Sunday, February 3, 2008

More on Payday Advances

Have you ever found yourself short of cash and your next paycheck is still weeks away? This is the time when a payday advance comes very much in hand.

A payday advance or a payday loan as it is often called, is a short term loan which means that the loan is repaid in a short span of time and is secured against your next pay. Since some companies that offer services like payday advance are available online, all you need to do is to fill out an online form and the company will be processing your request. Imagine not having to fall in long lines just to apply for a loan only to find out that you're not even qualified for it. Or worse, your application for the loan gets rejected because the lender you were applying a loan from couldn't understand your handwriting.

Usually, most lending companies require a few and very basic requirements in order for you to be qualified for a loan. One of these is that you must have a regular source of income, that which means either you are employed. You also must be at least 18 years old and above and must be a resident of the United States. Also, you need to have an active checking or savings out with a direct deposit set up. Why?

Well, for the last requirement, it is because most companies will just directly deposit the amount of your loan into your savings or checking account after it has been approved. In this way, you save a lot of time of going to the company and falling in line just to get you money. The transaction is also more secure and usually takes less than 24 hours.


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