Emergency Payday Loans Provide Money In a Snap
Sometimes you need some quick cash, whether it's for the winter supply of heating oil or to buy that football uniform for your child's upcoming season. These expenses don't always come up at the best of times, so you may want to get an advance on your paycheck so you have some money to spare. Emergency payday loans can provide you with fast money to get the job done.
Emergency payday loans, or paycheck advances, allow you to borrow money against your next paycheck and repay it on your next payday. The loans usually have terms of a two-week payoff, although many online companies are now offering terms of up to 100 days. The interest charged will continue to accrue the longer you wait to pay the loan off, however, so you'll want to pay the company back as quickly as possible.
Most companies that offer emergency payday loans will not require a credit check, although most brick and mortar stores will need to see your drivers license or other official government identification card, along with your last few paycheck stubs and checking account number. Online services for emergency payday loans may require you to fax additional information including a copy of a check, employer information, and social security numbers. If you decide to use an online loan service, you may notice that many companies don't even require you to fax this paperwork anymore, although their interest rates may be higher.
One advantage of looking up emergency payday loans online is that you'll be able to see many different companies to compare their terms and restrictions. Don't just take the first one you see without comparing the maximum amount of each loan and how much interest they can charge, two companies in the same state may have wildly different terms. If you have any questions, give them a call to clarify any issues you may have. Most companies will pay out the emergency payday loans within one day, or even one hour depending on the service. This is done with a check, cash, or direct deposit into your checking account.
Today's harsh economy makes it more likely than ever to find yourself in need of some emergency funds, and although they shouldn't be used often, companies that provide emergency payday loans can help get you over that financial bump until your next paycheck.