No matter what your emergency need is - a cash advance can help you pay for all your expenses on time. As the name suggests, the application process for quick cash loan is really very quick and quite simple. The steps of the application process are explained in detail below. But before you go any further, a word of caution - if you surf the Internet, you will find many payday loan sites which look quite promising, before you apply for a loan with them, do not forget to find out about the company's reputation. There are also some fraud companies on the web whose only intention is to collect your personal and financial information. So always make a careful choice, your financial future is at stake.
Steps For Applying For Cash Advance
Before we go into the details involved in the application process of quick cash loans, let us check the qualification criteria:
You must be a U.S. citizen, 18 years or more in age. Have a regular monthly income of at least $1000. Have an online checking bank account. You must be in the current job for at least 3 months.
The first step is to fill up an online application form - this hardly takes 10 minutes. The form is quite simple and asks for your personal, financial as well as employment information. There is no credit check involved in the cash advance loans process. After you submit the form, the company officials verify your information and gather details about your banking history and status of any outstanding loans. In order to get approval for the payday cash loan, you need to ensure that you provide honest information. Any wrong detail could lead to application rejection.
After reviewing your application form, the lender checks to see whether your application meets the minimum requirements or not. If everything goes well, you are approved for the loan. The company notifies you through an email. There are number of factors that collectively determine the cash advance loan amount such as your job income and stability, how much time you have been employed for, any outstanding loans or any outstanding payday loans.
Within the next 24 hours of getting the approval for payday advance, your funds are directly transferred into your online checking bank account.
On the due date, the payday lender withdraws the funds directly from your bank account. This also includes the interest charges. The interest charges vary from lender to lender, but generally for every $100 that you borrow you need to pay $15 to $30 as interest fee. In case you do not have sufficient funds to repay the entire loan, there are some lenders who even offered a roll-over of the loan wherein the cash advance gets carried forward to the next payday. But the charges are much higher in such cases. The practice of roll-over should be avoided as interest fees can accumulate quite quickly and without knowing you find yourself trapped in the vicious circle of debt.
To sum up, if you want to solve your immediate cash problems, go for a cash advance.