Payday Advance - What is a payday advance?
A payday advance loan is a unique loan that lets you borrow up to $1500 until your next payday. On the date of your next payday you will need to repay the whole amount of the capital you borrowed as well as the interest charge that is levied against the loan. You have no schedule of repayments to make because once you have made the payment you will have repaid it completely.
Many people have already taken advantage of the payday loan because they recognize it's potential to help them get out of short-term financial difficulties. You too can take advantage by completing a simple online application form. There are no forms to fax and no credit check so you can receive the money within 24 hours into your bank account.
Can I have more than one payday cash advance at a time?
You cannot have more than one fast payday advance loan at a time, whether with the same company or with different companies. This is to prevent you borrowing more than you will be able to afford when you get paid. While no credit check is required most companies do check that you have no other payday loan registered against your active bank account.
You can usually apply for another cash advance as soon as your previous one has been paid in full. You may need to leave it a couple of days before reapplying just to make sure that the money has cleared into your lender's account.
What is direct deposit and do I need it?
If you want to apply for a payday advance online it is absolutely essential that your bank account has direct deposit. This is the vehicle that allows the lender to make the payment into your bank account and take the repayment directly out of your bank account. If you have wages paid into your bank account then there is a very good chance that you do have direct deposit set up on your account. Even though, without direct deposit you can still apply for a payday advance, you are unlikely to be able to take advantage of a faxless payday advance arranged over the Internet.
What if I don't have direct deposit?
If you don't have direct deposit then you can still use payday advance services, however, you will more than likely have to apply offline by phoning a payday advance company or visiting their office or shop in person. When you visit a company like this in person you will be expected to leave a post dated personal check to cover the repayment value.
Do I need to have a credit check?
Most payday advance services do not offer credit checks. They will normally subscribe to a service that allows them to check whether any other payday advance loans are outstanding on your bank account. This is how they ensure that you only have one no faxing payday advance at any given time.
