When you are in a pickle and need money now, payday loans become a quick & convenient source of cash for many Monroe & Shreveport residents. Unexpected situations can leave you in need of cash that you won’t have until after your next paycheck. Personal advances are designed to help you when you need funds before you receive your next paycheck will arrive. Here are five quick things to learn about payday advances.

1) Qualification Process

To qualify for a personal loan you need three things. First, an open bank account that’s in good standing. Second, identification. Third, proof of income. With payday loans, Shreveport lenders will never check or ask about your credit score.

2) The Terms of the Loan

These loans come with interest like any other type of debt. For payday loans, interest takes the form of finance charges. Charge amounts vary with the loan amount. Usually, the terms are two weeks. The idea is that you’ll receive a paycheck during that two week period which you then use to repay the debt owed.

3) The Repayment Process

Before receiving the cash, you must make arrangements for repayment. You can give the lender electronic access your bank account or write a check for the amount borrowed. On the day that payment is due; the lender will either withdraw the money from your bank account or cash the check. In both cases the loan is repaid in full. You also have the option to repay the debt before the due date.

4) Understanding Rollovers

For an additional charge, lenders in Monroe will extend the repayment date into a new term. By rolling over a payday advance you are given an additional two weeks to repay it.

5) The Amount of the Loan 

With payday advances, you can borrow cash up to $500. Most states only allow cash advances up to $500, however, payday loans in some areas can be as much $1000.  

The convenience of getting payday loans makes them ideal for all types of situations. You may need money to buy a plane ticket to visit your mother, a new dress for a job interview, or a last minute birthday present. They can 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 a Louisiana resident who needs cash now, we can help. We offer quick and convenient lending options at our Monroe and Shreveport locations.

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