A cash advance loan, also referred as payday loan, is essentially a cash loan provided to you by a payday loan lender at a preset rate of interest that serves as a loan against your next pay check you will get. Mostly, people use payday loans once they are experiencing short-term financial crisis, or as a means to pay off unpredicted bills that might have arise.
In such cases, a person can make use of a payday loan lender to make available a fast loan that they can then pay it back to the lender as soon as their next payday arrives. There are a few requirements though that is associated to this no credit check cash advance loans, which have to be met.
These loans are very valuable if you have no collateral to put up for any other kind of loan. Car title loans used to be the only fast way to get cash, but now, if you can meet the requirements you can end up having cash just as quickly with no worries of getting your car repossessed.
These include, applicant should be a permanent resident or citizen of US, he/ she should have identification proof as well as social security number of US, the applicant should be have a stable job with a reputed firm for last 3 months, a few lenders can ask for to produce pay stubs to authenticate this and he/ she should have a steady monthly income of at least $1000 or more.
Besides, an active checking bank account is as well mandatory to transfer the cash electronically.
The interest rate on payday cash advance loans is usually steep. Once you take out a cash advance loan you are likely to be charged with interest rates of 1000% or more.
On the other hand, considering the condition in real terms, and as a case in point, for every $100 you have a loan of you will be paying around $10 to $15. From this point of view, the interest rate does not seem as high as the rates indicate. We always pay a little more for convenience these days, so this amount is not hard to swallow when you need money very quickly.
Payday lending companies are required to display the rate of interest on a few Web Pages of their websites and advertising resources to abide by the law. Of course, laws tend to differ from one state to another.
It is significant when contrasting cash advance loans to other financial products so that you are not discouraged by what seems to be an excessive rate of interest.
It is useless to compare interest rates as soon as it comes to deciding the precise amount you will be have to pay back on a loan given that interest rates is used primarily to measure the interest payable on long-term finances such as personal loans and mortgages.
To get a cash advance loan just carry out a fast online search with your favorite engine, you get several online payday websites having online process for providing payday loans. It takes just a few minutes to get approved for such loans and you can have access to cash with 24 hours.
Cash advance loans lets you have access to loan amount that ranges from $100 to $1500 for the repayment tenure of 7 to 21 days. Approval of loan is derived from person’s ability to repay the loan amount on the agreed date.
Whatever your reason for seeking out a short term loan, it is good to remember that this is not the most economical way to lead your life and manage your finances and should only be used when you have no other option.
Jack R. Landry has a PHD in financial services and has written hundreds of articles relating to consumer services and cash advance payday loans. He has been a consumer advocate for
nearly 25 years.
Jack R. Landry