Payday Advances – Small Loans, Big Benefits

Payday advances is a great option to meet unexpected expenses in the middle of the month. These loans can be used for any requirement and are easy to get. Payday advances is a short-term loan offered by private money lending agencies, and are given to applicants who qualify certain eligibility criteria required by the agencies.

In order to successfully apply for a payday advance loan, lending agencies ask for the applicant to have a valid US citizenship, a valid social security number, be working for at least three months, provide their bank details, and be at least 18 years old. If the applicant is able to fulfill all the requirements, the loan is processed immediately and the money is transferred to their account within the next 24 hours.

An applicant can apply for payday advance loan of up to $1500, and is required to pay the amount back on their next payday or a maximum period of 30 days. Lending agencies charge a financing fee on all loans which is about 15 to 30 per cent of the total loan amount. On maturity, the borrower is required to make the full repayment including the financing fee. In event of non-payment, the lending agency holds the right to withdraw the money from the borrower’s banking account electronically.

There are two ways to apply for a payday loan. You can either visit the office of a lending agency in person, and fill up the application form or you can opt for one of the online payday loan agencies and complete the formalities from the comfort of your home or office. Since payday loan agencies do not ask for the long list of documents asked by traditional banks, you can easily complete all the formalities online and get the money transferred to your bank account without straining yourself at all.

Even though applying online is the most convenient way of getting a payday loan, you still need to research a bit on the lending agency you are planning to apply the loan with. Always choose a reputed player in the business.