A fast cash advance loan, also called a payday loan, allows individuals to obtain cash against their next payday. Usually, the individual will write a check for the amount borrowed, plus the interest rates and fees, and the provider of the loan will cash the check on the individual's next payday.
A fast cash advance loan usually does not require financial documents or a credit check, thereby making it much easier for an individual to get the cash needed. Fast cash lenders only require an applicant to be at least eighteen years old, have a certain monthly income, and have a checking or savings account that allows direct deposits. Many lenders also offer online applications that take only a few minutes to complete. Then, it only takes a day or two to approve the application and deposit the funds into the borrower's account.
Individuals with credit problems usually turn to fast cash advance loans because they do not require credit checks and paying a loan off can improve an individual's credit rating. This will make it much easier for the individual to obtain future funding.
Each provider of fast cash advance loans will differ in interest rates and terms of payment. Many lenders only charge a set fee for every hundred dollars borrowed, while others may charge variable interest rates. Also, some loan providers may collect payment on the borrower's next payday, while others may wait anywhere from two weeks to one month before collecting payment.
A fast cash advance payday loan allows individuals to obtain money before their next payday. Non-traditional lending institutions, like financial companies that specialize in payday loans, usually offer these loans.
Lenders who offer fast cash payday loans usually require that applicants be of a certain age, have a steady source of income, and have a bank account that allows direct deposits. These loans typically do not require credit checks or financial statements from applicants. The application process only takes a few minutes, and approvals can be made in as little as one business day. Many lenders also provide secure online applications that can dramatically speed up the time it takes to apply and be approved for a cash advance. Once approved, the lender will deposit the funds into the borrower's account or send the funds directly to the borrower.
Because these loans do not require as many financial documents or credit reports as traditional loans, it is very easy for borrowers to qualify and receive these funds. Easy approval also means the lender is willing to take on high-risk borrowers, such as individuals with bad credit. That is why fast cash advance payday loans have interest rates that are much higher than loans obtained through traditional institutions. In addition, these loans only offer small amounts of money, usually no more than one thousand dollars, and they are paid off relatively quickly, typically within thirty days.