Do You Need a Payroll Advance

If you are thinking about getting a payroll advance, here are some of the factors that may influence your decision. You may be worried about qualifying for the loan or you may have genuine concerns regarding your ability to afford to repay the loan. Payroll advance loans are very tempting and attractive because they are so fast and easy to access.

The application process is quick and convenient. You simply fill out an application form online in the convenience of your home or office all you need is access to the internet. If you are someone who is constantly on the go with only a few minutes to spare, you can use your smart phone to access the service. The beauty of this service is that it is available whenever and wherever you need it.

The approval process for obtaining a short term loan is much easier and simpler than at a traditional bank. You will still need to go through the regular checks and verification process even if you have been pre approved over the telephone.  A lot of the customers that utilize payroll advances often come from the lower to middle income bracket. However anyone can access the service once you have an operational savings account, a guaranteed source of income, and no previous history of default on a payroll advance loan.

If you currently have a payroll loan it should be in good standing and your income must be able to support the additional payment.  If you do not qualify based on the above criteria, you can still go ahead and try to speak with one of their customer service agents. They will listen and offer any assistance necessary in helping you to qualify.

If you are about   to apply for a payroll loan and you are hesitant based on your current financial status. Maybe you have applied to another short term lender and been declined. It is a good idea to stop and examine your circumstances closely and find out exactly why your application was denied or why you may not be an attractive prospect. In some instances the problem is not as complicated as it may seem at first. However if the problem persists this may not be the best solution for you and you should probably try to come up with another solution to your cash flow problem.

If you are successful in getting the payroll advance then do not assume you know all the details and exactly what is involved. In your haste and excitement you may wish to overlook the details contained in the fine print. Read and examine carefully any document you are signing.

Familiarize yourself with the details of your contract. Ask as many questions as  you wish before signing so you can feel comfortable and at ease with full knowledge and disclosure of all aspects of your loan. Ask about penalties and charges so you know the best possible and worst possible scenarios.

Examine your finances carefully and make sure you can really afford this loan. Remember it is not a one time commitment you will have to repay the loan and whatever charges it accrues. How long is the repayment period and can you survive without this money each month? If you go beyond the time given for repayment and choose to rollover the loan then it will attract high interest rates that will add to your loan and increase your indebtedness. Some people may not care if they can truly afford the loan or how many times they may have to rollover the loan. This is due to their desperation and this is never a good attitude or position to be in. You may only be adding to your financial woes instead of solving them and you may end up losing even your chance of acquiring a payday loan advance.