Payday Loan Basics
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Payday loan or cash advance loan companies will not pull your credit. There is no credit check because they base the loan off of the fact that you have employment verification. The money to be paid back will be automatically withdrawn from your checking account, usually right after your next payday. You can tell the payday loan company what day you would like the money to be withdrawn from your checking account. Usually you can borrow the cash for 2-3 weeks. The amounts you can borrow vary from company to company. Most of the time, you can borrow $300-$1000 depending on the company.
With bad credit, it can be difficult to get a personal loan and especially difficult if you need the cash quick. A payday loan or cash advance loan is your best bet if your credit is bad and you need the money quickly. The only drawback to these loans is that the fees are high. You will usually pay about $10-$30 per hundred dollars borrowed, per week.
So, you only want to borrow this money until your next pay day, you don’t want to depend on a loan like this for any type of long term need.
To view a list of our most recommended payday loan or cash advance lenders visit this page:
How Much Does A Payday Loan Cost?
What are cash advance or payday loans used for? This is a good question. Single moms and single women can find a hundred uses for a cash advance loan! Sometimes it's enough to keep the lights on. Or it can be used to buy that cosmetic kit to start your own business, or it can be used for em. . .