Payday Loans and Cash Advance Loans - How These Short Term Loans Work
Payday and cash advance loans are loans that are basically secured by your next paycheck. I will go step by step through the payday and cash advance process to let you understand the entire loan process from start to finish.
Payday and cash advance loans are loans that are basically secured by your next paycheck. I will go step by step through the payday loan and cash advance process to let you understand the entire loan process from start to finish.
The first step is the application. I would recommend filling out an online application as this is the most convenient method to most consumers who want to apply for a payday loan. They will ask for your name, address, phone number, banking information, and sometimes a couple of personal references.
Your employment information is the next thing they will want. If you are getting a cash advance or payday loan from a local lender at a retail location they may require a check stub or several of them. They may also want contact information for your employer so that the information can be verified. If you are dealing with an online lender however, they will just want a phone number and address of your employer to verify your status.
The next step is your banking information. At the local payday store they will require a check made out to them for the full amount of the loan plus the interest that is due at the end of the short term loan period. They will then cash the check on your next payday.
An online payday lender will only want the bank name, routing number, account number and bank address and who owns the account. If you are dealing with an online lender all of the funds will be transferred through ACH which is the same system that is used for direct deposit on payroll.
They will verify your employment including how long you have been with the company, when you get paid, and if you have direct deposit. Direct deposit is not required to get a loan, but it does help.
On your next payday the lender will expect the borrowed amount plus a finance charge to be paid back in full. A typical finance charge is $15 for every $100 you borrow. Most online payday lenders are flexible in extending the payback period and they will simply roll over your lshort term loan to your next payday if you are unable to pay it back in full.
If you need quick cash and are interested in getting a short term loan then I suggest that you get a payday loan online. They are the most convenient method for consumers to get quick cash. I would strongly encourage you to go to a multiple lender website who is affiliated with several lenders as these sites will make the lenders compete for your loan. You are then able to chose the lender who was able to offer the best rate for your short term loan.
For a payday cash advance loan lender that has consistently provided competitive rates check out this link:
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MyEasyCashAdvance.com is a matchmaker in the payday loan industry. They pair consumers who need fast cash up with legitimate lenders and force the lenders to compete for the loan therefore resulting in the lowest rate.