Living from paycheck to paycheck can be extremely frustrating, especially if you run out of cash in the middle of the month. This can get worse if you need to meet an urgent financial requirement. Fortunately, the lending industry has devised the system of payday advance loans, particularly for this situation. These cash advances are short duration loans available to an individual till his/her next paycheck.
Eligibility Criteria For Payday Advance Loans:
To qualify for these cash advances you need to fulfill the following standards:
• You should be eighteen years old or more to qualify for the cash advance
• You must have an active saving or checking account
• You must be the citizen of the country you apply to
• You must have a reliable and permanent source of income or a job
• Your monthly income should exceed $1000
Some lenders also require the candidate to be working in the same job for at least ninety days before considering him or her as a suitable candidate for a payday loan.
Amount Given:
The total amount that one can borrow ranges from $100 to $1500. Depending upon your monthly income you are assigned a level till which you can borrow. Apart from this, the interest rate that maybe charged from you will be around $10 per $100 to $300 borrowed. This interest and fee may increase if you do not pay on time and request for a repayment plan (rollover).
Application:
Applying for payday advance loans is very easy. Since these loans do not require the submission of any collateral, the processing is fast and effortless. All that is required is that the applicant fills up an application form either online or by visiting one of the offices of the lending agency.
After the form has been filled and submitted, the officer of the agency will check the details of the applicant and contact him/her for further verification.
Once the officer is satisfied, he/she will process the cash advance application and transfer the amount to the applicant’s bank account in a day’s time.
Payday advance loans are a great way to deal with a financial emergency. But it is also important that you do not fall into such situations again and again. Save for the rainy day and come out of the habit of living from paycheck to paycheck.