How to Find Affordable Payday Advance Loans

Payday advance loans can be an absolute nightmare for people with bad to poor credit. They get a nice chunk of cash deposited directly into their banking account and many find they can not make the payment(s) about two weeks later. Or a vicious cycle begins of borrowing, repaying, and borrowing again. A typical payday advance loan company can charge between 365% to 1000% in interest depending on the amount and time of the loan.

For the most part they are bad news and they should never be looked at as a longer term financial solution. But in a real time of need they may be your only option. If you choose to use a payday advance loan service you need to look out for a few things and understand basically how they work. First, never pay any fees upfront. If you use a service online, make sure they are located in the US. These companies have to follow new state regulations and their fees are clearly stated. In fact they often have a "Fees" section which allows you to choose your state, amount, and duration of loan. Then it calculates your exact costs of the payday advance.

The payday advance loan operates like a typical bank but much faster. They will ask for your salary, employment verification (most of the time they will call your job), they will get your address, phone number(s), social security number, personal references (sometimes) and bank account information.

Many online services will also want you to fax them your bank statements and pay stubs. Without this verifiable information there is a very small chance you're getting a payday advance loan. Once you've sent them all your information your approval chances are very high, since almost all of them do not do a credit check. But they all check to see if you have other outstanding payday advance loans or if you've defaulted with another payday advance loan company. And unlike going to your local payday advance loan store where the approval can take up to an hour or more, the online services are pretty much instant except it may take an hour or so for them to call your place of employment. Once you are approved the funds are transferred into your bank account by the next day.

When your payment(s) come due the payday advance loan online service will withdrawal straight from your bank account. So insufficient funds are a very bad idea since they will penalize you and your bank will hit you with an NSF charge. That's why all of these companies want to know when your next 3 or 4 paydays are.

There are two companies you may want to consider for a payday advance.

ThinkCash - ThinkCash offers a lower cost solution for a payday advance loan site. I like that there is no faxing, no setup fees, and a pretty quick approval process. They have the $1 per day per $100 advance for the short term loans (that's an APR of 365%). The longer term loans get as low as $.25 per day per $100 (APR of 91%). This all depends on how much you borrow and for how long. Another bonus is that you can choose to make payments on your loan or of course pay off the entire amount once your next paycheck goes through. Borrowing amounts range from $250 to $2000, depending on your state laws and your history with them.

PayDay One- PayDay Oneworks similar to ThinkCash. No faxing, quick approval and no setup fees. They offer the $1 a day per $100 borrowed (APR of 365%). The fee calculator is on the site for you to select your state and amount of the loan. No partial payments allowed in most states. Borrowing amounts range from $100 to $1000, depending on your state laws and your history with them.

If you find other payday advance companies either locally or on the web make sure their rates are no higher than an APR of 365%, no setup fees, and they will let you pay off the loan early with no penalties. Good luck and please remember payday advance loans are not a long term solution to any financial problems. If you have to have two or more payday advance loans within a 4 month period you may want to consider debt consolidation or a second job.