An Overview on Payday Cash Advance Loan
Financial emergencies may arise at anytime without any intimation and the situations where you need instant money can be challenging and very stressful. Emergency expenses like tuition fees, bills, medical expenses, mortgage repayments, repairing and more can arise when you least expect them. The average salaried professionals who encounter these financial emergencies may have many sleepless nights and headaches. So, the best solution to overcome from such financial burdens is to apply and opt for payday loan.
Definition of Payday Loan
Payday or cash advance loans are basically the short-term loans that provide you quicker solution to your financial woes and the loan borrowed can be repaid at your next payday. This type of loan is offered to salaried professionals who are in need to instant and urgent funds to meet their daily needs and other urgent expenses. The applicants agree to repay the loan at their next payday along with hefty interest rates. Since the demand and need for funds are increasing amongst the average salaried professionals, there are a number of lending agencies and banks that are offering such payday loans at considerable rates. Applying for these loans has become easier than ever before, owing to the internet technology that enables the applicants to compare and apply for the most suitable payday loans as per their needs.
The Criteria for Payday Loans
Payday loans or cash advance loans are quite unique from other traditional loans, in regards to its processing, application and turn-around time. Since no credit checks are done by the lending agencies, the loans are approved instantly. However, the applicants are required to meet the eligibility criteria set by the lenders to qualify for the loan. Some of the criteria set for payday loans include:
- Must be of legal age
- Valid bank account
- Salaried professional with regular monthly income
- Must be a permanent resident of the state
- Salary certificate to proof that they have steady income
It is the easiest and simplest form of loan that helps the borrowers to get instant cash to meet their financial emergencies.
The Benefits of Payday Loans
There are several advantages attached with the payday loans. Some of the common benefits that you can avail with the payday loan include:
- Easy loan processing and minimal documents required. The applicants can apply for cash advance loan online and get the approval for the loan within 24-48 hours. The lending agency transfers the loan amount into the account of the borrower within 24 hours of approval. This is the quickest way to get instant funds.
- Applicants are not required to visit the lending agency in person to repay the loan. They simply need to repay the amount through auto-debit facility from their account. So, when the next payday approaches, the lending agency will deduct the loan amount and the interest rate from the account of the borrowers automatically.
- People with bad credit can also apply for such loans as no credit check is done prior to approving the loan
- There is no requirement of any collateral to get payday loans.