Get Your Payday Advance Today

You could only find two hundred U.S. payday advance locations in the early 1990s. Since that time, the industry has experienced such a steady boom that there are now over 12,000 payday advance companies in the nation. The Internet has also played a part in the increased number of payday advance companies.

It does not matter whether you have made a virtual or a hard copy application, all payday advances share certain issues regarding lender security such as banking information, a postdated check, the importance of the date of the post-dated check, proof of identity, income and home address. At a cash advance location, in order to receive your loan money in the form of a check or cash, you will provide the lender with a post dated check (postdated up to fourteen days) in the total amount of the loan and the fees owed to the lender. If the lender gives you a check, it can be cashed right away. The personal check is a form of security for the lender and it will be deposited by the lender on the date specified on the check. This means that you will be receiving your loan money.

The date on the check that you gave to the lender is important. On that date, the lender will deposit the check in the lender's bank account and you must have the money in your bank account to take care of that check. If you are unable to have the money in your bank account on that date, you must tell the lender so that the loan may be extended and a new fee applied to the loan because if you do not, you will be in default of the loan.

A cash advance lender needs proof of your identity, your income and your residence. For these reasons, you will need to have your identification (driver's license), bank statements, check stubs and household bills. A lender may decide to contact your employer to check your employment information. The employment check is not a credit check, it is an effort made by the lender to make sure that you have good reasons for staying in town and not leaving when you get the money.

When you make an online application for a loan, the Internet lender will require the same type of information as is required by the storefront lender.

The Internet payday lenders will share an exchange of information with you, the same as when you visit a cash advance counter. The difference is that the lender will be able to check your information with the touch of a button without ever having to meet with you in a face-to-face interview because the information is located on online databases. This is an inexpensive and convenient way of speedily checking your information. When you need to relay information to the online lender, you can use the lender's web site, email, fax or a phone call.

If you wanted to make an online loan application when the online loan industry was still new, you had to fax in your printed and signed loan application form, along with copies of your proof of income. At that time, not many people had a fax machine in their home. You can still find online lenders who operate in this way but nowadays, the trend is to make the cash advance loan application process as fuss free as possible for the borrower. When a lender can verify your information in an automated way, the lender can also process your application quickly. It is convenient for you to make a loan application from the comfort of your living room.