(PRWEB) July 31, 2012
Check Depot is pleased to announce the expansion of its online library of educational materials with the addition of a new article called “Get Money When You Need It With a Check Cash Advance.” The piece offers information on the many benefits of a payday loan, as well as details on how the loan application process works. It also explains why consumers should choose a payday loan over a traditional bank loan if they have bad credit or cannot afford to wait the exceedingly long time that it generally takes a bank to process a loan request.
“We at Check Depot have always strived to educate consumers to help them make the best possible financial decisions,” says Check Depot spokesperson Andrew Evans. “Part of our goal is to expand our library of online articles so potential borrowers can use our website as a one-stop educational resource. We want to be able to answer any and all questions they might have regarding how cash advances work, how much they can borrow, and whether they are good candidates for one of these loans.”
Check Depot specializes in connecting consumers with short-term, unsecured loans of anywhere between $100 and $1,000. Because the loans are small and the amounts flexible, individuals can just borrow what they need instead of tying themselves to large loans that would take years to repay. The maximum amount borrowers can take out depends on their state of residence, as some states have limits regarding payday loans.
Additionally, as part of the lending process, the lenders who work with Check Depot will look at a prospective borrower’s pay stub in order to determine how much money they can offer them. The pay stub is considered important because payday loans are meant to be repaid in full on the customer’s next payday. This is only possible if the amount borrowed is less than the total amount of the paycheck to come. Payday loans are given out for either two or four weeks, until the person gets their next paycheck. Repayment is automatic, and on the due date, the money is taken directly from the person’s bank account — the same account where the money is deposited after the loan is approved.
Because payday loans are secured against the borrower’s next paycheck, getting approval for one is much easier than getting approval for a traditional bank loan. The whole application process takes just minutes and the response is immediate. If the loan is approved, the money will be deposited into the borrower’s bank account in a matter of hours. There is no paperwork to fax and no need to travel to any local office, making payday loans an attractive option for those who need access to money quickly and without hassle.