No Fee Pay Check Advances

When the month outlasts the money, no fee pay check advances can help bridge the gap. Workers who live from paycheck to paycheck are finding that it's becoming more difficult to make ends meet. Even two-income households hassle over high-priced food and gas prices that can break a budget. From the cost of commuting to work to the cost of feeding a family of four, prices have skyrocketed and the American consumer is feeling the pinch. No fee pay check advances offer a fast cash fix for consumers facing a temporary money crunch; but the key word is "temporary." Unlike conventional financing, a payday advance is money loaned to employed persons against weekly, biweekly or monthly checks. Borrowers with a regular job or proof of steady income can borrow up to a specific amount for a fee ranging from $20 to $30 per every $100 loaned. At the end of the short-term loan agreement, usually on payday (hence the name "payday loan"), borrowers are expected to repay the amount borrowed, plus the finance fee.

Some companies require borrowers to have a direct deposit checking or savings account from which they can access customer payments, while others rely on the borrower's integrity. Loan companies make money charging finance fees for each transaction; and some firms charge an upfront fee simply to process applications and set up accounts. However, there are companies which offer no fee pay check advances, free of upfront charges. Qualifying customers simply show proof of income and age; provide personal identification, such as a valid drivers' license and social security card; fill out the application; and the money is issued within minutes. Most consumers are approved on the spot with no credit checks and no collateral required. Bank account and routing information is usually required as a means of recouping funds in the event of default. And companies will charge additional fees for delinquent accounts or to extend payment arrangements. While finance companies charge late fees, salvation is a free gift from God. "For by grace are ye saved through faith; and that not of yourselves: it is the gift of God: Not of works, lest any man should boast. For we are His workmanship, created in Christ Jesus unto good works, which God hath before ordained that we should walk in them" (Ephesians 2:8-10).

Web-based no fee pay check advances may be offered through online lenders who process applications and make payment electronically. Without paying an upfront fee or being hassled by a credit check, cyberspace consumers can get a paycheck advance within minutes from being approved. Online applications are processed quickly and funds are directly deposited into customer bank accounts for immediate withdrawal. Everyone knows bounced checks can be embarrassing and costly and late fees can add up. But workers who once struggle to deposit funds into the bank before checks can clear or strive to avoid late charges can relax. Because monies are so readily accessible, workers don't have to incur overdraft fees or late charges for bills that are past due because they become payable before pay day! Some web-based firms set lending limits for first-time or high-risk borrowers; but once no fee pay check advances are repaid, loan limits can increase.

While no fee pay check advances can be a blessing, they can easily turn into a curse if not properly managed. Consumers who heavily rely on payday loans are asking for trouble. Even if loan companies waive upfront fees, finance charges on each transaction can add up considerably. The $25 to $30 charged per $100 borrowed is money that could be placed into a savings account for a rainy day or unexpected expenses. And if consumers get into the habit of borrowing from personal limited resources, it won't be long before they will be overwhelmed by debt that cannot easily be settled. By regularly obtaining payday loans, customers are actually robbing themselves of resources that could be sufficient to take care of monthly expenses. At an average paycheck of $500 a week, an employee could bring home $1,500 a month to cover living expenses. But if even one of those checks has to be sacrificed to repay no fee pay check advances, along with finance charges, it won't be long before the customer will start to feel a serious money crunch. Once borrowers get behind on payments, it is virtually impossible to catch up; and all the benefits of getting fast cash payday loans pale in comparison to the mounds of debt that accumulate as a result of being unable to repay.

So how can borrowers prevent no fee pay check advances from becoming their worst nightmare? Simply exercise restraint and refrain from borrowing more money than can be easily paid off. Use payday loans for emergencies only and pay them off as soon as possible, even if it means sacrificing other bills in the process. Don't keep extending agreements, as this can only add up to hefty fees that can result in greater indebtedness. If getting an advance puts a borrower in financial jeopardy, pursuing other means of raising extra cash with no strings attached may present better options. Individuals may need to find ways to cut expenses rather than relying on payday loans. Sack lunches, car pooling, do-it-yourself hairdos, and shopping at yard sales and flea markets can all put money back into a tight budget. Employees facing financial crisis could consult with Human Resources personnel or corporate payroll officers to see what options are available to workers in need. Employers may be willing to extend personal loans and deduct small amounts to repay advances, or offer workers overtime to make additional money. There is always a more excellent way to make the money outlast the month; it just takes prudent management.

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