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Monthly Archives: April 2017

Pros and Cons Payday Cash Advances

Pros Of Payday Cash Advances

• For emergency cash needs, cash advances provide the quickest and easiest assistance. No matter what your monetary need is – emergency hospital bills, mounting bills of utilities, unexpected vehicle maintenance bills or credit card bills. All these can be tackled with just one loan.

• In order to have a perfect credit report, payday cash loans can help you pay pending bills on time in severe financial situations.

• The application process is quite simple and you do not need to fax any documents.

• Now with easily available online payday loans, you can get instant cash without leaving your home.

• There are no credit checks done.

• People with bad credit or people who have filed for bankruptcy can also get approved for quick cash advances.

Cons Of Fast Payday Loans

• The payday cash advances provide very short term loans of small amount. You can get maximum of $1500 that too for a period of 14 to 20 days. Some states have a maximum limit of just $400 for instant cash loans.

• The interest charges are quite high compared to traditional loans which make these loans quite expensive. If you fail to payback the entire amount on the due date, the interest charges get almost doubled. Hence, if you need a larger loan or if you are not sure of paying back the payday cash advances on time, these loans are not meant for you.

• Sometimes the loan provider gives very unclear terms and conditions that you fail to understand and end up paying a lot in terms of financial charges.

Payday cash advances are actually your monthly salary in advance. It has become quite simple to apply for a cash advance today. Fast payday loans are a simple, quick and instant way to tide over your financial crunch.

 

Know more about Faxless Payday Loans

Faxless payday loans are an excellent option for all those in desperate need of some money. These loans are different from other loans as they do not require any papers or documents to be faxed to the lender. Here the lender does not ask for any information for which he requires written proof. He grants the loan solely based on the information filled up in the application form. Online payday loans are a quick and simple solution for all those who fall short of cash in between their paydays. The cash amount is quickly approved and deposited into the applicant’s bank within 24 hours of approval. So what are you waiting for? If your attic needs some urgent repair work or you need to pay for your son’s school fees and you are short of cash, apply for a payday loan.

Application Procedure

Applying for faxless payday loans is not a problem. All you have to do is locate a reliable lender and apply online. Here however you are advised to go through the terms and conditions put up by the lender so that you do not face any problem later on. Also keep in mind that the interest rates offered by the payday lenders vary greatly. Do remember to compare the rates offered by a few lenders before you sign the deal.

Once you have found the lender you wish to deal with, your next step would be to ask for an online application form. Filling up the form is a 10 minute job which once done can be submitted for approval. The processing of the form would not take more than a couple of minutes and you would be informed about the status of your application within a short span of time. If approved your loan amount would get deposited into your bank account within the next 24 working hours.

Eligibility Requisites

Let us now go through the eligibility criteria of the payday loan lenders.

• You need to be 18 years of age or older.

• You have to be a citizen of US and should apply from the state that you reside in.

• You have to produce a proof of income to the lender. Lenders prefer individuals whose monthly salary is at least $1500 per month. Your loan sanction amount too would depend on how much you earn every month.

• You would have to submit your valid checking account details and a post-dated check of the loan amount.

• Some lenders ask for a proof of residence stating that the borrower has been staying in the same house for the past 6 months or more.

The above is a general list of the eligibility criteria set up by most faxless payday loans lenders. Ensure that you go through the entire list of requirements set up by your lender before you sign the dotted line.

 

Loans Can You Get With Bad Credit

Secured And Unsecured Loans

There are secured and unsecured loans available for bad credit applicants. Unsecured loans are the ones that are harder to get approved for. Bad credit applicants can obtain unsecured personal loans, payday loans and cash advance loans. The first ones are harder to get because there are credit verifications for approval and you need to show a good recent credit history; stains on your credit report must be past records only. The interest rate charged for these loans is higher than that of regular unsecured personal loans.

Payday loans and cash advance loans do not necessarily need credit verifications. Actually, most payday loan lenders and cash advance loan lenders do not run credit checks. Instead, you’ll need to show proof of a steady income and have a bank account ready for the money to be deposited into it as soon as you get approved. The problem with these loans is that the rate charged is exorbitant and you may default on them if you don’t make sure you’ll be able to repay.

Secured loans, on the other hand, are a cheaper source of founds for those with bad credit. Though the interest rate charged for them is higher, it is still a lot lower than unsecured loans. There are bad credit car loans, home loans and home equity loans available for bad credit applicants.

Both car loans and home loans for people with bad credit carry only slightly higher interest rates than regular car loans and home loans. Collateral protects the borrower from suffering higher interests thanks for the risk protection it provides to the lender. The same goes to home equity loans for people with bad credit. These loans provide an excellent source for financing and only slightly higher rates than regular home equity loans.

The Income Issue

Even when credit score is not such an issue, there are still requirements you’ll have to meet in order to get approved for bad credit loans. The most important one is undoubtedly the income requirement. To get approved for any kind of loan you’ll need to prove that you are able to face the monthly payments.

However, that won’t be enough, you might be required to show proof that your income let’s you afford payments comfortably, without having to make sacrifices and that any unexpected expense won’t prevent you from repaying the loan. Thus, you’ll need to have plenty of available income to face payments. And this is true with all types of bad credit loans, including payday loans and cash advance loans.

About Payday Loans

Before taking a payday loan, you must know a few things about it. You should not go for a payday loan until some urgent need arises. There are some fees included in your payday loans, like application charges and processing fees. Also you need to give it back to your creditor and that too with interest. Though, in most of the countries, the creditors cannot charge you more than the rate of 60%, and if they do it is considered as a crime. Though the regulation is different in various parts and countries, but you can still check the necessary details before going for a payday loan.

Payday loans are for short terms, like one or a couple of weeks most of the time and that is why low cost payday loans are very popular among people. In case of lower debt, low cost payday loans will offer you lesser application fees that can be profitable for you. And there is another benefit for you. If you take a payday loan, it can usually ease the financial strain from your shoulder. Previously, the processing charge used to be very high in case of these loans, but today because of various federal acts, the interest rate has been decreased. That means, today you can take high payday loans, at lower interest rates, and surely that is a big advantage of payday loans.

There are different companies available who provide payday loan opportunities. Do not choose just any of them; always make sure you are aware of the details like interest rates and procedure of applying before you are actually taking a payday loan for yourself. Also, if you are taking a payday for the first time, there are some companies who actually provides discount on the very first transaction. So, you can easily search for one of those companies to get even a bigger benefit.

Make sure, you are ready with all your necessary details for taking a loan. And if all your details are in place, it’s just a matter of a few minutes to get your loan application approved. Also, do not get influenced by everything they say. They can sometimes insist you to take a bigger amount; but be very clear about the amount of money you need, because in the end you need to pay the interest to your creditors. Also the duration of your loan influences the amount of money you are going to pay for the payday loan services. When you need money badly, payday loans can be your saviour. But do not depend on them too much, and avoid spending money uselessly, it is always better to go for savings than taking any loans; whether long term or payday loans.