Payday loans offer cash advances for people who are unable to meet short-term financial needs. The loans provide temporary stability until your next payday. Here is some insight into these convenient transactions.

Understanding Payday Loans

How much can I borrow?

Payday loan companies have varied limits. Many offer loans ranging from $50 to $500, based on a percentage of what you expect in your next paycheck.

Can I get one if I have bad credit?

You do not need excellent credit to be eligible for a payday loan. These short-term financial agreements help people with bad credit gain access to cash quickly.

There are other qualifications, like living in the same state as the business, having a stable job, and owning a checking account. Bring a recent pay stub, a checking account statement for the last month, and two forms of ID to obtain the loan.

How long will I have to wait for the money?

From filling out the paperwork in-person to walking away with cash, applications take about 10 to 15 minutes. This estimate increases if the business is busy and decreases if you fill out the paperwork online ahead of time. Lenders offer varied business hours during the week and weekends so you can get a loan when you need it.

Will my property be seized if I miss a loan payment?

If you miss a payment and have given the lender access to your bank accounts, they will likely create automatic withdrawals. These repeated transactions may cause overdraw fees. The lenders may be able to discuss settling the debt with timed payments to help you avoid collectors and court summons.

How can I repay this debt?

Payday loans are usually due the next time you expect a paycheck from your employer. When signing up for this credit, you’ll write a personal check for the amount. The lender holds the check and cashes it on the predetermined date when the funds should be in your bank account.

Individuals in Boone County, Campbell County, and Kenton, KY, who need cash quickly should go to Advance U Cash. The business offers money advances with clear repayment terms to address everything from medical bills to rent payments. Visit the website or call the Florence-area specialists at (859) 746-2274 to learn about payday loans.