A Payday advance has its advantages and disadvantages. A payday advance is not something that everyone can have. This is because it is dependent on three things. Only of a person has these three things will he be eligible for a Payday advance.

Three Things

As mentioned above three things are required. These include a fixed job, a checking account and the latest pay stub. If you have all these three things, then, you can apply for a payday advance.

Credit Score

A lot of importance is being given to a person’s credit score. However for a payday advance, the, credit score is not given much importance.  This happens as long as you have a stable job.  It could be possible for you to get an advance, of, up to $500, 00.

Upfront Money

For a payday advance it is possible to get the money upfront. You won’t be asked any questions whatsoever. This is a great advantage of the payday advance. The only condition is that the loan, must be, repaid in the next payday.

Choice

You have a choice. The first choice is to let the payday lender send the check to the bank.

The other choice is for you to go to the payday store yourself. You can pick up your check and give the cash to them right then.

The choice is up to you. However you must make sure of one thing, if, you decide to send the check to the bank. You must have sufficent amount of money in your bank account. If you don’t your check shall bounce.

There is another advantage of this loan.  Once you have paid the loan off, you, can get another one very quickly. The time limit is only twenty four hours.

Disadvantage

There is a disadvantage of this loan as well.  You will have to pay a fee for the loan. This fee shall vary according to the amount of money, which, has been lent to you. For example if you took out a loan of £500, 00, then, the fee shall be $53.

This may not seem as a lot of money right now. However if you do the maths and add the money up, the, fees is high. But this is the only downside to the loan. There are many benefits of the loan as well.