If you are simply
trying to get by until your next paycheck goes in the bank, a payday advance
may be just the boost your bank account. Whether you are self-employed and
going through a slow season or are waiting for a client to pay a bill, you know
that your businesses financial obligations depend on your customers paying for
the goods and services you have provided. This can put put you in a precarious
position financially. Especially when you need that money to move onto the next
job you have been hired for. In this kind of situation, what are your options?
A payday advance is a
short-term loan that offers temporary financial assistance when you don't have
the budget to support your bills. A typical payday advance ranges from
$100-$1000 and is meant to be paid back when your next paycheck goes in the
bank. Lenders vary on their loan amounts and terms but most don't require
collateral because these types of loans are considered unsecured loans.
If you own your own
business you know what is at stake when it comes to borrowing money. It's
important that you never put the future of your business in a position where it
could be compromised. It's an option, though, when needing a little extra
financial help. If your budget won't support a payday loan payoff, then it's
best to find another way to get through your budgetary crisis.
Applying for an
overnight payday advance can be done from your home or office. It's fast and
convenient, preventing you from having to drive around town or from bank to
bank. It also saves you time from standing in line or having to endure long
approval times. You only need to give some basic information about yourself, your
employment status, and your banking institution. While you won't have to worry
about your credit history because most payday lenders don't run your credit,
you will need to have an active checking account with direct deposit of your
paycheck. If you are a small business owner you can give your personal account
information. You should never be charged any money upfront and the lender you
apply with should provide you with the fees and interest you will be charged
before you sign for your loan.
You should also ask
the lender, before you sign anything, what their policy is in the event that
you are not able to pay back your loan in full by the expected time. While most
lenders will extend your loan terms and give you more time to pay, it may end
up costing you quite a bit in the long run. Payday loans are meant to be
short-term in nature and paid off quickly as to avoid becoming an expensive and
long-term debt.
It's important to know
that each state has different lending rules and regulations and that the state
is who determines loan amount and interest rates. There are some states that do
not allow any type of payday lending so it's vital that you ask the lender if
it is legal to loan in your particular state. It's not a matter of finding a
lender that is legal in the state they are in, but in the state you actually
live in. There are offshore lenders out there but they usually charge
exceptionally high interest rates and fees and may be a little sketchy to work
with.
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