If you want to get a loan but you have bad credit, then you are limited on your options. You may not be able to go to a traditional lender for the loan, but there are paycheck advances that work great for people in just this situation. To find out about paycheck advances, how they work and the benefits they offer, read the information below:
About paycheck advances
Paycheck advances allow you to take short term loans out against your checking account. And they don't require you to undergo a credit check in order to be approved for them. You will need to pay some fees in order to take out this type of advance, but you would incur fees going any other route as well.
How to get a paycheck advance
When you decide to get a paycheck advance, you need to be prepared with a check from your active checking account, your ID card, proof of your residence if it is different from the one on your ID card, information for personal references and your last paycheck stub. Take this information to the paycheck advance location and fill out the required paperwork.
You will need to write a postdated check to the company for the amount you owe them, plus any fees associated with the advance. You'll want to go in and pay back the full amount you owe before the date on your contract is up. If you don't show up to pay it, then they will deposit the check directly from your checking account.
If paying back the full amount of the advance is going to keep you in financial trouble, then you can pay it back and take another one out the same day. However, you do want to do your best to pay off the advance without taking out another one as soon as you are able to do so. This way, you won't keep incurring fee after fee, which can cause you to have a hard time getting your finances in better shape.
Benefits of a paycheck advance
Paycheck advances are very easy for you to get when you have a lot of derogatory marks on your credit reports. The entire process for getting the loan only takes a few minutes and this makes them great for times when you find yourself in a financial crunch with an immediate need for funds.
For more information and more about this topic, contact paycheck advance lenders directly.