Online Check Advance Loans
Living paycheck to paycheck can be stressful at times, but if you are in this boat, you aren't alone. According to a Federal Reserve report, 62 percent of all Americans have savings valued at less than $1,000, and 30 percent report having no savings at all. While emergency savings are a good idea, it's often hard to put that good idea into realistic action. With expenses mounting and paychecks not increasing at the same rate, many households in the U.S. struggle to make ends meet on a regular basis. If an emergency strikes while you are dealing with such a scenario, what can you do to alleviate short-term financial issues? One option might be a check advance through LendUp.
Understanding Check Advance Loans
A check advance is more commonly known as a cash advance or payday loan and is often associated with your paycheck. The lender, usually after reviewing past pay stubs, agrees to lend you a small amount of money. You usually have to pay the money back on or just after your next pay date. Instead of providing you with a long-term loan, the lender is simply "advancing" you part of your paycheck for a fee, and you pay the amount you borrowed plus the fee back as soon as you receive a paycheck.
Why Would Someone Seek a Check Advance?
Numerous reasons might lead someone to seek a check advance. For example, if you are living in a check-to-check situation and your home air conditioning unit goes out in the middle of July, you might not be able to wait until payday to have someone make repairs. A household with a new infant or an elderly, bedridden individual probably can't "tough out" a few hot days, so someone might take a check advance against their next paycheck to cover repairs now. Similar emergency situations might include necessary repairs to a vehicle so you can keep traveling to work. Another reason you might take out a check advance is to pay a bill before it becomes past due and racks up fees. If you have a past-due electric bill, for example, you could face late fees plus a reinstatement fee of $50 or more if the power is cut off. A check advance can help you pay the bill and avoid that hassle and expense.
Applying for a Check Advance Loan with Us
If you are seeking a check advance-style loan, then we know you probably don't have time for lengthy application processes and you might not be able to wait around for days while the loan is considered. That's why we offer a fast, simple application and approval process. You can apply online via your computer or smartphone in approximately five minutes. To apply, you'll need to be 18 years old or older and live in a state where LendUp is licensed to provide loans. You'll also need to provide a mailing address, phone number and valid email address. To receive a LendUp Loan and manage the payment process if you are approved, you'll also need a checking account that allows electronic transfers. You won't have to wait long to find out about your loan with LendUp. Our online application process lets you know if you were approved instantly, no matter when you apply. The application process is up and running 24/7, and if you’re approved before 5 PM PST, you could have your money within one business day; see lendup.com/faq for details.
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