Good Faith Advance

The Process

The awesome way to borrow based on your PAYCHECK not your CREDIT.

Based on your paycheck amount, you will be offered an amount between 4 and 6 times that amount to be verified by your first check. This is also called a good faith payment, because it shows the lender that you do have a job and how much your checks are to ensure that you can pay it back. Payment and loan date is the same day of your next paycheck.

The basic loan process involves a lender providing a short-term unsecured loan to be repaid in payments from the next several paychecks. Typically, some verification of employment or income is involved (via pay stubs and bank statements).  Individual companies and franchises have their own underwriting criteria.
In the traditional retail model, borrowers apply for and secure a small cash loan, with payment due in full at the end of the borrower's next 4 to 6 paychecks. The borrower pays the first paycheck in full to the lender in the full amount of the check to show good faith and score a loan amount.
In the more recent innovation of online payday loans, consumers complete the loan application online (or in some instances via fax, especially where documentation is required). The funds are then transferred by direct deposit to the borrower's account within hours after the good faith payment, and the loan repayment and/or the finance charge is electronically withdrawn on the borrower's next payday.