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Friday, December 12, 2008

The utilization of a Quick Pay day Advance

By Clare Colemann

A number of options are available to you if you're in search of a quick pay day advance.

In order for you to be eligible to receive a quick pay day advance all that is usually required is a valid form of identification, proof of residence, proof of income, and a recent bank statement to serve as proof of a valid and active bank account.

To assist you with some of your current financial predicament, this information should help you to not only learn how these loans operate but also the meaning of each of the requirements as mentioned within this article, if you think that a quick pay day advance might be just what you need.

Based upon the amount that you make with an averagepaycheque, when you apply for a quick pay day advance, you're basically applying for an extremely short-term loan. If you are in need of a bit of additional money to make ends meet until your next pay check arrives, these loans are ideal, but they aren't made to cover major expenses. Conventionally, the lender will require you, in exchange for the loan, to leave a personal cheque on file with him that is post-dated to the date that the loan becomes due and made out for the total sum of the loan plus the lender's service charges.

When applying for a quick pay day advance, it is very important that you supply proof of identity and proof of domicile. This will give the moneylender a way to get in touch with you should they need to, and they will make sure that you're not merely trying to take out a loan on someone else s' chequeing account.

This allows them to be sure that you are who you claim to be and verifies the address that you have on file. Common proof of residence is mail that has been delivered to your home such as utility bills and common proof of identity is a driver's license.

It's important for the pay day lender to be able to determine how much it is that you make on each paycheque, since you're borrowing an amount decided upon your income when you take out a quick pay day advance. You can accelerate the loan process by showing them that you have a regular income and how much you earn on average when you get paid, by bringing in up to date pay checks.

When you took out the loan, you had to leave a post-dated cheque on file with the pay day lender for the full amount payable, by the due date, and also for him to be convinced of the fact that you have a valid chequeing account. Make sure that you go back to the pay day advance lender's office to collect this, as the loan you took out will be automatically deposited and deducted from your cheque account. Get a statement printed out by the teller at your local bank, showing the amount deducted from your account, and take it with you when collect your cheque. Show this to the lender as evidence that the amount owed was in fact paid back to him, so that he can give back your cheque.

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