Wealth Building Lessons

In times of tight credit it is hard to find a loan for even simple things. Credit cards are increasingly hard to get, and credit limits are maxed out or the bank issuing them may have lowered the credit line. Mortgage banks have never applied more stringent requirements for loans.

There are other lending sources, but you might not have a high degree of trust in them. These include title loan companies, as well as the “personal loan guy.” He is the friend of a friend, the guy who will lend you $500 and charge you $150 for the privilege. He finds customers, regardless – access to cash is pretty important to a lot of people under challenging circumstances.

Cash advance companies on street corners have largely been replaced by online cash advance lenders. This is largely a good thing and worth investigating. From the privacy of your personal computer, it is now possible to get money in advance of your payday, loans where you are actually borrowing from your own paycheck. The fees are nothing close to what the “personal loan guy” would charge.

How do they work? In less than 24 hours you can get cash, up to the full value of your next paycheck (no limits in New Jersey, but lenders pretty much keep it at or below the value of one paycheck). Here is the process:

1. Shop around – Find a lender you like online.

2. Fill out an application – Most take about 20 minutes for first time borrowers.

3. Get your approval notification – About 85 percent of applicants are approved in one hour.

4. Check your bank account tomorrow morning – Money for the loan is deposited into your checking account overnight, ready for use instantly.

Because your loan is basically from yourself, you need to remember to pay yourself back in a timely manner. The cost of paycheck advance loans increases over time.

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