Payroll loans need to be repaid within a defined period of time, which is usually two weeks. All that is typically required to get a payday loan is that you are 18 years of age or older, that you fill out an application and then you must provide things such as payroll stubs and photo identification. You should also be making over a thousand dollars a month. You then would sign a loan agreement, write a postdated check to the lender, and then you will receive your money.

Requirements for payday loans may vary from lender to lender, but typically what you will do is post-date a check (3 days to 12 weeks) with the amount of your loan plus interest. You are usually able to pay back your loan before the date on your check and save some interest charges.

Paycheck advances vary. You can get them in amounts of $100, $500 or sometimes up to $2000 or more. You will either receive cash, a check or electronically deposited funds into your checking account overnight, the next business day or in 2-4 business days. This can help you avoid NSF charges at your bank.

Payroll Advance Tips

* Find out the exact terms of your payroll advance loan.

* Make sure you know the amount of interest you will be pay.

* Try to pay back your payday advance loan before it is due.

* Know if you will get your cash overnight or the next business day. You probably need cash now, not in a few days.

* Find a payroll loan that will not require a credit check.

* Avoid lenders that require faxing lots of paperwork.

* Get a payroll loan from a lender that is flexible and easy to get a hold of and communicate with.

Who Can Apply for a Payday Advance?

Even people with limited cash options, unstable credit, bad credit or low-income individuals can obtain payday loans. Many lenders won’t require a credit check regardless of your credit history.

Often, the more you use a certain paycheck advance lender, the larger line of credit you can get as long as you continue to make scheduled payments on time. Some payday lenders will let you extend your loan if needed.

If you are looking for money to pay a creditor, you should first contact the creditor and discuss working out a plan for repayment. If you explain your situation, most are happy to help and work with you. Remember that payroll loans are not the only solution. Alternatives to payday loans include short-term loans from local banks or credit unions. Some people can get salary advances from their employer. Another option is to get a cash advance on a credit card.