What Is A Payday Loan?
A payday loan is a financial product that you can use in order to keep you afloat until your next payday or whenever you get your money next. It is normally a very short term loan and it can only provide you with a very small amount, but when it comes to convenience and for resolving quick cash problems nothing can beat a cash advance loan.
How it Works
Cash advance loans have been around for quite some time. But the Internet has made quite a change. It made this form of borrowing a lot faster and convenient.You can reach hundreds of lenders with a single application. This is a good thing because there is only one application record left in a credit reporting system. The more application, the worse chances of getting a loan.
The Application Process
If you don’t know a particular lender, then there’s still no need to worry. You reach hundreds of small and larger lenders with your application. The application process is quite simple and straightforward. All you have to do is to use anonline form, such as the one available of this site and wait.
Waiting for Approval
Once you submit the form the next thing that you have to do is to wait for the result of your application. The best part about this is that it would only take a minute or two. While other types of loans require hours or days, a cash advance loan can be approved in a matter of seconds or minutes. You will receive a notification as to whether your loan has been approved or denied.
The Transfer of the Money
When your application is approved the money would be transferred directly to your bank account. There is a very short waiting period between the approval and transfer of funds.
The Repayment of the Loan
Since this is a short term loan, you will have to pay it back at your next payday or at the term agreed upon with the lender. Most frequently used method of repayment is automatic withdrawals of funds from your savings or checking account. It’s always best to repay a loan on its original due date, but there may be situations in which additional expenses arise, making payday loan due dates difficult to meet. Depending on your state, lenders may offer other repayment options.
Frequently Asked Questions about Payday Loans
Here are some of the more commonly asked questions about payday loans.
- Who is eligible for a payday loan?
Anyone who is 18 years old and above, who is a citizen of the United States, has a regular job and has a bank account can get this type of loan.
- How much can I get and borrow?
The amount that you can borrow depends on the lender and your income.
- How many times can I borrow from a payday lender?
There is no limit to the number of times that you can borrow from a cash advance lender. It is up to you to determine the number of times that you should borrow.