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Information about Paycheck Advances

2011 January 24

Paycheck advances are also known as payday loans, instant cash loans, paycheck loans, payroll advances or cash advances. These loans are very useful as they can act as a short-term financial management instrument. If used correctly the loans may come in handy in many different situations such as making late payments, avoiding bouncing checks or even hurting one’s credit rating. Though this is a service that is readily available to people, but still, at a time of crisis all other options should be given due attention before taking such a loan. Paycheck advances are available 24 hours a day over the Internet and during business hours in stores offering such services.

In order to receive such advances one needs to fulfill some basic criteria and meet the minimum requirements. This often includes the age of the receiver being more than 18; the receiver has to have a checking account, which has been valid for over 90 days. The minimum income of the receiver is also mentioned; often this amount is around 1200 dollars. To receive payday loans one must not be bankrupt. These services usually do not check the credit of the customer but they do have a certain risk assessment system to make sure that the customer has the potential to pay them back on time. In order to sell paycheck advances the company makes sure that the person does not have outstanding amounts with any other service.

Receiving instant cash loans have become very easy as many of the payday lenders give out loans not only from storefronts but also over the Internet. The loan amount is normally deposited into the borrowers account within a single working day. It is important to choose the best payday loan, as there have been incidents where the company has defaulted to pay the loan amount.

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