdrawn from your checking account, or in the case you have left a personal check of that amount, it will be deposited. If you ind yourself unable to pay, ask your lender about payment options, and find out if they can work with you to create a payment plan that works for your budget.
These cash advances are intended for use by those who have hit a sudden expense or financial roadblock. Car Repairs, Small home repairs, and other short term needs are good examples of reasons for Payday Loans.
Tagged with: Loan Process
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