A Payroll Advance (PRA) works easily. For a small fee (calculated as Interest by the Payroll Advance Company) you can borrow money for emergencies or personal reasons. No credit checks or background checks are required. You will need proof of your employment – usually in the form of a payroll stub.

You will pay back your loan when you get your next paycheck.

The Paycheck Advance Process:

1. Fill out a simple loan application that asks about your bank checking account and job.
2. Wait for your information submitted to be verified.
3. You will then be approved for a loan based on how much money you make. This amount can be between $100 and $2000 or more.
4. Write a post-dated check for the amount of the loan plus interest.
5. Your money is given to you or electronically deposited into your checking account.

Tips for Getting Approved:

• Only use a payroll loans in emergency cash situations.
• Try hard to only make borrowing this money a temporary things. You will get charged high interest on an advance loan which could end up being a slippery slope or black hole of debt for you.
• Make sure to write down the amount of the post-dated check in your check register / ledger so that you can safely plan for that money to be already gone when you get your next paycheck.
• Do not borrow more than you need. You’re already borrowing against money you do not have yet and the more you borrow, the more you will pay extra in the form of interest.
• Do your research and find the best payroll advance company either online or in your town or city. Make some phone calls, ask good questions and if there’s time, ask others about which one is the best. Doing this research can save you some money.
• Make sure that you are able to physically make the payment when it is needed – meaning, if you choose a local lender, make sure you can arrive with cash in hand on the day that a payment is required if that is how things are set up. With online lenders, the funds will be deducted from your checking account.

Also, do some online research to find the place that will give you the best (lowest) interest rate. Be sure to find out what kinds of penalties you may incur if you miss a payment or need to extend your loan – which is an option that most places will offer you.

By doing research, you will have more information and you’ll be able to make the best decision, which usually will end up saving you some money. Quick financial decisions can sometimes put you farther behind, causing more stress. Take your time and make the best decision.

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