Check advances, also known as payday loans, are a great way to get money quickly when you’re in a tight spot. Essentially, a check advance is giving you money in advance of your payday. The expectation is that this is a short-term loan that will be repaid when you get paid. Here are some of the top benefits of taking advantage of a check advance.
Convenient Hours
When you are working with a bank, you are limited to banker’s hours which often end at 5 pm or 6 pm. Establishments that offer payday loans work on the basis of being convenient for their customer base. Often their hours extend well-past dinnertime. Find a company that works on your schedule and get your check advance Mississippi.
Instant Qualification
The application and qualification processes are nearly instantaneous. Approvals general happen in minutes and you can have your money within an hour. The main limiting factors on qualifying are that you have never defaulted on a check advance before and that you have established income.
Great for Emergencies
The main reason to get a check advance is for emergencies. Imagine that you are on your way to work and your car breaks down. Few people can afford expensive, unexpected car repairs. Maybe you’ve been having severe pain in your jaw and discover you need a root canal. Unexpected medical expenses are killer. A check advance lets you get money right away when you need it most.
Upper Limit on Interest Rates
For a long time, companies that offered check advances got a bad rap for having predatory interest rates. Fortunately, legislation now regulates how high the interest rate can be on a payday loan. Check your specific state to see how these laws impact you.
If you find yourself in a bind and need cash right away, you can’t always go to a bank and get a loan. Depending on your credit score, getting a credit card might be out of the question. Relax and know that you can get a check advance to get you past the emergency.
