Don't Get a Payday Loan - Get a Cash Advance

Names mean very little in marketing, except to the sucker- mmmm, customer- shopping for a certain item. Whether it's called a 'check loan, 'emergency loan', 'postdated check loan', or 'deferred deposit check loan', if you give someone a check which won't be good until payday, it's some form of payday loan.

There are differences from company to company on how a payday loan is handled. So, if you're thinking of using their services, check them out. If you walk in to a payday loan office and there's a pool table in the back with two ex-linebackers crushing the balls for exercise, you just might want to run screaming for the door. Interest could be the least your payday loan costs.

But be just a wary of the sites that show churches and prayer links on the website. If they claim affiliation with a certain group, go to the group's main website and ask. There are many Christian organizations trying to give aid to those who really need it, and there are many business people who are Christian. But always read the fine print on that payday loan, or else you won't have a prayer.

Most require that you can confirm at least three months banking at the same place, that you have a steady source of income, and that you have someplace to live. The three months on the bank account eliminates those who might open an account just to get the loan. Notice that you don't have to have had that job for long. In fact, one of the most popular needs for a payday loan is the transition from one job to another. The requirement for an address is to help them find you if they need to.

Most will verify your employment, but not require your new employer to confirm anything other than you have a job. They usually don't even tell the employer that you are seeking a payday loan. Then they'll confirm that your bank account has been established for at least three months. They'll also want to know that you have a place to live. From here, the differences start.

Most payday loan companies want you to fax in your application, proof of employment, pay stub, etc. You'll have to find a public fax to do this. Some will take that information on the Internet, giving instant access to the money you need by electronically transferring money into your account. Which is exactly how they will get it out again. Just remember, whoever (including your payday loan company) can put money in can take it out- that includes employers, who can say 'Oops! We paid too much. We're going to take it back!'

A payday loan can be called a lot of things. Every day, someone comes up with another handle. But if you have to write them a check that they will hold until your next payday, even if it's done electronically, that is a payday loan. A rose by any other name still has thorns, so choose with care or you just might get stuck!