Fast Cash Loans to Cover Unexpected SpendingThe payday lending industry has grown both in its reach and its perceived importance. Many lenders have also put up their own websites to provide quick cash advance loans online. An even more amazing trend is the growth in number of small establishments that offer payday loans with no credit checks. These payday loans with no credit checks provides an individual with poor credit history to have access to credit otherwise unavailable to him from traditional lending instruments like bank loans. The less stringent proprietary requirements and the expedited approval make payday loans a viable lifeline for those in need of an urgent source of cash.
Payday loans and bank loans are different in many ways. Firstly, the former involves smaller amounts which can be used for small projects or emergencies. The latter on the other hand are usually used to buy a car or a house. That being the case, repayment for bank loans are typically long drawn out whereas payday loans are repaid in a month, even less for some. Verification is typically carried out by banks because the loans they provide are usually large amounts. Hence, applications for bank loan requests typically take a week or so before approval. Payday loans usually do not perform credit verification hence the process takes less time from application to approval.
The application process for these short term cash loans are inherently the same whether you are applying over the counter or through an online portal. Typically, you are asked to fill out a request form which details the amount of money you intend to borrow and for how long you’ll keep it for as well as personal information. These companies will only provide loans to individuals who they think can repay comfortably come maturity date.
Hence, you may be required to include some documents as proof of regular income, like payslips and employment certification. These short term cash loans’ maturity date coincides with the release of your next paycheck, typically a month’s time after you got the loan. To discourage defaulting, these lenders require you to provide either a post-dated check which covers the loan amount plus charges, or a bank account with an active debit function.
Because of the short nature of these loans, a higher simple interest is expected, around $10-20 per $100 loaned. Predatory lenders are rife within the industry so it is to your best interest to keep a watchful eye for them. Insist on reading the loan terms and determine if they are in good standing with the Business Bureau and if they possess the necessary licenses to operate.
Life sometimes presents us with problems which we are not always financially ready to address. Luckily, there are short term cash loans available online which you can get in the same day. To read about this lending instrument, click here cash advance loan online