To sign up for our daily email newsletter, CLICK HERE
The online cash advance loans are low balance, short term loans with a higher rate of interest from the traditional loan scenarios. The borrowing of the funds is on an account-withdrawal authorization or post-dated check effective on upcoming payday of the borrower.
Qualifying for these loans is easy
Getting these loans is a quick process and when the applicant holds a job qualification becomes easier. The aim is to let the consumers receive some cash fast before the next paycheck. Other names for this are the deferred deposit, check advance, or cash advance lending.
This type of loan is accessible to people having a poor credit and it does not involve credit check. Among the numerous people using this lending service annually, most do not have a savings account or credit card.
- Income source, valid identification, and checking account. The borrower should be of 18 years or more.
- Approval for the loan takes just minutes with high rates of interest than regular loans.
The basic requirements
Qualify for the loan when you are 18 years of age or more, have checking active account, and can give a valid identification and income proof. The approval process takes just 15 minutes and the borrower writes the loan check for the amounts along with lending fee. The lender will hold on this check until the due date predetermined for repaying the quick payday loans online.
While it is a good idea to repay the amounts borrowed by the date determined but it is possible to extend this for some more weeks. When this comes due, you either repay the loan or let the lender cash the check post-dated. They can also make withdrawals from the account of the borrower.
Amounts possible to borrow with this loan process
The qualification for loan amounts depends on the income of the borrower and the lender. There may be laws regulating the maximum amounts you can borrow with this arrangement.
Difference with other loan types
The payday loan involves fixed-payment for individual consumer where they borrow money and repay this in a pre-determined time. it resembles the mortgage payment and car loan in some ways but the difference lies in the fact that such loans often do not require any collaterals like your home and car. In the traditional scenario, the borrower forfeits certain possessions when they are unable to repay but this is not the case with online cash advance loans.
Versatile loans when you need it the most
You can use the loan for purchasing things that you cannot with cash otherwise. This includes purchase of a new air conditioner or appliance and the borrower can use this for consolidating their other debt. Another way is to use the loan for one-time expenses like educational expenses, medical bills, even a special trip.
Get the loan easier with a positive credit history and you can get it with a collateral too. This allows you to get better interest rates on the loan. You can ask the lender about the things they can use a the collateral like insurance policy or savings account.