Payday advance gives you instant access to cash whenever you need it. Of course, people may face financial emergencies in certain circumstances even with a proper budget and well-managed expenses. In those situations, they can use a payday advance loan to solve their financial emergencies. These loans come with a shorter repayment time and higher interest rate. The repayment should be done within two to four weeks or at your next pay date. The best part of requesting this loan is that you do not need to wait for several days like traditional bank loans, as they are processed faster than you expect.
Why is Payday Advance Necessary?
Certain times, you might face a financial emergency such as car repair, home repair, storm repair or unexpected medical bill. If there is no cash left in your account to solve these needs, you can request a payday loan advance. These loans are a perfect solution for addressing your immediate short-term needs. The only thing is that you need to make sure your repayment ability before requesting the loan. If you fail to make payments on time, you have to face the consequences or pay penalties along with the loan amount. Rather than asking your friends or colleagues, requesting a payday loan is the best choice.
How is Cash Deposited?
You can request this loan either offline or online. For requesting offline, you need to visit the physical loan office or your lender. Once your request has been accepted and documents are signed, you can leave with cash in hand. For requesting online, you need to complete the online loan request form with all your necessary details.
Once your online loan request form is approved, you can get funds into your bank account within one business day. Generally, you will receive cash on the same day or next day regardless of the way you choose to request the loan. Without being bothered about waiting for an extended period, you can request this loan and pay off your immediate expenses.
Requirements to be Eligible for the Loan
Of course, every loan has some requirements and that has to be met by the borrower without fail. Requirements may vary for the state to state. The basic requirements, which you should meet to be eligible for the loan are:
- You must be 18 years of age.
- You must have an active checking account.
- You must have a steady source of income to make repayments on time.
- If need be, you must submit your income proof letter.
Some Facts about the Payday Loans
Before applying for the loan, you must know some important facts about the payday advance loans, so that you would come to know whether you can be responsible for the loan.
- A payday lender will agree to lend a sum of money to the borrower for a certain period of time say two weeks or a month. It is the responsibility of the borrower to repay the loan amount on time. Otherwise, they will be charged more.
- Usually, these loans come with a high-interest rate and short repayment time. Failing to make repayments on time may leave you in a stressful financial situation.
- Whenever you need cash to address your short-term emergency needs, you can apply for this loan and get funds deposited into your account within a business day.
- No collateral or security is required to be qualified for this short-term loan.
- Anyone with a bank account and a steady source of income can apply for this loan and get funds.
- You should not borrow more than your requirement. Otherwise, repayment would be difficult.