Some of us make enough money that paying bills on time is easy even after splurging on little something every month. But there are times even in the lives of these individuals that call for some little extra cash because at the end of the month they fall short. It is for these days that payday loans are an excellent answer. When you need money right now, apply today for a cash advance. Instead of searching for answers on www.bankrate.com/ on how to maximize money, get a payday loan when an emergency is at the head.
If you are wondering what a payday loan is then the answer is simple. It is a way to get a cash advance for short time period at a minimal interest rate. It is payable when you get your next pay. It is applied online by filling in a small application that requires the most basic of information. If approved, which generally happens within a few hours, the funds are transferred to your account. You can use this cash in any way you think feasible. One can pay for bills that land on the table unexpectedly or to buy a good that is urgently required or pay off a loan installment.
It is not only because they are fast that cash advances have gained such popularity but also because almost anyone can apply for them. There are few requirements for being approved for a payday loan. They are:
One has to be an adult, i.e., 18 years old
Have a checking account so that the funds can be transferred
Must be a permanent resident of the state you are in
Have a monthly salary. Here a stable and consistent source of income is checked to ensure that loan can be paid back. This is one of the most important requirements, and if you fulfill it, there are maximum chances you will be approved for a payday loan.
A bad credit history does not affect a cash advance. Unlike a traditional loan where a good credit score is needed to get approval, payday loans do not hassle about it because the market is highly competitive. They are more concerned about repayment and your ability to do it. Therefore, some lenders ask for a job position that has been held for at least 90 days. This does not mean they do not check your credit score, they do, but the final decision is not based on it.
Let’s say you borrowed $100 on your first go and then repaid it within the time limit. A few days later you need $500 due to a medical emergency. With payday loans, you have the advantage of qualifying for the higher amount because you paid the first loan on time. This amount can go as high as $1000 depending upon the policies of your lender, your salary and how fast you have paid your previous loans. Sometimes the law of the state can interfere with the maximum or minimum amount a lender can let you borrow, but mostly it ranges from $100 to $1000.