Financial Help Between Paychecks: Cash-Till-Payday Loans

Financial Help Between Paychecks: Cash-Till-Payday Loans

Today’s economy has put everyone in a tight spot when it comes to finances. There is seemingly an entire generation of bank patrons and card holders who simply are finding it too tough stretching a paycheck until the end of the month. Luckily, there exists an almost endless supply of financial help called “cash-till-payday” loans.

These loans can be for either personal use or business expenses, and all one needs to do is sign up in person at a local check cashing group or online. Also known as a payroll loan, most applications note that credit checks are not necessary, and a loan is often available with a no-credit or bad-credit status. Most loan organizations will check income and job status, however, to ensure that a person’s financial revenue is replenishable. As well, they often require personal information to broker mutual trust between the organization and the person requesting the cash-till-payday loan. But this is nothing different from any other action taken by every check cashing store.

As a rule of thumb, most loans have a fee attached to the process, usually somewhere around $25 for every $100, and the loan period before payment is required is around two weeks, or a normal work pay period. As well, once the loan pay period is over, most organizations expect that only the loan fee is necessary for a minimum payment. Therefore if one was to extract $300 with a processing fee of $75 and a grand total of $375, by the end of the two-week loan period, that person would only have to pay the $75 minimum amount.

Cash-till-payday loans are a fast, easy, and secure way to cover unexpected expenses that arise out of the blue, whether it is a trip to the emergency room or a last minute trip to the toy stores on Christmas Eve.

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