A payday loan or cash advance is a short term loan for a small amount that is paid back by your next pay period. This type of loan is used for an emergency because of not having extra money or a savings account. Some people are hesitant to get online payday lending because of fees and the short amount time to pay back the loan. However, they are beneficial when not getting more than you can afford to pay back. This type of loan is also convenient because you can apply online from the privacy of your home.
Cash advances are very flexible and allows for applying online or going to a local business establishment. You can start the approval process by filling out an online application. The forms are short and have basic requirements, such as a verifiable source of income, an open checking account and must be 18 years or older. Some companies may even require an active home phone number in your name.
It is true that you don’t need good credit to get approved, but you must not have any outstanding payday loans. Excessive overdraft fees and bounced checks may also disqualify you from getting approved depending on the company.
Borrowers have to read and sign a contract before completing the loan process. Some companies require borrowers to call in so that they can verbally review the terms. It is important that buyers understand the terms and conditions before agreeing to the contract. The contract should specify the annual percentage rate (APR), the length of the loan and the loan fee. The total loan amount should be written in U.S. dollars. After signing, the contract is legally binding and you are required to pay back the loan.
The agreement shows the due date and your options in case of not being able to repay the loan within the specified period. Borrowers may also have the option of refinancing the loan, but have to pay additional fees depending on your state. It is important to understand all requirements to prevent any delays.
You should check to see if the company requires any documents to be faxed. Some companies require you to fax a signed company of the agreement before approving the funds. Borrowers can expect to have the funds in their bank account within 24 to 48 hours of completing the application process. USACashServices.com is a cash advance company that deposits the loan within 24 hours depending on when the application was submitted.