The Loan That Saved Christmas

The Great Recession hurt most people in some way. While some have manged to rebound and regain their pre-recession financial status, a great number of people are still floundering, living paycheck to paycheck. Some individuals have fallen behind on their bills and no longer have access to credit.

While this is difficult throughout the year, it's especially troublesome as the Christmas season approaches. Sometimes a person will need to buy their presents with their last paycheck before Christmas.

However, what would happen if an emergency occurred, such as an automobile repair or medical issue? How can a person tell their family that there will be no presents this year?

Payday advance loans to the rescue

Luckily, you can get a payday advance loan with no credit check or collateral. All you need is a job and a checking account. You can get a payday advance for your next paycheck and repay the loan when you get paid.

Payday advance loans are very convenient and quickly processed. You will usually have the money deposited into your checking account the day after you apply for the loan.

How do you apply for a payday advance loan?

You can apply for a payday loan either in person or online, depending upon the lender. You will need proof of income, such as pay stubs if you apply in person or contact information from your employer if you apply online.

You will also need the routing number of your bank, which is the number on the bottom left section of your checks, and your account number, which is the number on the bottom right section of your checks.

What is the fee for a payday advance loan?

Fees vary, but they are generally much higher than the interest rates charged for loans from traditional lenders. This is because payday advance lenders take a much greater risk when loaning money with no credit check. If the borrower quits their job or cannot repay the loan for any other reason, the lender must absorb the cost.

What happens if you cannot repay the loan in the next week?

If an emergency occurs, or if you simply need another week to repay the loan, many payday advance lenders will "rollover the loan," extending it to the next pay period.

However, if you decide to extend the repayment time, you should at least pay the fee for the first week, because the fee must be charged again for the second week.

If payday advance loans are used wisely, they can be a godsend, especially around the holidays when everyone needs a little less stress.