We have all seen the commercials and heard the advertisements on the radio for the payday loans and we often wonder what the catch is. There are many benefits to using a cash advance loan when you are in a tight bind. These are meant to be used as temporary solutions for financial problems you are having and are never to be meant to be used over a long period of time. If you find that you are four days before payday and your hot water tank broke right in the middle of winter, you may not want to wait four days for hot water.
You may someday find that the battery in your car has died and you do not have any more cash until you get paid in a week. Maybe you are getting ready to go on a four day weekend vacation and need your money a few days before your paycheck actually hits. In all of these scenarios there is good reason to have use of your paycheck before it actually comes in. For a fee that is based on the amount that you borrow you can get a payday advance loan. There are no credit checks and just a few requirements that you have to meet but within a days time you could have an advance on your paycheck.
By simply having a checking account, copies of your most recent pay stubs, a state issued ID, your last checking account statement, and personal references you can receive a payday loan. You will also need to make sure that you have your home address and the address and contact number for your employer. Simply go in and advise them how much you need but know that they will only loan a certain percentage of your weekly, bi-weekly, or monthly pay. Once it is borrowed you have until your next payday to bring in the money you borrowed plus the fee for using their service.
You really want to be careful though because if you borrow too much money and you are not able to repay the cash loan company on your payday without making yourself completely broke you may have to re-borrow the money. While this may seem innocent enough it is a sure fire way to put yourself in true financial hardship. If you were already tight on finances, adding additional payday loan fees every month can only make your situation worse. Depending on how much you are borrowing those monthly fees could easily be anywhere from one hundred to three hundred dollars a month.
While these payday loans have their place, if used improperly they can lead to a terrible amount of trouble and hardship. It is your job to make sure that you are using only what you need and then paying it back right away without re-borrowing. Do not allow yourself to get stuck in a cycle that you cannot get out of. If you do not repay the loan when you are scheduled to they will automatically withdraw it from your bank account or attached your wages if the money was not covered by your bank. So just make sure that you are responsible with the cash advance loan and you will be just fine.
