Payroll Advance

Payroll advances are easy to come by because all that is needed is identification, proof of employment, a copy of a last pay stub, a current bank statement, and a blank check. They can come in the form of cash, direct deposit into a checking account, or a credit to a credit card. In most cases, the borrower can have a payroll advance direct deposited into an account overnight up to $1500. Funds are made based upon the consistent amounts that are deposited into a borrowers account each month. "The workman is worthy of his meat" (Matthew 10:10). The lending company will ask the applicant to bring in a bank statement and a voided check. If the application is approved, the loan will be deposited into a bank account overnight. The borrower may be required to have all bank documents faxed in to the lending company before 4:00 p.m. in order to receive the funds the next day.

All applicants must be aware, though, that bank hours and holidays could affect the availability of the funds. If the loan is approved on a Friday, funds will not be available until the next Monday. Payroll advance companies are businesses that have deadlines and terms that have to be met. If one is unable to make the full payment of the loan, call the lending company and receive suggested optional methods of repayment. In most instances, the borrower will be granted an extension for a small fee. The borrower may be granted three extensions until they have to begin paying more for the loan. The amount of an extension fee is based on the amount that was originally borrowed. Payroll advances should only be taken out one at a time. It is usually not a good idea to take out more than one, since that will make it more difficult to pay back the money borrowed.

Some lending companies share information with each other. If they see that the applicant currently have an active payroll advance loan, they will most likely deny the request for a new one. Try to pay off all current payroll advances before committing money to another one. The goal is to help the borrower stay ahead, not get further into debt. This type of funding is given to people with bad credit. They do not check an applicant's credit history, they only check to see that the applicant does not have a current loan active or in default. If the borrower has filed bankruptcy, they may still be eligible. As long as the applicant is not currently in bankruptcy, there is a good chance of approval.

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