If you need to borrow some quick money fast, you may be tempted to take out a payday loan or installment loan. But, there is another option out there that you can try that is rather new. It’s called salary advance loan. This is an alternative offered by many banks and credit unions.
Salary loans are small and short term. The most you may be able to borrow is $500. The first step to qualifying is having direct deposit set up at your bank. This ensures easy collection of funds. Here are some of the terms and conditions:
- You may have to pay back by your next paycheck.
- If you can’t pay back in that amount of time, you need to break payments into smaller regular chunks.
- Regardless of which option you go for, you have to have it paid back within ninety days.
Consider trying your local bank or credit union to see if they offer a product like this. It may be a much better option than pay day loans.