Short Term Cash Advances & Tips for Starting Up a Payday Loan

2019/02/25

Are you falling short of cash to meet your immediate expenses? Do you have bills to clear but you aren’t going to be paid for the next two weeks at least? As a salaried individual, you may find yourself in situations where you fall short of cash before the next payday arrives.Short Term Cash Advances & Tips for Starting Up a Payday Loan

Short-term cash advances may be just the answer to tide over your financial emergencies with ease.

Short-term Loans

Short-term cash advances are unsecured personal loans that do not ask for much in terms of documentation or collateral. Besides, many lenders do not require you to submit to a credit check, thereby making the small cash loans an attractive option even when you have a poor credit history.

The best part is that you receive the cash within just 24 hours. Lenders may give you the cash directly or deposit it into your checking account.

Repayment

The catch here is that the repayment period for short-term cash advances is relatively short and is designed taking your paycheck date into consideration.

You will be required to repay the principal amount along with the interest once your paycheque arrives, and this is usually a two week period. And remember, the interest rate charged is much higher than the average rate charged against various other types of loans.

You can either provide the bank with a personal check or allow the lender to withdraw the amount automatically on a previously agreed date. If you are unable to make the payment on time, then you will be asked to pay additional charges to the bank.

Qualifying for the Loan

If you want to apply for a short-term cash loan, then you will be required to submit proofs of regular income, active bank account and age. You have to be above 18 years to avail the loan.

Finding a Reputed Lender

You can either apply for a short-term loan with your local lender or look for one on the Internet. The borrowing process is faster and simpler when done online and the cash is almost instantly transferred to your account.

It pays to read the lender’s disclosure very carefully to know about the specific loan terms. Compare various loan quotes before you decide on the lender and choose the one that offers you the most affordable terms.

Short-term cash advances help you fulfil your immediate requirements. But it could also turn into a big headache if the payment is not made on time. So consider availing such loans only during emergencies, and only when you can repay on time.

Short Term Cash Advances & Tips for Starting Up a Payday Loan personal-finance

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