Cash Advance Payday Loan
Cash advance payday loan is a loan provided to borrowers who are in dire need for cash. This short term loan can offer as much as $1500 to qualified borrowers. Cash advance payday loan is also known as check advance loan, quick payday loan, or fast cash loan, which usually has costs ranging between $15 and $30 for every $100 borrowed in two weeks. This loan is given for 15 to 30 days or until the next payday comes. Thus, you can obtain loan even for just $100.
Obtaining a cash advance payday loan takes only few and easy steps. In fact, you only have to provide vital information to your chosen lender. The information should include the nature and duration of your employment, checking account details, age, and monthly income among others. You do not have to wait for a long time to know whether you are qualified or approved for the loan. On the other hand, lenders of such loan usually ask for a post-dated check for the loan amount with the interest charges.
Some lenders only ask for electronic checking withdrawal authorization of the loan amount. The authorization will be credited automatically to the lender’s account. More so, the loan amount will debited from the account of the borrower.
In order to be qualified for a cash advance payday loan, you should be at least 18 years old; possesses a US citizenship; employed in the same firm or company for at least 3 months; have a salary of $1000 every month; and have a checking account.
On the other hand, if you are applying online, the information you need to provide include your name, address, telephone numbers, bank information (account number, name of bank, etc.), income details, employer’s name, and photo identification (driver’s license). Online application provides quicker approval results. You would know if you are approved in just 15 to 20 minutes. Consequently, if you apply your loan from Monday to Thursday, you will receive your cash on the next business day. However, if you apply on Friday, Saturday, or Sunday, you receive your cash on Monday.
Cash advance payday loan is also offered for those holding bad credit histories. This loan does not require borrowers to provide information about their credit scores. The only thing that this type of loan requires is the commitment of the borrower to repay the loan on the next payday. Some borrowers choose to roll over the amount of the original loan each month and pay the finance charges. However, this is a very risky practice because the service charges will increase; thus, the borrower might be paying $30 or more every two weeks for just a minimal amount of loan.
When availing any type of loans specifically those that provide quick money, you should always have the objective of using it as an emergency tool for worthwhile causes. It is not advisable to loan a certain amount, whether small or big, just to spend the cash on purchasing things, which you do not need.