Instant Payday Advance loans are loans that offer quick approval, instant access to cash and minimum qualification requirements. If used sensibly, an Instant Payday Advance can help you through a temporary economic setback.
Devised as a short-term way to advance money to approved applicants quickly, Instant Payday Advance lenders typically do not rely on credit ratings and often do no credit checks at all. A job and a bank account are generally all that is required as long as the applicant is a citizen of the United states and of legal age.
Below are five facts and tips to help you decide if an Instant Payday Advance is right for you:
- The APR (Annual Percentage Rate) of payday loans will be high, however, they can be economical loans if they are paid in full on your next payday.
- You will need your bank account statement and your last payment stub when applying.
- Before agreeing to any loan, read and understand all fees, payment requirements and penalties that may be assessed should you fail to repay your loan on time.
- Your lender must advise you of the loan's APR and total finance charge in dollars before you accept the loan.
- Since there are no credit checks, you can apply with different lenders and compare fees, interest rates and terms to find the best loan.
To gain the most benefit from an Instant Payday Advance, have a plan in place to pay the loan back with your next paycheck. Fees and interest charges accumulate quickly if you must extend or roll your loan over. By understanding the loan terms and repaying on time, you have the power to withstand an unexpected financial shortfall.