Money. Who doesn't need it? But in case you're in a situation where you need cash quick and can't wait for payday, then here are some ways you could obtain it.
Paycheck advance. A paycheck advance or payday advance is an example of short-term cash loans available to employed borrowers. How does it work? A borrower is required to fill out a postdated check to cover his loan (plus a certain fee), and the company will hold on to this check. If his request is approved, the borrower would get the cash he borrowed the next day (via his bank account). The lender will cash the postdated check on the borrower's payday. Usually the additional dues cost 15% of the loan. Also, the lender should be able to cash in the check not more than 14 days after the borrower claims the money. Many financial companies offer this cash advance option; requirements they set on the borrowers include a minimum salary of about $1,000 monthly minus taxes.
Fast cash. A basic characteristic of a fast cash or quick cash loan is that it is short-term and has a high interest rate. It is similar in many ways to a paycheck advance loan option, such as that payment will be made on the borrower's next payday. However, if you are interested in applying for a fast cash loan you won't need a checking account, but you will need a bank account.
To apply for a fast cash loan, just fax in your driver's license, social security number, pay slips and bank record (among others). Fax-less or online application methods are also available. With this method, you'd typically just have to fill out an application form and wait for it to be approved. Upon approval, cash is deposited into your bank account. The lender will electronically withdraw your loaned amount plus dues on the day of your payday. This option is very easy, as no collateral is necessary, but do take note that the interest rates are higher than usual.
You have to make sure that you are applying at a reliable and valid lending institution. Remember, you will be divulging personal and sensitive information, so make sure it's not a scam.
These are just some of the options for borrowing cash when you badly need it. Other details you have to take note of include the following: available payday loans usually range from $200 to $2,500. In the United States, some areas have strict regulations regarding these payday loan options; for example, borrowers could only loan up to a certain amount, or they might only be able to have one outstanding loan at one time.
Payday loans are usually necessary for an unforeseen emergency, but before taking out a payday loan it's best to examine other options first. Money may be very fast and easy via these loans, but it runs the risk of creating a cycle of debt for the borrower because of their high interest rates. Remember that nothing beats discipline and efficient budgeting when it comes to handling money.