When used responsibly a payday cash advance loan can be just the thing to get you out of a financial pinch, (e.g., funeral costs, important utilities about to be shut off, family emergencies, loss of work from last pay period, etc.) without risking hefty interest rates and fees. Unlike other loans a paycheck advance loan does not require a credit check and it is possible to obtain the amount needed within twenty-four hours. This helpful guide will explain the simple steps involved in applying for a loan advance online and in person so that if you are planning to borrow, you will know exactly what to expect.
What you may need for a paycheck loan advance online or inperson
- Proper form of identification
- A checkings account
- Proof of income, pay stubs, etc.
- A bank statement
- A Postdated check (in some cases)
Quick easy steps
First the borrower will need to provide all the information listed and prove that they make a steady income.
There is a short application that must be filled out. The application will be approved on the same day.
The borrower will sign an agreement which states that they will pay by the set loan term.
In addition to the application the borrower will also write a postdated check for the amount of the loan plus loan fees or interest.
The borrower will be expected to pay the full amount owed in person by the due date of the loan term and will schedule a date to do so. If needed the borrower may also show up on the scheduled date to extend the loan term to the next paycheck of the borrower.
On the same day of filling out the application, the borrower will receive the cash or check for the amount loaned.
If the borrower does not show up to pay the amount agreed upon, or decides to extend the loan term, the lender may cash the postdated check on the date listed. If the check bounces the borrower will be charged a fee from the bank on top of the amount of the check, so it is very important to stay on top of the loan term due date.
Online Advance Loan
A pay day loan online will involve the same general process as walking into a physical location with a few minute differences.
First of all, keep in mind that not all states will allow paycheck advance loans due to regional loan laws. Loan Stop provides online advance loans for various cities in Colorado and Wyoming. Generally applying for payday loans online will involve the same application as before and all the same information will be needed. You may need your routing number and account number of your bank account in order to deposit the funds online.
Once the application has been filled out there is usually an e-signature or SSN required to “sign” the agreement which states you agree to pay by specified date. Some online services will automatically deduct the amount from your bank account using a credit or debit card information, making a loan advance online extremely convenient.