Cash advance is a small loan that offers a loan amount of between $500 – $1000 for people who are having financial difficulties in covering their temporary expenses. It is most likely that you have spent all your money and you are only going to get your pay by the next payday. You can use the money you obtain from cash advance to pay for your daily expenses such as grocery, room rental, car installment or any other type of expenses. There is no restriction on how you can use the funds you receive from the payday loan.
This type of loan is for you if you need some cash to spend and you are sure you can pay back by your payday. If you just need a small amount of money for your emergency expenses, it will be unwise to go to the bank to obtain a loan. The bank usually lend a larger amount and they also have stricter application approval requirements. With cash advance, you don’t have to undergo any background or credit score check. Most payday loan lenders also don’t require you to fax any financial document over to them.
The only requirement is that you have a steady job for the past few months and be at least 18 years old to qualify for the payday loan. In addition, you must have a checking account in good standing to be qualified for the payday loan you are applying. You will have to provide your account number to them after they send you an email that confirm your loan application has been approved.
Usually, you will get approved within the same day if you meet all their requirements. The fastest way to apply for a cash advance is to fill in the online loan request form at the lending site. It is important to enter the accurate details into the form in order to get your application approved quickly and get the funds transferred to your account in the same day. Many cash advance lenders have a cut off period, which is the time by which you should submit the application if you expect to receive the loan within the same day. You can check the FAQ to find out their cut off time or ask the representative on the phone.
Prior to signing up, you must first find out the interest rate they charge so that you know how much you are to pay back them at the payday. You should also check if there are other fees such as penalty fees for late payment. To make sure you get the best rate, you should compare the rates of 3 – 5 payday loans lenders. It is important that you only borrow from a legitimate payday lenders that have websites. Illegitimate lenders usually don’t have websites and they charge high interest fees.