Payday Advance loans have been a godsend for me many times. Because of certain circumstances in the past, my credit was not good enough to go to a bank, even though I had a steady income from disability. The banks also wanted a co-signer, and who wants to be a co-signer? Not a good thing to do. A payday advance loan company does not check your credit, neither do they require a co-signer. If you meet the necessary requirements, you can get a loan immediately! No waiting around for approval. I believe that the only people that will not be eligible for their services are the military and their families. This seems to be the norm for all the payday advance companies.
The payday advance loan company does ask you to have the following when you make application for a loan: proof of income, active checking account, bank statement,utility bill (proof of residence), telephone bill, and personal references. The maximum loan amount you qualify for is based on your income. You have the choice of asking for that amount, or a smaller loan.The bank statement is proof of an active account because they require a check in amount of the loan +interest. They can hold the check until the due date, at which time you can pay off the loan and get that check back, or they will deposit the check into your account if that is the way you want to go.
If you choose, you can take out another loan immediately, once you have paid off the existing loan. Another option is paying only the interest for a set number of months. However, some payday companies only let you do that once a year. I don’t know of any financial institution that would let you do that. There are also payday advance loans that do “car title” loans. Those loans are somewhat different from the usual payday loans with a different criteria for determining available loan amounts.
The banks, credit unions, etc. do not like the payday advance companies because they have taken away a lot of their potential business. I don’t know if the banks are loaning out money easier now, but I do know that despite the higher interest rates, the advance payday loan companies are a resource for getting money into our hands with less hassle. Because the advance payday loan companies are so customer friendly, and provide a valuable service, they will be around for a very long time.