Paycheck Advance Loans

A paycheck advance loan allows the consumer to apply for money based on the paycheck that has not yet been received. This can alleviate a consumers worries about stretching the dollar until the next pay day, or even eliminate the stress of paying for that unexpected expense that may arise. Paycheck advance loans are readily available to those in a financial crunch. The process is quick and convenient as many lenders can be accessed through the internet.

This form of financial assistance, much as the name suggests, is a loan that provides money until the individuals next paycheck arrives. Although there are no stipulations as to how the consumer can use a paycheck advance loan, many people use them to pay their bills on time or to pay for unexpected emergencies, such as a leaking roof or a car repair. Some people may use paycheck advance loans to finance other things such as a vacation or shopping spree. Before seeking and agreeing to funds of this type, it is important to consider the circumstances and whether there is a legitimate need for this money.

Assistance in this form is easy to obtain because there is no credit check involved. Most lenders require that the borrower is at least 18 years old, has a checking account open and in use for at least 90 days, and has a take-home earning of at least $1200 per month. Some companies may have other stipulations. An interested consumer can get a paycheck advance loan at a cash advance company where they will have the individual post-date a check for the amount that is qualified for, plus the fees for the transaction. Online companies typically allow the consumer to conduct the application completely electronically or via a fax machine. If approved, the funds will be deposited directly into the banking account that was designated by the individual. 

This funding is meant to be a small, short-term loan. The amount of money the individual qualifies for will depend upon their income as well as any other factors the lender may have. Once the consumer is approved for a paycheck advance loan the money will be deposited into their account or available to within 24 hours of the application. Paycheck advance loans can be useful financial tools if they are handled with the mindset of being emergency options for things needed, not things desired. It is important to read closely the fine print of the companies' lending policies so there are no surprises or unexpected charges. Finally, use caution and intelligence when dealing with financial matters, including cash advances. "Get wisdom, get understanding: forget it not; neither decline from the words of my mouth" (Proverbs 4:5). Taking advantage of the Internet, professional financial counselors, and many other resources will allow the individual to make good decisions.