What is an payday advance loan?
Whether you are faced with an emergency medical bill, need to repair your car or there is something you wanted to buy real bad but just don’t have the cash, a payday advance loan could probably work for you.
A payday advance is usually a short-term loan for a small amount of money. It is actually also known as a payday loan. It offers a simple way out when you are in an urgent need of money.
Now you can even get it online. Payday loans are pretty easy to apply – the application and approval process is really fast.
Since the main characteristic of a payday advance is that it is short term, it has to be repaid fast – normally by your next payday. In case you are not able to do that, you may face some extra fees or penalties.
Depending on the terms of your payday loan lender, there may be early or late payment penalties. Online loans have lots of benefits compared to other types of loan. If you find yourself in a difficult financial situation, you’d probably want to consider taking a payday advance.
Why you need a loan?
There are many reasons you may need a payday advance. What if there is something you really want to buy and you don’t want to miss your chance to get it on a discount right now but you simply don’t have the money for it at the moment.
By getting a loan, you will never have to miss out on a great deal ever again. It is a completely secure way for you to have immediate access to the cash you need for purchasing the things you want.
In other cases, you may find yourself overwhelmed by unexpected bills. For example, a relative gets sick and has to go to a hospital or something in the house gets broken and you need a professional service to get it fixed. Sometimes the best answer to these problems is taking out a loan. What are the benefits of a payday advance?
You can take out a payday advance at any time. You don’t need to go to the lender or the bank. All you have to do is to fill out your application form right in the comfort of your own home or office.
That is one of the main distinctions from traditional lenders whose procedures are much more complicated than online payday loan lenders.
Without the unnecessary hassle, you can easily get the cash you need with a payday advance.
The credit score is irrelevant
Most traditional lending forms include a credit score history check as a pre-approval condition. In most cases, having a poor credit score would be held against you and there will almost be no credit checks made on you.
You either won’t be approved of a loan at all or you won’t get favorable conditions like lower interest rates. On the other hand, payday loan lending companies are far less demanding. Even having a bad credit won’t stop you from getting a money.
So if you have not taken good care of your credit score, taking out a payday loan is probably your best option.
Payday advances are fast
By applying for a payday loan online, you get an answer right away. Very shortly after you submit your application, you will receive information saying whether you have been approved or not.
Enough with the waiting and extra worries. If you have provided the necessary information alongside your application, you will probably get your loan as soon as the next day. That way, you can spend the money right away.
If you think of taking out a loan from a bank, you will have to keep track of their operating hours. You may have to miss a day from work and spend it waiting at the bank applying for a loan. With online payday loans, you’ll save yourself that trouble since the application process won’t take long at all.
The downsides of taking out a bank loan don’t stop here. You’ll most likely have to wait for a long time before they are able to give an answer to your loan application.
This loan meet your urgent needs
In order to get a traditional loan, you’d have to prove that you actually need the money and proof of how you are going to pay back the loan. Online payday lenders see this as a violation of your privacy.
You can have different sources of money and you shouldn’t be obliged to give anyone any explanation. The important thing for you is to manage to repay the loan within your next payday.
Payday loan lenders won’t ask you how you plan on paying back the money or why you need it in the first place. You have complete freedom to do whatever best suits your own financial situation.
Who is eligible for a payday loan?
Different eligibility factors vary from lender to lender. The thing they all have in common is the minimum age requirement – you need to be at least 18 or older.
Usually, being an American citizen and having a bank account are also common requirements. You need to have a bank account as payday lenders will transfer the loan money directly into your bank account.
Other requirements may include a valid e-mail, minimum monthly income, valid driving license or a photo ID. Even though credit score is not relevant, you may be required to have a permanent job.
Your payday loan lender needs this in order to create your repayment schedule. The paying back can be done either in a lump sum payment or through regular installments.
In case you are reading this article, you probably want to apply for a payday loan right away. That way, you can stop worrying about your bills, be able to take care of them and have your financial stability back.