All You Need to Know About Cash Advances and Payday Loans
What is a Cash Advance and Payday Loan?
A cash advance, also called as Payday Loan, is a short-term unsecured payday loan that cover the borrower’s expenses or for an unpredictable emergency cash need, until his or her next payday.
This expenses can ranges from automobile repair, pay their rent or utility bills, sudden bills, home appliance repairs and avoiding check bounce. It is very easy and quick way to get the cash advance as it can be apply right from their comfort of home in minutes without much paperwork.
You may required to fax your bank statements if you are self-employed applicants in order to show proof-of-identity. All this is required due to to regulatory requirements.
Once your application was approved, the loan will be directly deposited into your bank account by the next business day.
In short, a cash advance is a quick and convenient way to access a small sum of money which can range from $100 to $1,500, for a short amount of time.
This type of loan is very popular for getting fast emergency cash as most banks won’t lend under a thousand bucks for small periods of time.
There are many cash advance lenders that are available and can be applied quickly. It is crucial when borrowing money with a cash advance loan, to find and enjoy the lowest interest rates whenever possible.
Some lenders even offer discount code so you could save up to 50% on loan fee. Therefore it is good to read an online review and compare the interest rates to find out exactly how much you’re going to have to pay.
You do not need to worried about less than perfect credit score as some online cash advance loans are provided with no credit check. Therefore, a low or bad credit report, should not stop you from getting an easy cash advance.
The typical requirement to qualified for cash advance are:
1) Be at least 18 years of age
2) Should be a legal citizen of the US
3) Have a active and valid bank account, either checking or savings one
4) Be currently employed for over two months with the same employer, be self-employed or be collecting employment insurance
The maximum amount of a payday advance and the rates for payday advances are generally regulated by each state’s governing body.