Getting payday advance loans

Most people will probably admit to having run a bit short of cash before payday at least once in their lives. Sometimes all that may be needed is a short-term cash injection to get over a temporary cash flow problem. Payday advance loans may fit the bill very well.

Payday advance loans may be very useful to get over those crisis situations and pay a forgotten bill for example, or for emergency car repairs.

Payday loans are typically available from specialist online payday loan companies. The nature of these loans means that the application and approval processes are typically much faster than those associated with more traditional lenders.

The basic principals of payday loans are fairly straightforward.

Typically there may be a short online application process, which may require that a quick credit check is carried out. If you have a poor credit history, don’t let the thought of a quick credit check put you off – the good news is that a payday loan lender may still consider lending to you.

Information that you may be asked to provide could include personal name and address-type details, details of a bank account which has a debit card facility, the date of your next pay day.

The approval process for payday loans is typically fairly fast. Some loan providers provide an almost instant answer although some may take slightly longer.

Once approval has been given, you will typically also be given exact details of the full repayment amount including any related charges. The money is then paid directly into your account, the details of which you provided as part of the application.

Your payday loan will typically be due to be repaid on your next payday. These types of loans are not repaid in instalments; the whole amount together with agreed charges will be debited from your account on the due date.

Once you have cleared you loan, that’s that! You are free to apply for another payday loan as and when the need arises although good payday loan companies will not encourage regular lending in this way.

Some payday loan companies may restrict the amount you want to borrow the first time you use their services. If you use them on subsequent occasions you may find that your borrowing limit for payday advance loans has been increased.

Looking for fast payday loans?

Let’s face it – any of us can run a little short of money from time-to-time, no matter how well we have budgeted. That may not be serious, unless it just happens to coincide with an unexpected expense that has to be dealt with immediately. That’s where fast payday loans may be able to help.

The basics

A payday loan, as its name suggests, is a short-term cash advance taken out then repaid in one go – typically on your next payday. It’s a way of helping you get through a difficult month or alternatively, of taking an opportunity that’s just crossed your path when you’re not well positioned to take advantage of it.

On your next payday (or sometimes the one after that), the loan is repaid in full together with any charges due (this may include a bank transfer fee). The lender will place a debit directly on your account for a previously agreed amount. Once paid, your debt is clear.

The advantages

A payday loan is typically applied for online and a fast decision is made. If it’s yes, the loan amount is transferred directly to your bank account. It could be there within a day or so, or even as little as two hours if your bank accepts immediate transfers. There is no fuss, typically no paperwork, and no lengthy decision-making chain.

 

Credit history troubles

As with any loan application, the lender may perform a credit reference check, but typically this will be a fast check, rather than something more in-depth. The good news is that as the cash advance loan amount is likely to be smaller than many and repaid very quickly, you may find that modest credit reference problems will be accepted. So, bad credit payday loans may still be available to you.

What you’ll typically need

The requirements for applicants are typically simple including-

a bank or building society account in the USA with an affiliated debit card
permanent employment providing regular income
a regular and verifiable permanent USA address
being aged 18 and over

Using fast payday loans may be an efficient way of supplementing your monthly finances if things are a little tight. And, with the cost often working out cheaper than using a bank overdraft, it may work out cost-effective too.

How to compare prepaid cards

If you are shopping around for a product, you need to know the criteria to use to distinguish between them. So to compare prepaid cards, what should you be looking for? You could start by asking the following questions.

Is there an initial fee?

When the card is issued, some providers charge an admin fee for producing it. They might also charge for the postage and packaging costs involved in sending it to you.

What are the monthly fees?

Some card providers charge a monthly fee to cover the administration costs of running the scheme. Other card providers do not charge monthly fees, but make their money in other ways like transaction fees.

Does the card issuer charge transaction fees?

Transaction fees can be charged for withdrawing cash, or making purchases. When you compare prepaid cards, you will find that card issuers might score well on one criteria, but no so well on other. In that case, you need to weigh up the overall costs of the fees and charges involved to assess how much it would actually cost you to use the card every month. For instance, if you do not get cash out very often, then it does not really matter whether your card provider charges for this service. However, if you withdraw money every day, this will be more of an issue.

Is the card easy to top up?

Some card providers have an arrangement with the Post Office, so their customers can pay in cash over the counter which can be credited directly onto their card. Also, at PayPoint terminals in shops (which are also used for gas and electricity), you can also upload money to your prepaid card. You may have to pay a fee for this service.
Other ways of getting funds to your prepaid card include direct bank transfer, telephone banking and having your wages paid directly in.

Is the card widely accepted?

Consider also where cards are accepted. Widely available services like VISA, Maestro and MasterCard are accepted in most retail outlets. You should also be able to access your funds using an ATM with these brands.

Can the card be used abroad?

Finally, when you compare prepaid cards, make sure that you choose one that fits your lifestyle. So if you have a few foreign trips coming up, select a card that can be used abroad.