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When the unexpected happens, Tulsa residents can be left in a sudden need of money. Payday loans offer them a quick and easy source of cash. When you get paid next week but you need money now, payday advances are available to get you the money you need. Here are five common things that it’s important to know about payday loans.

The Terms 

Like any other debt, payday loans come with interest; typically this comes in the form of finance charges. The charge amount varies according to the financed amount. Typically, the terms for cash advances are two weeks. The idea is that you’ll receive a paycheck in that time frame with which to repay the amount.

The Loan Amount

With a payday advance, you can borrow cash up to $500. Most states cap this amount at $500, however, somestates will allow them to be as much as $1,000.  

The Repayment Process

Before receiving any cash, you must first make arrangements for repaying the debt. You can authorize the lender to access your bank account electronically or write a check to the lender for the amount of the loan. When payment is due, the lender deposits the check or withdraws the money from your bank account, and the amount is repaid in one lump sum. Alternatively, you can repay the sum in cash before the due date.

Qualifying for a Loan

To qualify for a payday advance you need three things. First, a photo ID. Second, an active bank account that’s in relatively good standing. Lastly, you need proof of income. Lenders never check or ask about your credit score when applying for a payday loan.

Rollover Charges

Occasionally, borrowers need more than two weeks to repay the cash. For an extra fee, lenders can rollover the loan into another two week repayment period.

A sudden illness, car crash, or nasty storm, are not only inconvenient but can leave you in immediate need of cash. Payday loans help with more than unfortunate events. You may need funds to buy emergency medications, a plane ticket to visit a relative, a new suit for a job interview, or even a last minute anniversary gift. The ease of taking out a a cash advance makes them perfect for a variety of occasions. If you’re a Tulsa resident who needs money now, we can help. We offer quick and convenient payday advances at our many Tulsa location.