What is a Paycheck Advance?

A paycheck advance is another term for a payday loan. These
are small loans that are short term and are usually for two weeks or less.
Usually the person who is asking for the advance will write a check for the
amount that they are needing at that moment along with the fee the company
charges. The company then will agree to hold this check until the next payday.
This is usually a week or two weeks after the loan. The person borrowing the
money will then get cash in return.

 

Many companies now have websites where you can simply fill
out an easy online application that after it is approved, the company will fax
an agreement with an authorization that will let the company give the borrower
money that can be put electronically into their personal bank account for the
amount of the paycheck advance.

 

Typically a person can get as little as they want and up to
about $300.00. However, it all depends upon what company they decided to apply
for the paycheck advance from. Each company has their own procedures and
policies.

 

Just because the paycheck advance is set at a certain date
that it is due, the person borrowing the money can repay the advance earlier
than what the due date is, however, most places do not give a discount for
paying early. They also do not have a penalty for early pay back either.

 

Once an application has been received with all the required
documentation, it is processed and upon approval, the borrower will receive
their paycheck advance. On average it generally takes just thirty to sixty
minutes for an application to be processed. Once that is done, if the person is
at the company they will receive their money then. If it is done online the
person will receive the money in their bank account the next business day. If
the application is received on a Friday, they’ll receive the funds on a Monday,
if it’s during the weekend generally the funds will be there by that following
Tuesday.