Fast Cash Advance Payday Loan – Know Your ABC’s

Has unforeseen expenses upset your budget for the month? Do not worry. You can easily get an advance against your next salary with a fast cash advance payday loan. These loans are unsecured short term finances usually for a period of less than 30 days. The amount of the loan is what you can repay with your next pay.

How To Qualify For A Fast Cash Advance Payday Loan

Any person who meets the following requirements qualifies for the fast cash loan.

The borrower must be a US citizen who is atleast 18 years of age.

1. Must have a regular source of income not less than $1000 / month

2. Must have a bank savings account

3. Must not have any unpaid payday loan

4. Must have an ID proof

Unlike traditional loans, bad credit history of the borrower does not prohibit him from qualifying for his easy payday loan. Because of this many a times the lender may require some proof of identification like a passport as an additional security. Therefore these loans are also called guaranteed cash loans.

How To Go About Getting And Repaying The Loan

Application is made online. After verification the lender credits the borrower’s bank account directly. During application itself the borrower can authorise the lender to debit the dues from his account on due date.


Advantages Of Fast Cash Advance Payday Loans

5. Quick cash made available. Usually within 24 hours.

6. Hassle free online application. No paper work or running around by the borrower required.

7. Simple eligibility criteria.

8. Requires no security.

9. Bad credit history not a hassle as in conventional loan.

10.Small amounts of money can be borrowed for short periods without much bother.

11.here is an option of extending the loan for another term if the borrower is unable to pay back on due date.

Disadvantages Of Fast Cash Advance Payday Loan

12.These loans charge a high rate of interest. This is because of the unsecured nature of the loan which makes it riskier for the lender. Further people with bad credit history are also given the loan.

13. Rolling over the loan for another term is not free. The borrower has to pay additional fee for that.

14.With fast cash loans available so easily there is a possibility that people may spend beyond their means and land up in a bigger mess.

But advantages outweigh the disadvantages. The disadvantages can be overcome if the borrower is disciplined. He must avail this facility only if he can pay on time. Else it is only fair that he pays an additional charge. Further the borrower himself must control his expenses. In many cases fast cash advance payday loans can be used to pay off those debts which the borrower has incurred due to indiscriminate spending.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=46487