How a Payday Advance in Reno Works

January, 2014 by

Consumers have many options to satisfy financial needs like bank loans. However, if the cash need is immediate, standard loans may not be ideal. For a situation that calls for quick cash, there is the Payday Advance in Reno. Payday advances are provided by quick cash lenders. They are easy to get, but they must be paid back in a short time. Payday advances work as the name implies. They provide you with funds in anticipation of your next paycheck. You write a check in the loan amount and leave it with the lender. The lender cashes the check when the loan is due.

The primary benefit of payday advances is you can get approved in several hours as opposed to waiting days for a bank loan approval. Thee is no tedious paperwork to fill out. Perhaps the biggest advantage of payday advances is lenders do not check credit. This means borrowers with a poor financial can apply. Borrowers only need to meet minimum requirements. A borrower must be 18 years old with a steady job and bank account. Some lenders may require a picture ID, pay stubs, and bank statements. Find out what you need before you visit the lender.

When you shop for a payday advance, keep in mind fees and interest will be applied. The interest is typically higher for a payday advance. Some lenders may charge a fee per $100 you borrow. For example, if you borrow $500 and the fee is $10 per $100, you payback $550. A lender may also charge a flat rate like $20 for $300, or $30 for $500. If you borrow $300 and pay it back on time, you only pay $320. A lender will give you the option of rolling over the loan when you can’t pay it back on time. Be prepared to be charged interest for each roll over. Most lenders only allow so many roll overs.

It is rare to get denied for a payday advance. If you get denied, it could be that you have multiple pending loans. Apply at one lender at a time. Payday loans are ideal for financial emergencies that can’t be met with other options. They are beneficial when they are used for the right purposes.

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