Sometimes, you incur cash expense when you are least expecting it. A cash loan is the only solution then. Nowadays, there are a large number of different types of cash advance store in the market, which give unsecured payday loans for meeting emergency cash requirements. The inconvenience of applying for traditional loans and high interest charges of credit cards has given a boost to the concept of cash advance store. Their popularity is so much that different lenders are vying with each other by offering various value added services to make their products more lucrative.
Offline Vs. Online
There are both offline and online cash advance stores. Offline stores are just like any other loan providers. Only difference is that their lending requirements are simpler than traditions loans. The online stores are more popular. Their operations are entirely automated. Application, verification and paying out the loan are all done online. Repayment can also be done online. Therefore, everything can be done from the comfort of the home or office, ensuring utmost privacy. You just need a computer and internet connection. Another advantage is; they make comparison possible. You can compare the lending rates, other fees, and repayment plans and choose that lender offering the best deal.
These offers numerous services, which makes them more lucrative than traditional loans.Simple lending conditions: The borrower has to satisfy very few requirements to qualify for the loan. The criteria being:
Must be a US citizen
Must be 18 years of age
Must be in a regular job, earning a regular monthly pay check
Must have an active checking account with a bank
Unsecured loans: These loans are unsecured and hence do not require any security. They are given against the understanding that they will be repaid with the next pay check. For conventional loans, security is essential.
Bad credit and Bankruptcy not a problem: Bad credit status and even bankruptcy is not a deterrent to obtaining the loan. The application is verified against the information supplied in the application form that does not demand a good credit standing. It is therefore a relief for those people with tarnished credit history. Whereas, good credit history is the first and most important condition to avail traditional loans.
Quick money in less time: Loan application is simple and does not require much verification time. Hence, cash is disbursed quickly, mostly within a day. These loans are therefore referred to as cash loans in 24 hours. Today, there are payday stores that disburse requested amount within one hour of applying also.
No documents needed: There is no requirement of faxing or sending across documents to get the loan approved.
With so many services available, people are increasingly opting for loans from the cash advance store, even if their interest rates are a bit on the higher side.