There are countless reasons why one turns to a cash advance or payday cash loan instead of other types of loan
. A cash advance loan serves as an immediate solution to an emergency situation, when one cant afford to wait for the next payday. This kind of loan is designed for instant processing and quick approval. Most of the time, an online payday cash advance loan does not require credit checking so even people with bad credit can get their application approved.
There are various types of payday loans that loan borrowers must be aware of. These loan services are mostly paperless and fax-free. Being aware of the differences and similarities of all these payday cash loans can help a loan borrower choose the best and most reasonable loan deal.
The most common type of loan is the online payday loan. The online payday loan is short-term, instant, and transacted through internet applications. This is a basic type of payday loan, but it is easily recognized because it can provide immediate help to an emergency financial crisis.
The second most common type of payday cash loans is the bad credit payday loan. It is a loan type catering to people with bad credit histories. These people cannot get a bank loan approval, so they tend to seek refuge from companies that offer bad credit loans. Companies that offer bad credit loans do not cross check credit histories, nor do they verify them from employers. However, bad credit loans have higher interest rates than ordinary online payday loans.
The most convenient type among payday cash loans is the no fax payday loan. This is the loan type where application is conducted purely online and proof documents do not need to be faxed to the lender. The lender just conducts the verification process through internet databases. All transactions from application to release and payment are done online and through electronic mail.
These three major types of payday cash loans are all accessible to all employees that need immediate help during financial crisis. As long as the employee has a regular job and a regular monthly paycheck, the employee can readily benefit from these payday loans. The employee only needs to complete the application and to provide an active bank account for the loan to be processed and released successfully.