subject: A Payday Loan Can Get You Fast Cash [print this page] A Payday Loan Can Get You Fast Cash A Payday Loan Can Get You Fast Cash
When you need fast cash, a payday loan can get you the cash you need in a hurry. This type of loan does not require any credit checks and is usually approved quickly. With a cash advance loan, you can have your money within a matter of hours, including people who have bad credit.
A payday loan is one of the easiest loans to obtain. To get a loan, which is also known as a cash advance loan, you have to have a checking account, a job with a steady paycheck, and a paystub to show proof of your job. Before you sign the loan contract, make sure you know what the loan will involve, including terms and fees.
A lender will require that you be at your job for at least a month, and some lenders require an applicant to be at their current job for six months. They will require you to have a positive balance in your checking account. Some lenders may talk with your bank and inquire if you have had any recent overdrafts. Typically, this may be the only credit check that is performed.
The fees involved in an unsecured loan are higher than traditional loans. The biggest differences between a payday loan and a traditional loan are the amount of time you have to pay back the loan, and the finance charges. The amount of the fees depends on how much is borrowed; the higher the loan amount, the higher the fees. Typical loan amounts vary from $100 to $500 and some loan companies offer higher amounts of money. Have the loan lender explain the fees to you at the time of the loan application.
The loan amount is to be repaid when you receive your next paycheck, but if you do not pay back the loan, you will incur more fees and interest charges. Quite a few loan companies will allow you to extend your due date at least three times, but you must pay the interest fees that come with putting off repayment of the loan. To avoid these fees, it is best to pay off the loan when it comes due. If you run into a financial emergency, a cash advance loan can help you get back to financial health. If you have bad credit and don't qualify for a traditional loan, then a cash loan is going to be helpful to you when you have nowhere else to turn for financial assistance.
Cash loans can be helpful when you are in a financial bind. Many people, especially those with bad credit, take advantage of these types of loans if they do not qualify for a traditional bank loan. Cash loans can be used for anything, from car repairs, bounced checks, an emergency trip out of town, or anything else you may need the money for. A lender will not ask what you plan to use the money for, because it doesn't matter.
