Cash advance is a small short term loan that you can use to cover any unexpected expenses until your next pay day. You can apply online and the decision to loan you the money is made almost immediately. Often, the money loaned can be wired to your bank account on the same day you applied.
A payday loan is an unsecured kind of loan, so it is not dependent on pledge, such as a house, a car, etc.
Generally when you make your first application you can borrow any amount up to 1000$. But you should recognize that the less you want to borrow the more likely you will be approved to the loan. So, it is advisable to borrow only that amount of money which you really need. Once you have successfully repaid loans with one particular company they may then grant you up to 1500$ loan.
Payday loans are the best solution for short term cash flow problems.
Who can apply for a Payday loan?
Eligibility requirements are very easy: - you should be a 18 years old or over US citizen
- you should be currently employed
- your monthly salary should be at least 1000$
- you should have a bank account with direct deposit option..
Even if you have poor credit history you are still able to obtain a payday loan as long as you meet the abovementioned requirements.
How do you get a Payday loan?
Most of payday loans are available online, so the faxing or posting of documents effects immediately. The application process is quick and easy to complete. You will be asked for your name, address, details about your monthly income and employment, when your next payday is, along with the amount you wish to borrow and your bank account details.
After you have submitted your application you will be contacted by your payday loan provider within minutes. They will email you that you have registered with your application. Payday loan providers partly make their decision estimating the amount you want to borrow compared to the amount you earn. It’s highly advisable to borrow that amount of money which you really need, consequently, the less you borrow the more likely that your application will be accepted and the smaller the amount of interest you will accrue.
If your application is successful, your loan agreement showing the amount that will be lent to you, the repayment date and the amount of interest you will pay on the repayment date will be e-mailed to you. Along with the loan agreement you should get the loan terms and conditions. These loan conditions should specify your rights under the Consumer Credit Act 1974 along with details about repaying the loan, canceling the loan and the use the personal information you supply when applying for the payday loan.
If the terms and conditions of this loan agreement is appropriate for your, you just put an e-signature together with providing details of your name and answering a security question. Then, email this back to the loan provider and the money will be wired to your bank account. Usually, the money is deposited to your bank account on the same day or next business day.