Payday Advance Loans Offer Fast Cash Options for Borrowers with Bad Credit
For borrowers with bad credit, getting fast cash may seem impossible. However, payday advance loans do not require a credit check and come in many different forms to suit your needs.
Payday Advance Qualifications – They’re Easy!
In order to recieve a payday advance loan, all you need are a few small pieces of information. They are:
- Proof of age (you must be at least 18)
- A valid bank account (this can be a savings or a checking account)
- Proof of citizenship (only U.S. citizens or permanent residents can qualify)
- Proof of employment (you need to have a steady job, with reliable income for 6 months)
That’s all you need. Often just one or two documents can be scanned or faxed in order to meet these basic qualifications. No credit check will be performed and approval is nearly instant. Therefore, getting a payday advance can be completed, from start to finish, in under 24 hours. This includes having the money in your bank account!
Understanding the Details and What to Expect
Payday advance loans work a bit differently than traditional loans that you get at your local bank. The terms for these loans are often short – only 14-30 days. This is because, as the name implies, payday advances are used to serve as a paycheck would. Instead of waiting for your next pay period, however, you can “advance” the money through these fast and easy loans. There are some lenders who are willing to extend the terms of their payday advance loans to up to 60 or even 90 days. However, when they do so that usually means that the fees (interest) for the money will go up as well.
On that note, the amount of money that you can expect to borrow through a payday advance loan is limited. Since the idea is to repay the loan on your next payday, the amount will be less than your actual paycheck – usually anywhere from $100-$1,000. However, longer term payday loans can be given in amounts up to $5,000.
Finally, payday advance loans are charged differently than regular loans. Rather than an interest rate, you pay a fee for each $100 you borrow. This fee can be as little as $10 or as much as $30 per $100 borrowed. That is why researching different lenders is essential in getting the best deal for your situation.
Finding Your Payday Advance Loan Online
Once you have considered the amount you want to borrow, the term you want to borrow it and the fee you are willing to pay, it is time to look into the different companies that offer payday advance loans. You will find through a simple internet search that many companies provide different packages, but not all are equal. Some lenders may offer a longer term and higher fees, others a lower amount. Determine which combination suits you best. Due to the quick nature of payday advance loan processing, you can compare rates and fees across several lenders all within one day. This allows you to get your money quickly and still reap the benefits of shopping around.
Bad Credit Options
When it comes to finding fast cash with bad credit, your options are somewhat limited. However, payday advance loans solve many of the problems you may initially encounter by offering you the ability to get money quickly without the hassle of a credit check. You will also have the time to compare the rates of several lenders.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loans for 5000 and Bad Credit Student Loans Guaranteed. For more information about his services please visit him at http://www.accessmyloan.com