It’s not uncommon for people to fall short on funds before they get their next paycheck. Luckily, there are many easy loans that can get them out of a financial bind. Borrowers in need of quick cash can consider a paycheck loan. These small-dollar loans are easy to apply for and can offer same-day funding. Read on to learn more about how paycheck loans work and some key benefits of getting one.
How do paycheck loans work?
With paycheck loans, borrowers can receive quick funds that they can repay in two to four weeks, when they get their next paycheck. These short-term, small-dollar loans are designed to help borrowers cover any expenses they need. If the borrower can’t repay the loan when it’s due, they can choose to roll it over for another two to four weeks, but they may have to pay more in interest rates and fees.
Benefits of paycheck loans
Here are some benefits paycheck loans can offer:
Paycheck loans come with simple applications that borrowers can complete in just a few minutes, in store or online from the comfort of home. Typically, they’ll only need to provide several personal and financial details, like their name, address, proof of income, and a government issued ID.
Many paycheck lenders offer an instant or quick approvals and funding. Borrowers often hear back about whether they’re approved within a few minutes, and may receive funds as quickly as the same day they apply or within 24 hours. This makes paycheck loans a great option for those that can’t wait to receive the cash they need.
Can tide borrowers over until payday
Paycheck loans are designed to give borrowers enough funds to cover expenses until their next payday. With this type of small-dollar loan, borrowers can typically receive a few hundred dollars to cover essential and emergency expenses. A paycheck loan may come in handy for those that need some extra funds to pay for groceries, gas, rent, or utility bills.
Borrowers don’t need good credit
Paycheck lenders often have more lenient credit score requirements, and many offer cash advances to borrowers with all credit scores. During the approval decision process, they’ll consider factors in addition to the borrower’s credit like income, current debts, and employment history. This means borrowers with poor or fair credit can still qualify.
The bottom line
Paycheck loans are a great way for borrowers to get fast funding before their next payday. With simple applications and less strict credit score requirements, borrowers with any credit score can easily get the cash they need.
Advance America offers paycheck loans that borrowers can use to cover any expense. With an A+ Better Business Bureau rating and many positive reviews on Google, Advance America is a safe and reputable lender known for customer satisfaction. Borrowers can visit Advance America today to learn more about the loan options at their disposal.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.
About Advance America
Founded in 1997, Advance America, the country’s leading state-licensed consumer lender, seeks to help every customer achieve their version of financial stability through a variety of innovative, regulated and transparent small-dollar credit options.