Cash advance (payday loan or short-term loan) is one of the fastest and simplest forms of a loan. It can be referred to as fast cash or quick cash that are very useful in times of sudden financial emergencies. Basically, a cash advance is a small, short-term loan, usually received against the paycheck and generally paid back on the payday. Moreover this kind of loans can be received in a very short time. And the introduction of the online payday cash advance made the process faster and easier.
Online payday cash advance loans generally falls into the category of personal, unsecured loans. Unsecured in the sense that there is no need to submit any kind of document, bank statements or credit statements. The only requirements to apply for a payday cash advance are as follows:
– Firstly, he or she must have a job
– Earn at least $1000 per month
– Must be 18 years of age or older
– Must posses a proper identification, i.e. an official one.
– Lastly, should have a checking account.
Therefore, anybody fulfilling these requirements can apply for the online payday cash advance loan. However, it must be noted that the rate charged against these types of loans are quite expensive as compared to bank rates. The rate charged ranges from $20 to $40 for per $100.
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