A Few Things You Need to Know a Payday Loan

If you are short of money and your next payday is simply too far away to be of any help, you need to understand exactly how a payday works. The chances are you have heard of these loans. Sometimes they are called payday loans, but often they are called a cash advance or paycheck advance loans. This latter term is the best description because a lender is only giving you a loan until your next paycheck. These loans are straightforward and most people will qualify for one. The following are a few things to know about a check advance georgia loan.

You will need to be 18 years of age
Most states, including Georgia, make 18 the minimum age for a payday loan. You will also need a photo identification card. Partly to prove you are 18 or more of age, but also to identify yourself, so the loan is protected from a fraudulent borrower. Keep in mind that this I.D. card should also be government issued. A driver’s license or I.D. card issued by the Department of Motor Vehicles will suffice. Military I. D. cards are also accepted. Your identification cannot be expired.

You will need a checking account
The main reason for this is that you will leave a post-dated check with the lender. When the loan is due, they will then deposit the check in their bank. This will be the same day that you are paid, so you will deposit your paycheck into your checking account. The loan is paid back. There is no collateral for the loan. It is simply your job that gives them the confidence that you will pay back the loan.

You will need your most recent bank statement
The reason for this is to assure the lender that your checking account is both open and active. Anyone can show up with a check from an old account and attempt to get cash for it. This type of proof is only for the lender’s protection.

You will need proof of income
Natural, since the security for the loan is your employment, the lender will want to see proof of income and your employment. A check stub will suffice.

Once you have all of the needed documents, the application process is fast, and you will have the cash you need quickly.