Many of you must have heard about cash advance online same day that is offered by various lenders, where you can meet all your immediate money needs even if your credit score is poor.
Do you know enough about such loans?
What is payday loan?
In simple words, you can say payday loans are meant for those who have bad credit score that any lender will be ready to offer you, if you are able to return the payment after getting your next pay-check.
Your lender will never ask for any collateral and these loans are short-term loans and you must be ready to repay back in the shortest possible time.
All you need to tell the lender about your bank details so that they can credit the necessary amount to your own bank account.
You may also send a post-dated check so that your lender may cash it as soon as you get your next pay.
You can seek such payday loan to meet any of your need and the lender will never question about that as long as you are ready to pay him back your loan with interest within the agreed time period.
No credit report will be checked
Usually for all kinds of loans, whether it is secured or unsecured loans, the lender will first demand your credit report which will allow the lenders to know whether you are really a credit worthy person.
No lenders will be ready to offer any loan unless they are sure that his money will come back to him.
However, with payday loan no such credit check is done and the applicant must have a stable source of income and need to provide necessary proof for that.
How to apply?
You can apply for such loans through online and no detailed paper work will be necessary. You must submit your income proof and details about your employer along with your banking details.
How can you qualify for such loan?
In order to qualify for this loan, you must satisfy the following few requirements:
- Your age must be minimum 18 years and maximum 65 years
- You must be resident of USA
- You must have regular income source
- You must have regular bank account with check
- You must provide your mobile number which can receive voice as well as SMS text messages
This kind of payday loans can be really very useful for people who may suddenly need money to meet their urgent requirement.
However, it is a short-term loan and hence the applicant must try to return the amount as early as possible to derive the benefit of this kind of loan.