Is A Paycheck Advance Right For You?

Anyone can run out of money before pay day. Often times, income has little to do with it. Couple that with a flailing economy, and more and more individuals are having trouble making it to their next pay day. It might be more diapers and formula for the baby, or an overdue car payment. In any case, a paycheck advance is an option that more and more people are taking advantage of.

It wasn't long ago that cash advance offices were in the wrong part of town, frequented by people our mothers told us to stay away from, and managed by individuals we didn't want to be around in a dark alley. No more! Offices are now managed by business people in suits, and located in the same beautiful office buildings as their where their customers are employed.

Application requirements differ depending on where you go, but generally you need a net income of at least $1,000 a month and your loan will only be approved for an amount less than your take home pay. You also need to have a checking account. Some companies allow you to borrow up to $1,000, but most limit their loans to a maxmimum of about $500. The general rule is the more you earn, the more you can borrow.

Interest rates are comparable with what you'd expect to pay if you were taking a cash advance from your credit card. These are unsecured loans, the interest is a bit high with an average of 15-25% depending on the loan term, but if your only option is taking out a loan or having your electricity turned off – the decision is a no-brainer.

Many companies have websites where you can apply discretely and handle the entire process almost anonymously. They usually require that you send in some type of paperwork like check stubs but after your application is approved they usually deposit the money into your checking account fairly quickly.

Keep in mind that even though they won't pull a regular credit report, they will check with another type of credit service that only deals with open pay day loans. They monitor what loans have been paid, which ones are open, and which ones have been defaulted on. If you have no open loans, and if you have never defaulted on a past loan, you're good to go.

If doing business online is not your thing, call a local office and ask what you need to do to apply. Make sure you have everything when you show up. You may get a check right away or you may need to wait for it to get wired to your checking account.

Make sure you do some research first in order to compare rates and limits. These companies have learned to aggressively compete with each other.

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