A fast easy payday loan is a small, short-term advance paycheck, given to any borrower or customer, until the borrower receives his or her own paycheck. These cash advances, ranging between $100 and $1500, are rendered on a two week term, with an annual interest rate of 390% to 900%. Fast payday loans also referred to as instant paychecks and are easy to apply for. These are frequently used in emergency cash needs.
Fast Easy Cash Loan - Application and Requirements
Fast cash loans are designed for the people, who face an urgent cash requirement, which is good for the short term. An employee can get these loans easily and pay it on a regular basis with the help of his or her bank account. Online payday loans with advanced internet technologies offer secure and convenient financial operations. Online applications cut-off unnecessary overheads caused due to manual mechanisms. Fast and easy payday loan provide quick cash advance if applied online.
Online payday loans are applied through e-mails, online search, paid ads, and referrals. In the process, a borrower fills out an online application form or faxes a completed application that requests personal information, bank account numbers, social security number and employer information. Borrowers fax the copies of a check, a recent bank statement, and signed paperwork. The loan is directly deposited into the borrower's checking account. Loan payment is electronically withdrawn on the borrower's next payday.
A Check before Application
Before going for this easy fast loan applicable til payday, a borrower must consider the following:
1) Interest rates
3) Repayment scheme
4) Loan term
5) Hidden fees if any
6) Companies' terms and conditions
It is actually a requirement that online payday loan companies must print their terms and conditions clearly on their websites, in which all the above considerations are taken into account. A payday loan provider must be genuine and trustworthy, fulfilling all the financial requirements. Different lending companies have different schemes and terms. Before choosing the right provider, one should always go through the pros and cons of payday loans, including advantages and disadvantages of all the parties involved.
Who are eligible?
The question of who can apply for a payday loan often comes to mind when you need emergency cash advance. However, to be eligible for the approval you must:
1) Be 18 years of age
2) Have a regular job and earn a minimum of $1200 a month and a social security.
3) Receive steady income, biweekly or monthly
4) You have a checking or savings account
Fast approval cash loan process involves less paper work and instant processing. It is thus different from other lengthy loan processes. You complete an application and provide your latest paycheck stub, bank statement, and identification. A loan agreement is involved, which you sign and give to the lender along with a postdated check for the loan amount. The payday loan company holds on to your check until the due date of your loan, which could be for two weeks to a month. On the due date, the lender deposits your check for repayment of your fast easy payday loan. This is just like normal loan process, but being done online, it is fast and easily accessible.
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