When you need money in a hurry but payday isn’t until next week, cash advances offer a convenient solution. Unexpected events can leave you in need of funds that won’t be available until your next payday. These help you when you need money before your next paycheck. Here are five common things that you should know about cash advance loans from lenders in Jackson.
Lenders never check or ask about your credit score when applying for a cash advance. To qualify for a payday loan in Jackson you need three things. First, you need proof of income. Second, an active bank account that’s in relatively good standing. Lastly, you need a photo ID.
Like any loan, cash advances come with interest; this comes in the form of finance charges. The charge amount varies according to the amount you have borrowed. Typically, the terms are about two weeks. The idea is that you’ll receive a paycheck in that time frame with which to repay the debt.
Most payday lenders in Jackson aren’t allowed to lend more than $500. However in some states, lenders are allowed to loan as much as $1000.
In order to receive a payday advance, you must make arrangements for repayment. To do this you have two options. You can give lender access to your bank or write them a check for the amount of the loan. When payment is due, the lender deposits the check or withdraws the money from your bank account, and the debt is repaid in one lump sum. Alternatively, you can repay the amount in cash before the due date.
Sometimes, you need more cash than what you get with a single payday loan or need more time to repay it. For an additional charge, lenders extend the repayment date into a new term.
A broken water heater, sudden sickness, or car accident are not only inconvenient but can leave you in immediate need of cash. Payday loans help with more than unfortunate events. You may need cash to buy, a plane ticket to visit a relative, a new suit for a job interview, or a last minute anniversary gift.
The ease of taking out a cash advance makes them perfect for a variety of occasions. If you’re a Mississippi resident who needs cash now, we can help. We offer quick and convenient payday loans at our Jackson location.
