How to Make a Payroll Cash Advance

Posted by admin on Saturday, August 29, 2009 · Leave a Comment 

A payroll cash advance is a perfectly legitimate way to get immediate cash for short term needs. Although you may not need it now, you’ll never know when the need may arise. It is important to therefore know the basic process behind making a pay advance.

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In the past, applicants were required to personally visit lending offices to make cash advances. These days, you can dispense with this necessity and simply apply online. With internet processing, the hassles of footwork and paperwork are eliminated. Moreover, requirements are often very minimal and approval can be given in as short as one day or less.

The procedure is very easy. You just have to find an online lender or a third party company that matches borrowers with lenders. You will then have to fill up an application form which lenders will evaluate. To confirm your information or to investigate your application further, an agent may contact you over the phone for additional questions.

Different lending platforms have slightly different requirements for a payroll cash advance. In general though, most lenders require very little from borrowers. Some of the requirements that you may have to meet include:

  • A job with a monthly income of $1000 or more
  • U.S. citizenship
  • Age limit of 18 years
  • A direct deposit savings account to deposit the loan in and to deduct the payment from

Variations on these basic requirements may be introduced by different lenders. Some may specify job type restrictions or may alternatively allow pre-issued check payments instead of withdrawals from savings accounts.

Lenders may also have different schedules for payment. Since the loan is a pay advance though, common payment schedules are set on the payday following a loan. Some companies may allow a few days grace period. In the case of direct withdrawals by lenders, payment can be withdrawn immediately after your pay has been deposited.

A payroll cash advance truly is a convenient and quick way to get cash. As much as possible though, you should only resort to this type of loan if you truly are in immediate need of quick cash. Payroll advances should not be used as a long term strategy for dealing with your expenses regularly.