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You have most likely seen a payday loan online or cash advance post in just about every strip mall and shopping center in your town. You walk or drive past them on your way to pick up a quick lunch every day. You see them advertised on television, on the Internet, on billboards, and even at major sporting events. If you are one of the millions worldwide who have a hard time stretching their pennies from one Friday to the next, you have almost certainly entertained the notion of getting to know a little bit more about the services that they offer.

Will you be turned down? This depends on the status and longevity of both your bank account and your source of income or employment. Most cash advance companies will require that you have had an established and verifiable bank account for no less than three months, and that your benefit or employment income has remained intact for at least three months as well. In this way, the lender that you choose can actually determine your full payday loans approval amount based on the stability of both of these proofs. In essence, the older the bank account, the higher your good faith standing. The higher your income source, the greater your payday loans online amount.

Does it take very long? This depends as well. If you are stopping into an outlet or post during your lunch hour, you may need to extend your break a little bit. The average amount of time that an in-person application takes is between 40 and 70 minutes, depending on the efficiency of the office. You will want to be prepared and orderly, with all documentation requirements at the ready.

What about Internet companies? Should you decide that you would rather tap an online source, you can expect a relatively fast and painless application process, followed up by a phone call and/or email within one hour if you are approved. You will most likely need to detail your bank account information during the application process, so be sure to read all fine print, and check with the Better Business Bureau for the lender’s standing and reputation before you proceed. The advantages to the online services are rather good, saving time, gas, and an extra trip to the bank, as your loan will be direct deposited upon approval.

How long do you have before the loan is due? You will most likely be able to determine this factor during consultation and application, but most short term payday loan and cash advance lenders will not extend an initial loan past 90 days. The usual standard, however, is 2 weeks. The majority of these lenders will also allow you to extend your loan a total of two consecutive times before the loan is recovered from your bank, but you must be sure to contact them more than 24 hours before the loan is due. You will then need to remit an entirely new loan fee in order to stop payment until your next payday. Some lenders will allow for partial payment terms should you run into a situation where you cannot cover the full amount of the originating check. Be sure to ask a lot of questions of your prospective lender.

Is it expensive? Well, yes. The interest rates are the highest allowed by Federal standards, and range between 28% and 30%. This averages out to between $28 and $30 for every $100 that you borrow. This rate very quickly turns a $300 loan into a $390 check which will become due in two weeks, on the date specified in your contract. This, as with all financial decisions, is a matter of personal need and discretion.

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