If you find yourself in a financial crisis, there is no reason to worry as there are loans available that are given as a stop gap measure till your next paycheck arrives. The paycheck cash advance loans are availed by those who have to meet any unexpected fiscal emergency which could be medical needs, house repair, bill payment, unexpected travel etc.
Whatever is the reason, anybody can face such emergencies at times and it is not always possible to be prepared with some ready cash. You can then apply for this loan which is a short term one and can take care of your needs.
How Does It Work?
These short term loans are now getting popular owing to their easy availability and fast processing time. The loan period is usually for four weeks or till your next paycheck date. The amount can be a small one but this usually carries a high interest rate due to the quick processing time.
You need to be working in your company for a minimum of 90 days and have a valid bank account if you want to clear the eligibility criteria for these cash advances. Those with a good credit history can avail a larger amount and also negotiate for lower interest rates. It however does not mean bad news for those with a poor credit score.
There is no credit check done for these loans, hence even those with a bad credit record can attain access to such loans. By taking these quick money advances, you can actually work on improving your credit score by repaying on time.
Before You Apply
It is essential to study and shop for the company that offers the loan at the best interest rates. You can conduct your research online and obtain information about their rates of interest, payment options, and terms and conditions. You need to clearly understand their terms, fees and APR as this could add heavily to your repayment. Some companies can charge APR as high as 400%. So check on these points before filing your application.
Paycheck cash advance loans help you meet your needs till your next paycheck. Access to these funds is highly convenient with very little paperwork involved. Online application is also available which is easier and quicker. Ensure that you repay the amount on time as the lenders can attach very high late fees. If you have a cash emergency, try and exhaust all options and resources before resorting to these loans.