Monday, February 17, 2014, AM | 4 Comments
Paycheck advance loans have quickly become one of the best ways for individuals with a poor credit score to improve their rating, all while getting the money they need as quickly and easily as possible. The severity of our economic climate has called for new options when it comes to borrowing.
Today, paycheck advance loans are simpler than ever. Most no longer require credit checks and are readily available online.
With a few clicks of your mouse, you can be approved for the loan you need in a flash. We will go into more details about paycheck advance loans online in this article.
What is a paycheck advance loan?
Paycheck advance loans are also commonly referred to as payday loans. These loans are quite simple to apply for and provide an easy approval process, making them a common and efficient form of short term lending.
A paycheck advance loan is a small loan amount, generally just used for short-term purposes, being that the loan is usually repaid by the next payday.
Paycheck advance loans are handy when covering small-unplanned expenses such as back-to-school costs, seasonal holiday bills, or even small-unexpected car or home repairs.
The qualifications for paycheck advance loans online are much less demanding than other loan types. This makes paycheck advances much more convenient than other forms of lending.
How do paycheck advance loans work?
Usually the paycheck advance loan process online consists of completing a basic application over the internet that can take as little as five minutes.
After you are pre-approved, you are generally requested to agree to the terms of the loan by providing an electronic signature on your loan documents.
With the fast approval process, your paycheck advance loan will typically be deposited into your bank account within 24 hours.
When the loan is due, the amount of the original loan, along with fees or any interest rates will be deducted from your bank account. This can make it much easier for the forgetful borrower, by automatic and on-time repayment.
What will I need to get started on my online application?
The necessary items for an online application are very simple.
Be sure to have your social security number and government issued identification at the ready.
Besides that, you will need to provide your checking account number, along with your bank’s routing number.
You must also simply be at least 18 years of age and have a verifiable source of income.