Payday Advance Loans

You see them everywhere now, even on TV you see commercials, online? Sure, why not? Payday Loans or cash advance is a handy tool when you come up short on cash. The price of a payday loan is not cheap but when you need the money this tool is usually available 7 days a week somewhere near you or 24/7 online.

In most online payday loan services are offering loans from $100 to $500 and these loans usually have a maturity date that coincides with your next paycheck from your job. This is great when you need it like when your payday is not going to get here before a check clears and you know it will NSF (non sufficient funds).

Offline payday loans or ones you visit locally to you may offer up to $900 or $1000. The loan term is sets the maturity date to coincide with your next paycheck. With the online systems the money is wired directly into your bank account overnight. In the local payday loan places you walk out with your cash in a matter of minutes.

In most cases you can opt to pay on the maturity date only the service fee, the service fee and part of the principle of the loan or the full amount including the finance fee. Of course if you choose to only pay the finance fee you will still have to pay that finance fee again on your next payday and have the same options with the finance fee.

Some of these companies charge a flat rate no matter how the long the loan is for (usually 4 to 18 days maximum) while others may charge a prorated portion of a 15-day period. In most cases the ones that charge a flat rate are based on your being paid twice monthly. The actual rates for a payday loan or cash advance is 15 to 30 dollars per hundred borrowed.

In order to qualify there are very little requirements. The following list is the most common requirements. You will notice that at no point does your credit history enter into the picture.

•  You receive a regular income. Usually a job, pension or other verifiable income.
•  You have a certain monthly income level. Often set at $1000 a month.
•  You are at least 18 years old.
•  You are a legal U.S. citizen.
•  You have a valid checking account.

Your local payday loan centers will require you to write a check and postdate it for the maturity date. They usually deposit those the next day so if you don't have the funds in your checking account you either need to make a deposit or go in prior to that date and pay the finance charge and if possible a portion of the principle.

Most payday loan centers offer other services such as Western Union, MoneyGrams, money orders, stamps and even check cashing services for when you don't have a bank account to cash your checks at.