Payday loans are small loans that often come with very high rates of interest. They generally only last for a brief time period, like the 2 weeks between your paychecks. While you are able to borrow money by going into a payday advance office, it is also possible to apply for a payday advance online. However, payday advance companies are known to scam their customers, so it’s quite important that you consider other ways of borrowing money before deciding to obtain a payday advance.
Here are a few things you should know before getting a Payday loans online.
Fees: The fees for payday loans or cash advance loans are usually around $20-30 per $100 borrowed, (usually per week). However, there’s a company that, for your first payday loan, charges no interest. Additionally, there are a handful of cash advance loan companies online that only charge $10 per $100 borrowed. (To view our list of recommended payday loan companies, click on this link: http://loansnoteletrack.com/ )
When You Get Paid: The time needed to get the cash advance is usually 24 hours or the next working day. However, there a few companies that will wire the money directly into your account within 1 hour. Other companies can take as long as 48 hours to deposit the money in your account, it depends upon the company you go with. They should tell you up front or the home page of the website should tell you when you can expect to receive the funds.
Credit Check: Loans or cash advance loans, there usually is no credit check. Usually you simply have to verify your income with a bank statement, paycheck stub or both.
Tip for saving money on fees: Here’s a tip to Only use the check loan or Payday loan in the time you absolutely need to have the money, until the first possible day you can pay it off. To just have the money sitting in your account charging you interest by the day can be Expensive when it does not have to be. Be Sure to use it for the Shortest period of time possible.