Payday Lenders

Is there any quick and useful way of getting out of financial crisis in the middle of the month? You must have faced situations when you have some urgent expenses lined up but don’t have enough money in your pocket to meet those expenses. The situation becomes even worse if your next payday is still around two weeks away. Things could have been managed if you had some savings. However, if you don’t have any saved cash, you can be in deep trouble. Only a payday lender can save you in such situations. Who are the payday lenders? Payday lenders offer fast cash to people, who are urgently in need of money. The term used for loans offered by these lenders is payday loan or paycheck advance. What is a payday loan? Payday loans are defined as short-term loans meant for helping the borrowers to meet all their important expenses until they receive the next paycheck. You can apply for these fast loans both online and offline. There are several payday lenders’ websites that provide cash advances for reasonable interest rates and fees.

You must have been in situations when you needed cash instantly to pay bills, mend you car or buy medicines for fighting a sudden illness, but did not have enough money left with you to pay for these emergency expenditures.  You may also be in need of some instant cash in unforeseen situations like: for paying medical bills after an accident, for repairing the damages caused to a part of your house or for welcoming unexpected guests. You cannot apply for a regular loan to get those sudden expenditures covered as the process of acquiring a regular loan involves several complex steps. A payday cash advance can be your only savior in these situations. If you are applying for a payday loan from a reputable payday lender, you can expect to get the loan amount transferred to your bank account only within 2 hours.

Are you eligible for getting these fast cash loans?  

To get your payday loan application approved, you must be a US resident and a valid checking account holder. To get a payday loan, your minimum age should be 18 years. In addition to these, you must earn at least $1,000 every month. However, most top fast payday lenders also offer cash advances to the unemployed. Therefore, if you are out of work and in sudden need of money, you can seek help from a payday lender. To get payday loans for the unemployed, you must be at least 18 years of age and should have a 90 day old bank account in any US bank.

Besides the unemployed, individuals with bad credit history can also be benefited by an instant payday loan when in need of some quick cash. A payday lender does not perform any credit check before approving loan applications. You may have opted for a bankruptcy recently, but that will not stop you from receiving payday cash advances. As the fast payday lenders do not ask for any document for checking your financial credibility, often a payday loan is referred to as no fax payday loan.

The most attractive characteristic of the payday lenders is that they operate both online and offline. As a result, you will get the opportunity of executing the entire application procedure from your office or home. In other words, there’s no need of traveling for obtaining an instant cash advance. You will only need around ten minutes for completing the online application. The steps described below will inform you about the right method of completing your payday loan application.

  • Step 1: First, you will have to enter your personal information, which includes your residential address, contact number, date of birth, and of course, your name.
  • Step 2: If you are employed, some payday lenders might ask you to enter information about your current employer. The common facts that online lenders want to know are: the name of the employer, contact details and the duration for which you are working for the company. Most fast cash lenders require the applicants to work for the same employer for a minimum of 6 months for getting their paycheck advance application approved.
  • Step 3: The third step is extremely important. Here, you will have to enter your bank account details. Write down your bank name and account number correctly. The payday lender will transfer the loan amount directly to your bank account. As a result, you should not commit any error while entering your bank details.
  • Step 4: You will have to enter your Social Security number to prove that you are a resident of the United States.
  • Step 5: This is the final and the most significant step of the application procedure. You will have to enter the amount you want as a loan. You can apply for a payday cash advance of any amount between $100 and $1,500.

Once you complete the above steps, you are done with your payday loan application. If you have entered all the facts correctly, you will not need to wait for a long time for receiving the loan amount. Check your bank account after 2 to 3 hours of completing the online payday application, the money will definitely reach your account by then.

Often individuals with fraudulent intent try to demean the payday loan businesses by claiming that they are scams. The truth, however, is that every payday lender in the US requires certification from the government for running this lending business. They have to pass certification tests for obtaining the required licenses. As all the payday lenders are governed by federal laws, the lending businesses run by them are absolutely legal. The federal regulations require every payday lender to mention the interest rates and fees on their business websites. Similarly, the payday lenders, who operate offline, need to include detailed information about the fees and interest rates in loan contracts. This allows the borrowers to understand the policies of the lending organizations before applying for the payday cash advances.