A guide on how to get a payday advance
What to do if you need cash immediately to repay medical bills or repair your car? If you are not ready for long queues in banks, you need to know how to get a payday advance. Payday loans are small short term loans with relatively high interest rates. The lender can lend you the money if you agree to write a postdated check for the amount you decide to borrow. The repayment term ranges from 14 to 30 days.
Applying for payday advance, you should pay a fee that is a percentage of the money borrowed, so it may vary from lender to lender. If you can not repay the borrowed amount in time and have to extend the repayment period, you will need to pay extra interest charges. The fee is quite affordable when you take a loan for a few days, but studies show that the APR on payday advances may range from 320% to nearly 800%.
So, how to get a payday advance? For example, you want to borrow $ 200 until your next paycheck. You write a postdated check to the lender for $225 (you borrowed $200 plus $25). The lender gives you $200 and agrees not to cash the check until your next payday or any other date agreed. On the due date, you can pay $225 personally, or the lender can cash your check.
This brief guide on how to get a payday advance can help to find cash assistance in difficult times, besides payday loans have a lot of benefits such as fast approval within 24 hrs and easy repayment. Repayment and transfer both are done automatically, so being time saver also. People who are tagged by bad credit due to late payments, defaults, CCJs, bankruptcy, etc can also get a chance to take the benefits of this payday loan scheme.