subject: Payday Loans - A Solution for Short-term Cash-Flow Problems [print this page] Payday Loans - A Solution for Short-term Cash-Flow Problems
Cash advance loans are short-term loans which are repaid in total as soon as your paycheck is paid. They are a way of avoiding long-term personal debt whilst aiding at times where there is a limitation in your cash-flow.Cash advances are more pricey than usual loans. This is because loan product companies set in place higher than average interest levels since the personal loans are unguaranteed and the money is being borrowed over a particularly short period. Interest levels are inclined to be about 25%.
Regardless of this there are bona fide pros to pay day loans also:
No credit checks
This is a key benefit as each and every credit check is placed on your personal credit record. On top of that, credit report checks might result in lengthy delays when applying for a loan, the last thing you need when you would prefer your money promptly.
Unsecured
Loan providers will not demand you to guarantee your short-term loan against any kind of resources that you could possibly have.
Easy to apply
There are multiple methods of obtaining a payday cash advance loan: online, in-store or by fax.
Applying on online is probably the fastest way of applying for a cash advance loan. This paperless method of loan application is sometimes called a faxless cash advance loan as the whole process can be done via the internet. You will be asked to complete an online form which will ask you for personal information such as your full postal address, bank account details, copy of your payslip etc. internet loan companies may provide prospective borrowers with a prompt result and the loan amount will normally be paid into the applicant's personal bank account in just 24 hours of the loan being approved.
In store
Applicants can also apply for a cash advance loan at a highstreet lending store. The lending store will request the borrower to sign a post-dated check made out to the lender. And on the scheduled due date, the borrower returns to the lending store to repay the loan in person. In the event where the borrower fails to return to the lending store to pay back the debt; the loan provider will then attempt to cash the check. The lending store option gives the borrower the chance to obtain cash immediately from the loan store.
By fax
Payday loan applications may also be made by completing the application form and faxing it back to the loan company.
Quick Cash
Loan Providers commonly provide prospective borrowers very quickly with a decision on their loan application and if the loan is approved, the money will be paid either immediately in cash by the lending store or electronically into the applicant's current account in no more than 24 hours.
Short-term loan = no long-term debt
cash advance payday loans are cash advances on your wages that may be used in the short-term to cover a person's expenditure until their next payday and this is why agreed repayment dates are typically far less than a month from the date of the funds being allocated.
Although not intended to offer a remedy to long-standing financial hardship, payday loans can offer a perfect solution for short-term cash-flow problems.
