When funds are scarce, payday loans become a quick & convenient source of money for many Tuscaloosa residents. Unexpected situations can leave you in need of cash that you won’t have until your next paycheck. Cash Advances are designed to help you when you need money before you receive your next paycheck. Here are five quick things to learn about payday advances.
- Repayment:
Before taking out a payday loan in Tuscaloosa, you must create a repayment plan. You can give the lender access your bank account electronically or write a check for the amount of money. When payment is due, the lender withdraws the money from your bank account or cashes the check and the debt is repaid all at once. You also have the option to repay the full amount in cash before the due date.
- The Terms:
The same as any other debt, a cash advance has interest rates. Unlike other loans, the interest is paid in the form of a one time finance charge. The charge amount varies according to the amount that is borrowed. Usually, the terms for payday advances are two weeks. It’s assumed that you’ll receive a paycheck during those two weeks with which you can repay the debt.
- Qualifying:
To qualify for a payday loan in Tuscaloosa you need three things. First, a photo ID. Second, an active bank account that’s in relatively good standing. Lastly, you need proof of income. Lenders never check or ask about your credit score when applying for a cash advance.
- The Amount:
In most states, payday advances don’t exceed $500. However, there are a few states that allow these loans to be as much as $1000.
- Rollovers:
By paying an additional fee, you can rollover a payday loan which gives you an additional two weeks to repay. This is a great option if you need a little more time to repay the money.
The convenience of getting cash advances makes them ideal for all types of situations. You may need money to buy a last minute plane ticket to visit your mother, a new dress for an upcoming job interview, or a last minute birthday present for your spouse.
Cash advances also help with unfortunate events. A broken washing machine, medical bill, or car accident, are not only inconvenient but can leave you in immediate need of cash. If you’re an Alabama resident who needs cash now, we can help. We offer quick and convenient payday loans at our Tuscaloosa locations.
