May 11, 2020
How Do Check Advances Work in Alabama?
Payday Loans Get You Money When You Need It
Select Title Loans is best known for, well, our title loans. It’s in our name, after all! But what some people don’t know is that we offer other short-term loan options to quickly get people the money they need. When you’re short on cash and time, Select Title Loans can help you out with our payday loan or check advance programs!
What is a Check Advance?
In Florence, Alabama, check advance loans and payday loans are one-in-the-same, despite going by different names. Both of these loan types allow you to get a cash loan quickly so you can pay unexpected bills or to cover the cost of other necessities without having to rely on friends or family members to lend you money.
Payday loans and check advances are some of the simplest loan types we offer. All you have to do is write us a check for the amount of money you want to borrow, plus our reasonable service fee. We’ll hang onto your check and give you cash, in as little as 20 minutes! On your next payday, you simply pay us back the money you borrowed.
Who Qualifies for a Check Advance?
If you need money, but have struggled in the past to take out a personal loan from a bank or credit union, a payday loan might be the answer to your problem. Traditional lenders rely heavily on your credit score when deciding whether to let you borrow money. This is unfair when you know you can pay your loan back, but your past credit history still haunts you. And let’s face it: asking a loved one to borrow money can be embarrassing, but you should never feel embarrassed about borrowing money from a professional lender like Select Title Loans.
To qualify for a check advance loan, you need only to prove that you have steady income and are capable of paying us back for the money you borrow. We don’t need to check your credit; we verify your monthly income through the pay stubs you provide when you apply for the loan. Unlike the car title loans we’re best known for, a payday loan does not require you to have a clear title on your car, or to own a car at all!
Select Title Loans never reports your payday loans or check advances to the major credit bureaus: Equifax, Experian, or TransUnion. This means your credit is never negatively affected by taking out a loan from us.
What Should I Know About Getting a Paycheck Advance Loan in Florence, AL?
When you talk to us about getting a payday loan or paycheck advance loan, we’ll let you know both the annual percentage rate (APR) of your loan as well as the total cost of the loan in dollars.
The APR is how much it costs you to borrow money from us for one year and is based on the amount of your loan, our fees, how long you borrow the money from us, and the interest rate or monthly finance charge. Most of our clients pay back their loans to us in full within two weeks and never have to worry about finance costs beyond their original loan amount.
However, if you need more time to pay the loan, we can simply roll it over to your next paycheck. Contact us in advance to let us know how we can help you pay your loan back; we’re always happy to help you!
The Paycheck Advance Process
Here’s an example of how you can get money from your next paycheck today. Keep in mind this is a hypothetical example, and we’re keeping the numbers small and round to make it simple. The fee we discuss in the example will likely be different for your real-life loan; our fees vary depending on the amount of your loan and other factors.
Your car has just broken down, and the mechanic says it will be $500 in parts and labor to get your vehicle running again. You can’t be without a car, so you agree to the repair.
In the meantime, you realize you don’t have the spare $500 to fix your car right now, and your payday isn’t for another two weeks. You visit Select Title Loans in Florence, Alabama, to inquire about a paycheck advance.
At Select Title Loans, you borrow the $500 you need by writing us a personal check for $500, plus our reasonable fee. For the sake of the example, let’s say the fee is $50. We keep your check and give you $500 in cash, right on the spot. You pay your mechanic and get your car back.
Finally, your payday rolls around, and you cash the paycheck you worked so hard to earn. You stop by Select Title Loans and give us $550 in cash, and we give you back the check you wrote to us when you borrowed the money. You are only out-of-pocket for the fee for the loan, and your car got its necessary repairs to get you back on the road.
What Do I Need to Bring To Get My Payday Loan?
To apply for a payday loan or cash advance loan in Florence, Alabama, you will need to bring:
- A government-issued photo ID, such as your driver’s license.
- Proof of your open and active checking account, such as a bank statement.
- Your most recent pay stub.
- A personal check (depending on what you’ll be putting up for collateral on your loan).
Why Choose Select Title Loans?
We’ve been helping people in Florence, Alabama and the Seven-Points area for nearly two decades get a handle on their finances in urgent situations. Our friendliness, flexibility, and customer service make us the trustworthy choice when you need money from a short-term loan. We wouldn’t have stayed in business since 1998 without these characteristics!