If you are in need of immediate cash for an expense that simply cannot wait and have limited to no access to emergency savings or credit, you may be able to qualify for a short-term payday advance loan. Payday loans are short-term cash advances with easy qualification and repayment terms. If you are working full or part-time or have a recurring source of income such as monthly benefit payments, a payday lending service may be able to help you obtain the funds you need. Understanding the basic process of obtaining a payday loan as well as the qualification requirements can help you in making an informed decision on whether a cash advance is a good option for your current financial dilemma.
What is a Cash Advance Payday Loan?
Cash advance payday loans are small deposit advances that are directly funded into borrowers' checking accounts and designed to be repaid within a short period of time. Borrowers must meet specific qualification criteria and are usually required to possess active checking accounts that are in good standing with their financial institutions. Borrowers do not need to have perfect credit in order to qualify, as payday loans are approved based on income and employment status.
The loans are small in size and typically range between $50 and $1,000, depending on specific state lending guidelines. In addition to state laws, specific loan amounts are based on the borrower's total monthly income, so it is important for potential borrowers to understand that in most cases, they will not qualify for loan amounts that exceed the amounts of their bi-weekly paychecks. Applicants can apply for funds through online lending sites as well as physical payday lending locations.
While specific qualification criteria can vary, potential borrowers are typically required to be working full or part-time or have recurring sources of monthly income. Income levels must pass specific thresholds that are determined by the lenders. Applicants must provide lenders with valid forms of identification such as driver's licenses or state identification cards, as well as valid social security numbers. Income sources and employer information must usually be verified prior to loan funding. Certain lenders may also require that applicants provide personal references, recent paycheck stubs and bank statements. If the loan is approved, the funds are deposited into the borrower's checking account or provided in cash.
Prior to loan funding, lenders provide borrowers with loan documents that state the specific loan amounts as well as the repayment terms. In most cases, payday loans must be paid back on the borrowers' next payday, but certain lenders may allow for installment payments over a specified amount of time. Funds are withdrawn from the borrowers' checking accounts on the agreed-upon payment dates. It is important for borrowers to ensure that the funds are available for withdrawal on the specified due dates to prevent bounced debit payments and avoid overdraft and bounced payment fees.
Financial Relief Between Paydays
In today's economy, living paycheck-to paycheck can definitely be challenging, especially when unexpected, can't-wait expenses pop up. Payday loans provide individuals with short-term solutions that allow for much-needed financial relief between paydays. Visit websites like http://www.getezmoney.com for more information.