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A payday cash advance can be the solution to emergency situations that can occur when one is between paychecks or short of cash on hand. Advanced funds can allow a borrower to take care of an emergency with the ease of using lended money for only a short time period. With a payday cash loan, the stress of an unpaid bill, broken vehicle, or worry of medications needed, will not be an added incumbent to an already stressful situation. If one is in a serious and urgent situation and in need of a small amount of cash, then this type of quick financing might be an option to consider. Emergencies happen, children get sick, cars break down, and bills sometimes go unpaid. While each of these troubles can bring worry and stress, each can be relieved with a little extra money on hand. Advanced funds can bring the borrower the cash flow needed to relieve the anxiety of problems that have left the checking account short until the next payday.
It is wise for anyone in an emergency situation to seek advice before acting. Often, when in crisis, most react hastily, not taking the time to carefully consider all of the options. The Bible teaches all to speak with those who have experience, pray over troubles, and trust God. Philippians 4:6-7 says to "Be careful for nothing; but in every thing by prayer and supplication with thanksgiving, let your requests be made known to God. And the peace of God, which passeth all understanding, shall keep your hearts and minds through Christ Jesus." A payday cash advance is an advance of cash to a borrower until their next pay period or paycheck. Because a payday cash loan is granted based on employment and salary, there are no credit checks or credit report reviews.
If an applicant has a steady job that pays at least $1000 per month, then they can qualify for a payday cash loan. And, with the ease of the Internet, an application can be completed in one's own home without the hassles of faxing documents or lengthy interviews. While this funding type is certainly convenient, it can also be costly. There are processing fees attached to a payday cash advance, and these fees can run from 12 to 25 percent. The borrower will write the lending agency a post-dated check, or authorize a checking account withdrawal, and this check must include the financial fee. At the next pay period, the borrower has the option of paying only the fee, or paying the full amount owed. Obviously, with extending the repayment beyond the original term, the fees can add up and become very costly.
Payroll advances are easy to come by because all that is needed is identification, proof of employment, a copy of a last pay stub, a current bank statement, and a blank check. They can come in the form of cash, direct deposit into a checking account, or a credit to a credit card. In most cases, the borrower can have a payroll advance direct deposited into an account overnight up to $1500. Funds are made based upon the consistent amounts that are deposited into a borrowers account each month. "The workman is worthy of his meat" (Matthew 10:10). The lending company will ask the applicant to bring in a bank statement and a voided check. If the application is approved, the loan will be deposited into a bank account overnight. The borrower may be required to have all bank documents faxed in to the lending company before 4:00 p.m. in order to receive the funds the next day.
All applicants must be aware, though, that bank hours and holidays could affect the availability of the funds. If the loan is approved on a Friday, funds will not be available until the next Monday. Payroll advance companies are businesses that have deadlines and terms that have to be met. If one is unable to make the full payment of the loan, call the lending company and receive suggested optional methods of repayment. In most instances, the borrower will be granted an extension for a small fee. The borrower may be granted three extensions until they have to begin paying more for the loan. The amount of an extension fee is based on the amount that was originally borrowed. Payroll advances should only be taken out one at a time. It is usually not a good idea to take out more than one, since that will make it more difficult to pay back the money borrowed.
