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You do your best to save money and manage your income, but even with the strictest budget, you cannot prepare for every emergency. Sudden car repairs, storm damage to your home, or a death in the family could drain your savings, leaving you in a bind. For those times when you need cash in a hurry, you should consider a payday loan.

A payday loan is a short-term loan that advances you a sum of money that must be repaid within a few weeks. Below, Paycheck Advance & Nebraska Check Cashers, a paycheck advance and cash loan service in Lincoln explains everything you need to know about how payday loans work.

Applying for a Payday Loan

You can apply for a payday loan online or in person at a cashier that offers paycheck advances. To apply, you will only need your full name, social security number, a valid bank account, and proof of income. There are no credit checks required, and the money is typically available in your bank account within 48 hours. 

How Much Can Be Borrowed?

Payday LoansCash advance loans are commonly used for specific purposes, which means borrowers only take out exactly as much as they need. Most loans are for $100 to $1,000, although the number may be higher or lower depending on state regulations. Some states cap the amount that can be borrowed through a payday loan, but many do not.

Repayment Options

For virtually all payday loans, the lump sum of the loan must be repaid by the borrower’s next paycheck (about two weeks). In addition to the lump sum, the borrower must also pay a finance charge that was set when the loan was originally taken.

If the borrower does not have the full amount at the time, most lenders will allow them to roll the payment over to the next pay period so long as they pay the finance charge. To avoid any surprises, you should always be clear on the repayment amount, as well as any fees, when you apply for your loan.

Who Should Apply?

Payday loans are emergency loans and should be treated as such. This type of borrowing is not ideal for routine expenses or for building your credit. If you need a more long-term lending solution, visit your local bank to discuss your options.

If you need a payday loan and would like to apply today, call (402) 466-6226 to get started. For more information on cash advance loans, or to apply online, visit the Paycheck Advance & Nebraska Check Cashers website.

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