Understanding the ins and outs of payday loans can help you
understand how beneficial they can really be.
What is the purpose of a payday loan?
Payday loans are designed to offer those in financial need
the cash they need, when they need it. The actual amount and interest on the
line is dependent on each person’s specific situation.
Who can get a payday loan?
In order to qualify for a payday loan from Payday Advance
you have to be at least 18 years of age and have a verifiable job and checking
account. The status of your credit score does not impact the approval for your
payday loan. The only thing that may affect your ability to receive a payday loan
is if you have abused loans in the past or have a history of bouncing checks.
All information that is provided on the application is verified prior to
What can the money be used for?
The way you use the money is completely up to you. There are
no invasive questions, such as what you will be using the money for, like many
traditional banks ask. The Payday Advance workers understand that you are a
hardworking adult and that you may be experiencing a financial hardship. They
are willing to help those that meet requirements of the loan without any other
questions being asked, as to where the money is going.
How much can you borrow?
The highest amount that Payday Advance will lend is $1,000.
The amount that you can actually borrow is dependent on your income and
employment. If you seem to be a “high risk” applicant, you may be given a lower
amount than other applicants. This amount is determined on an individual
When do the loans have to be paid back?
The term of the loan is determined when it is given.
Typically the time period for payday cash loans is based on how often you
receive your paycheck. The money will be due when you are paid again. In many
cases, if you are unable to pay your loan may be put into rollover, which gives
you additional time to pay. However, there are fees and penalties for seeking
Prior to applying for a Payday Advance loan you should
understand the ins and outs of the process. This will help you understand what
is required of you.