If you have faced an emergency need to cover some unplanned expenditures payday advance will be the most logical problem solution. Nowadays short-term loans are becoming more and more popular among all types of customers due to the advantages they may offer. Why spend more time going to the traditional bank if you have the great opportunity to get the necessary amount of money avoiding time-consuming paperwork and credit checks.
What should you know about payday advances?
Payday advance or payday loan as it is also called refers to the short-term financial help, which is given for the urgent needs due to the fact that the interest rate is higher compared to the bank credits. Before applying for a payday advance online you should make sure that you really can’t live till your payday. If your problem can be solved with an amount of money from $100 to $1000 now, then don’t hesitate and benefit from using online application form to fill it in with the basic information to get the desired loan. Make sure you will be able to return the borrowed cash within the short period of time, which usually lasts from 1-2 weeks to one month. The repayment date should be agreed with the payday loan lender when you sign the loan agreement.
What is required to be eligible for online payday advance?
Minimum requirements are one of the most important benefits of payday loans. Any person can qualify for the loan if he or she is able to meet the following requirements. Payday advance is approved if you are:
- 18 years old.
- Employed or have another income source.
- A holder of the valid banking account.
- Able to fill in an application form with your contact details.
- A citizen or a resident of the country where you apply for a loan.
As you see all requirements are rather simple. No credit check means that all customers have equal chances to enjoy the advantages of payday advance loans in spite of their credit scores. Payday loan lenders are ready to give the helping hand to good customers as well as bad credit borrowers, which is a big plus for those whose credit history is far from perfect as such borrowers can’t get the classic bank credits being considered the risky customers.
Top-5 benefits to enjoy applying for advance payday loans
Benefit number 1: Easy application process
What can be better than getting what you want without facing any difficulties? Payday loan lenders have designed the simple way of solving your financial problems online without going out anywhere. You need to have the Internet access from your computer or any other mobile device to fill in a simple application form at the website of your payday advance lender. The whole process from getting to repayment of the loan takes place online.
Benefit number 2: Payday cash advance for poor credit
Bad credit is not a problem if you have a steady source of income, which can be proved by the paycheck. It doesn’t matter what reason prevented you from fulfilling your financial liabilities in past as the lenders are interested only in your current financial situation. If you are able to make the loan repayment having some stable money source, then nothing to worry about. Credit score won’t be the crucial criteria for your approval compared to the traditional banks that pay much attention to your past failures repaying the credit.
Benefit number 3: No need to explain where you are going to spend money
In comparison with the classical bank credits, you are offered to apply for payday advance without sharing which aims you have. The payday loan lenders are not going to ask you about the intentions as you have the right to spend the borrowed amount of money as you wish.
Benefit number 4: No collateral is required to be approved for the payday advance.
The only guarantee of your repayment for the lender is a paycheck. In comparison with the traditional bank loans the payday loan lender doesn’t require any collateral for the right to be approved for the payday advance.
Benefit number 5: Approval within 10 minutes
You will be informed if your application has been approved in 10-15 minutes after you submit an application form. If you have ever applied for the bank credit you must know that you are able to get the answer only after several days when all the documentation has been processed. Sure, you can’t wait if you have faced an urgent trouble, which requires quick financial solution. That’s why the lenders offer fast approval in case of meeting all basic requirements, which have already been discussed above in this article. You are going to be contacted via the telephone call or e-mail to confirm your payday advance approval.
How to make the payday advance repayment?
The payday loan lenders have taken care about all stages involved in the process of borrowing money. Besides the convenient procedure of applying for the payday advance online you can enjoy the repayment as well. You are offered to check if you have the necessary amount of money to repay on the due date and to use the withdrawal system, according to which you do nothing. The agreed amount of money is going to be automatically withdrawn from your banking account. This process saves your time and gives a possibility to take no additional efforts as the whole job is done for you.
What to do if you are afraid of missing the loan repayment date?
The only thing you need to keep in mind is that the consequences of non-repayment are going to be very unpleasant if you don’t take all necessary measures.
If you know that you may have difficulties with the payday advance repayment, the first thing you are recommended to do is to contact your payday loan lender in order to ask for the new loan repayment term. Depending on the state, there are such options available as rollover and loan extension, which allow prolong the period of repayment paying an additional fee. However, some states forbid using these options that’s why you need to check all repayment terms before applying for the loan online to be sure that you agree to all possible variants of paying money back.