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How Cash Advance Approval Works
There are many benefits associated with getting a cash advance approval. For instance, you won't have to worry about incurring late fees, insufficient funds fees or penalties associated with an unpaid bill. It can also prevent an impending eviction or foreclosure on your place of residence.
This is why thousands of consumers are taking advantage of a cash advance approval.
How to Apply
In order to get a payday loan, you will need to provide the lender with your checking account information as well as a post-dated check, a paystub proving your gainful employment, your date of birth to show that you are over the age of 18 and your pertinent contact information. Some lenders also require proof of U.S. citizenship.
You can use a physical store lender or you can find one online. With an online lender, you will often have access to a 24/7 online account that you can check at any time.
How Much It Costs
Many borrowers find the cost of a cash advance to be minimal when compared to the astronomical fees they may incur as a result of not paying their bills on time. Typically, the Annual Percentage Rate (APR) that is charged on a borrower's account will vary between 15% and 30%. This is the only cost involved in getting a payday loan. If the loan is not repaid, however, the borrower may face a penalty and insufficient funds fees.
How to Pay It Back
Your short-term loan will be due the next time that you get paid from your employer. For most borrowers, this means that they will have a 2 week repayment period. However, some lenders offer a cash advance for an 8 to 31 day period.
The loan balance will automatically be taken out of your checking account if you do not pay off the balance in person. It is a convenient and easy way to gain access to the funds that you need.
© 2010 Paycheck World. All rights reserved. Payday Loans are also commonly referred to as Cash Advance, Payday Advance, Paycheck Advance, Loans for People with Bad Credit and Payday Loans no Credit Check
Customer Notice: Payday loans should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.