What are Payday Advances?
Before you attempt to get a payday advance, it is very important that you know exactly what it is and how it can be helpful to you. This knowledge is crucial because you will be making an important financial decision. You need to know that this is the right decision for you at this time. Fortunately, this type of loan can actually help you erase some of your unpaid bills and expenses; while reducing overall stress levels. Bridge Payday Loan is committed to helping our customers secure the best possible on-line payday advances
In short, a payday advance is a loan typically under $2,500; that you can get for a short amount of time. Payday advances can be originated at brick & mortar payday loan stores; or many people prefer the stress free method of applying via the internet with on-line payday advance companies. On-line payday advances have become so easy these days, with many customers receiving their cash in their checking account within a few hours.
Payday advances are typically set-up so that the borrower will repay the payday advance when their paycheck arrives. Payday advances are a great way to bridge the gap from payday to payday.
The amount that you can get for your payday advance varies depending on how much you make from your place of employment. When you apply for the loan, you will have to show proof of how much you earn each month. You can then get an advance for an amount that is less than this number. You cannot get an advance for more than you make, as your paycheck would not be able to pay it all back on the due date.
This is very helpful because it allows you to pay off all of your bills on the day that they are due without accumulating any interest or late charges on those bills. A payday advance is also helpful because your credit history does not matter, as no credit reports are typically pulled when originating a payday advance. With long-term traditional loans, the lender will not typically give you the money if you have a low credit score. You can get a payday loan that is based on what you make right now, not what you have done in the past. You will be forgiven for past mistakes that you may have made due to unemployment or some other situation if you show that you now earn enough to be considered reliable and steady.
There are consequences if you do not pay off the payday advance on time. You will accumulate interest at a predetermined rate. This rate will be discussed when you first get your payday advance.
As with any type of payday advance or loans in general, consumers will want to ensure they borrow responsibly; and have a feasible plan to pay back the loan, while meeting all of their short term obligations. Payday advances are a great short term fix, and are lifesavers for millions of people each year across the world. While payday advances are great short and medium term fixes, they are not recommended to be a long term fix.