A sudden emergency can put you into a tight financial spot, especially if it is still the middle of the month and you have little or no money in your account. It’s times like this when you need to reach out for a quick loan which shall make life a little easier, and help you carry over the immediate expense. A paycheck advance makes all the difference.
There are a few mandatory requirements which must be adhered to for an individual to qualify for one of these loans. Different companies may have other requirements added on to the basic requirements; however, the following three are common:
If you are seeking an advance on your earnings, you must have:
- an active checking account
- you must be suitably employed and earning a salary of not less than a thousand dollars per month and
- you must be above eighteen years of age.
Qualifying is determined by the amount of your take-home pay. Lenders work with the individual to determine how much they can reasonably be expected to pay back and still make the remainder of their obligations.
Loan amounts range from as little as $200 and can go upwards to $1500. Since the fee is based on how much is owed, it has to also be calculated into the ability to repay on time. Other fees that may apply is if you cannot meet the time frame for repayment and an extension becomes necessary.
You can apply for a loan online or over the phone, either way you need to give them some personal information, which lenders base their decision on. An online application requires you to fill out a form and send it off to the lender. You then receive confirmation of your application and when you can expect the amount to be in your account. If you call them, a representative asks you a few questions and you get a confirmation on the same call.
The speed at which a paycheck advance is approved is incredibly fast. It is designed this way so that it will be available to solve your problem and help you to meet your immediate expenses. The money is credited into your account within 24 hours of application.
All of the factors of a paycheck advance make them quite convenient and you can always negotiate with your lender on the amount and dates of pay back.