A Great Way To Get Quick Cash
There are times in life when things happen unexpectedly and people need some cash fast
. Cash advance payday loans are available to provide quick money as a cash advance. This type of loan is often called a paycheck advance or payday advance. Payday loans are not available in all states and the legal guidelines tend to vary from state to state. The money from this loan can be used to pay for anything, including rent, utility bills or even car repairs. This loan is typically a small, short-term loan and is intended to pay for a borrower's expenses until the next payday.The Purpose of Payday Loans
Although cash advance payday loans are similar to traditional loans, there are also many differences. Just like conventional loans, payday loans have to be repaid according to the terms. The application of a conventional loan can be quite lengthy and detailed and include a review of credit history and financial status. On the other hand, payday loan applications can be completed in less than 5 minutes and approved very quickly. Many payday lenders do not check an applicant's credit, therefore absent, poor or limited credit history cannot hinder qualifying for this loan.
Many times with approval of the loan, a borrower will write out a check to the lender for the total loan amount including any fees that were added on. The lender will deposit the check on the day of the borrower's next payday. Some states have laws that limit the amount that a lender can charge for a payday loan. A recent survey completed by the Consumer Federation of America concluded that a consumer could borrow between $200 and $2,500 and the average rate of the loan would be $25 for every $100 borrowed for 14 days.
Benefits of Cash Advance Loans
In a time of financial emergency, a payday cash loan can be the fastest solution without a lot of hassle. Loan lenders are able to provide quick and reliable answers to a consumer's short-term need of cash. The application process is quick, the fees are low and payments are made overnight.
Payday Loan Requirements
The requirements for a payday loan are very easy. An applicant must be 18 years old, have steady income and a checking account. Credit is not checked, so the fact that money may be owed to other people by the consumer will not jeopardize the loan approval. With most loans, funds are given between 1 and 24 hours.
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