You can get a cash advance payday loan from an online store or ones made of brick and mortar. If you don’t have time to go to a store in your area then choosing an online lender should work just fine for emergency cash. Many of the lenders use a paperless process anyway, so even if you go to a store chances are you will be filling out the application on a computer. The loan application takes about five minutes to fill out in most cases, and the majority of the cash advance payday loan companies give you an immediate answer.
Depending on your time zone and the time zone of your payday loan company the actual time you see the money in your account will vary. Some of the payday loan companies are only allowed to operate in certain states, so make sure that the one you are interested in is in your jurisdiction.
You will need to take the time to read the terms and conditions of any loan agreement before you sign. If there is anything that you don’t understand you should ask the loan consultant to explain it to you. Should you still feel that you don’t understand it you could take it to a friend or colleague for further help. You should never sign any agreement without having full knowledge of what you are getting into.
The cash advance payday loan is a high interest loan and if you can’t repay it with your next pay check you could be getting deeper in debt. Most people only use this type of loan when there are no other alternatives. If you have bad credit, are involved in a foreclosure or have a bankruptcy on your credit history you can still find a payday loan lender who will help you. It seems many of the payday loan companies exist to help those with nowhere else to turn. You will pay dearly for the money if you can’t pay it back with your next pay check.
A fairly typical rate for borrowing the money is $30 dollars per each one hundred dollars. This means that if you borrow $500 you will pay $650 with your next pay check. This can be perfectly acceptable although it works out to be about 300% in interest if looked at on an annual basis. However, if this money will stop your power from being turned off or your car getting repaired so you can make it to work the sum isn’t going to break you. On the other hand if you can’t repay the loan on time and in full you will be looking at escalating costs that can become prohibitive. This should be taken into consideration before you enter into a loan agreement.
Some of the requirements that you will need to meet to be eligible for a payday loan are: an active checking account that accepts direct deposit and has been opened for at least ninety days; you must be employed for at least a month, but in many cases this is extended to six months; if you live in the United States you must either be a citizen or permanent resident; and, eighteen is generally the age you need to be for a loan, but your state may have different age restrictions for the age of majority.
Each state has regulations on the amount of money that can be loaned through a payday loan service. Usually the amount starts at $100 and rises to $1000; however, some states have been known to allow $1500 to $2500. You can find out online how much each state allows a payday loan company to lend.
If you apply for a payday loan on the weekend you probably won’t see the money until the next business day. However, this will depend on what time the loan application is approved in the time zone where the loan is taking place. For example if you live in the central time zone and you get your loan approved by 7:00 pm on Sunday evening the money would reach your bank account on the next business day. In most cases that would be the next Monday unless there was a bank holiday. If you miss that deadline then it would roll to the next business day which would be Tuesday.
Choosing the payday loan company that can give the best cash advance payday loan is easy with the help of the internet, so take the time necessary to find the solution to your emergency problem.