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.
But still, the fact is that the online payday cash advance loans are always in high demand. It is simply because of one of its trouble free feature, no hard credit checking. This is a fact that a cash advance loan excludes checking of credit. Therefore, even bankruptcy, bounced check, charge-offs cannot prevent anyone from getting the loan. And moreover, the process is extremely fast.
The online payday loans / cash advances (consumer protection) are basically given against the borrower’s paycheck, which is to be paid back on the payday. But the facility of extending the period is also there in case the borrower wants to. In this case, the rate automatically gets cut from the borrowers account. However, most of the time it is suggested not to extend the payoff time as it may cost more. It may even costs a lot in case of borrowing continuously against the paycheck and repeatedly obtaining the cash.
These types of loans are easy to transact and are pretty fast. The cash is transferred in the borrower’s account just in a day after the application is sent. However, like the requirements, even the process to apply for online payday cash advance loan is quite simple and hassle free. The process is like this:
– First of all, on fulfilling the requirements, the borrower needs to fill up an online application form.
– A borrower can even fax a complete application that requests for personal information, bank account number, and social security number and employer information.
– Next process is to fax the form along with copies of a check, a recent bank statement and signed paperwork.
– Finally, the cash is deposited into the borrowers’ checking account.
– On the next payday, the loan is electronically withdrawn from the checking account.