Direct Pay Check Advance

Almost anyone can get a direct pay check advance simply by looking through the yellow pages for an establishment nearby. If the money is needed immediately, it can be direct deposited into the checking account. When the loan is due, the repayment amount can be automatically deducted from a persons checking account. Application can be done completely online, saving the time and cost involved in driving to a location away from home. The lenders do not need to check credit history, because they rely on the borrower's work history, bank information and income. Keep in mind that this type of advance is not meant for the long term, but for people who need a relatively small amount of cash right away, that will not be difficult to pay back immediately.

Before deciding to go ahead with a direct pay check advance, understand all the terms involved. For example, ask what interest rate will be charged for the borrowed money, and then figure out if this interest rate is at a manageable level for the monthly or biweekly amount of income. If it is, and there is still enough money remaining to meet your other obligations, then by all means go ahead with the loan. However, should you discover that the total amount plus interest being borrowed would mean not paying other bills or going without food, then most likely more research is in order to find the suitable loan instrument for your situation. For most very short-term needs however, this remedy could be just the answer the borrower is looking for. In most cases, the borrowed amount will not exceed $500.

Deciding to use a direct pay check advance can allow the borrower to avoid having to pay bounced check fees or penalties imposed by those companies to whom the renter or homeowner owes utilities and other obligations when the payments are late. Plus, most check advance establishments do not charge a fee to enroll for the service. Do shop around to see what income levels qualify the potential borrower, as requirements vary from one place to another. Some will require higher income levels than others. Also, the customer does not need to have any type of collateral to back the loan, but must have their paychecks direct deposited to their bank account.

Direct pay check advance loans can be obtained even when the borrower has experienced bankruptcies of any kind, or if there has been a bad credit history. No need to pull those credit reports and sit with a loan officer to laboriously go through them line by line, and experience the embarrassment of those bills that were paid late all over again. Who likes to relive those embarrassing moments? Most of the time, once the application has been approved, the cash can be automatically deposited into the bank account within a 24 hour period, which means almost immediate financial relief. Also, the staff will ensure that all information is kept strictly confidential, since they are required to follow strict regulations as lenders. Advance loan establishments will never sell personal information to third party requestors. "A double minded man is unstable in all his ways" (James Chapter 1:5 KJV).

Borrowers of direct pay check advance loans will be asked to produce forms of identification such as an ID, pay check stubs, utility bills to show or verify that the address is bona fide; the loaner will check to discover how long you have lived at the current address, verify that you have direct deposit and will find out income levels. Also, the lenders will want you to understand that loans will not be given to those who have not been able to repay previous direct pay check advance loans. So call before you go so that all the needed documents are with you when applying for the loan. This will cut down even further on the time it takes to apply, which is quick anyway!

Most direct pay check advance establishments will not make another loan until the first one has been paid back. Also, if an extended repayment period is needed, many will work with the borrower to allow this, but there are exact repayment dates that the borrower will be held to. The remaining loan amount that needs to be paid back will most likely come out of the extension period or pay date the borrower requests, and in the entire outstanding amount. Keep in mind that interest will be added to the original borrowed amount, so this will need to be kept in mind when calculating how much money will need to be in the bank account when the time comes for the EFT to remove it as payment for the loan. Make every effort to ensure the entire amount is paid back in the time period requested, so that extra interest does not build up and increase the amount of the loan unnecessarily.

Remember that direct pay check advance loans should be used only in the event of an emergency. For example, if you are in an accident and your paycheck will not cover all the medical bills. There may be a few hundred dollars that needs to be covered in the form of a small loan to finish paying them off. If your electricity or heat stops functioning in the middle of either a heat wave in the summer or a cold snap in winter, and there isn't enough cash in the bank to cover the repair, this could be another reason to take out that emergency loan. There may be any number of reasons, but whatever they are, always approach the situation with clear reasons for taking out the loan, and determine to pay them back immediately.

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