When you need some money fast, and your paycheck is still a few days or weeks away, your bet option is to find a quick loan. Cash advance loans, as the name suggests, are meant for salaried individuals and anyone else who gets a regular income. These credit facilities are offered completely online, so you can easily find a suitable lender without doing a lot of research.
You should not expect to get a lot of money with this type of credit facility. Most lenders offer as little as $50 up to a maximum of $3,000, but the maximum limit depends on the monthly income of the applicant. For instance, individuals earning up to $6,000 monthly can expect to borrow up to $4,000 with most lenders. However, this will still depend on their borrowing history.
There are many uses of this type of loan. You can apply for the loan to ensure your checking account is not zero at the end of the month. This will ensure you do not incur overdraft charges, which are usually quite high. You can also borrow to buy gas for your vehicle, overdue utility bills and groceries among other things.
The main benefit of this credit facility is that funds are usually availed in a matter of minutes. Most lenders offer instant approval once applicants submit their loan applications. However, some lenders may take up to 24 hours to avail the funds. The good news is that if you are a repeat customer, the lender will have your details on file, so they can avail the cash in a matter of minutes, if not instantly.
This credit facility normally comes with a short repayment period, usually a month. However, it can be much shorter. This is because the loan is usually repaid when the borrower gets their pay at the end of the month. If you borrow the money one week to the end of the month, your repayment period will be a week.
The credit score of the borrower is often considered when loan applications are being processed. However, this is only used to determine the maximum amount of money a borrower can service comfortably. A bad credit score cannot deny someone a loan, so you should not worry about having your loan approved if you have a low credit score.
Once your loan has been approved and disbursed, it is crucial you service the loan without defaulting. This is because the consequences for defaulting are quite severe. For one, you will have to pay a huge penalty for failing to pay on time. Secondly, your credit score may be affected as the lender will report you. Thirdly, the lender may add another fee to rollover the loan to the following month.
The best way to compare lenders is to make a list of the top rated firms, check the loan amounts they offer, compare fees charged and check the average time taken to process and approve applications. The time taken to disburse loans after approval should also be checked. Be sure to also compare the penalties charged by lenders when borrowers make late payments.
You should not expect to get a lot of money with this type of credit facility. Most lenders offer as little as $50 up to a maximum of $3,000, but the maximum limit depends on the monthly income of the applicant. For instance, individuals earning up to $6,000 monthly can expect to borrow up to $4,000 with most lenders. However, this will still depend on their borrowing history.
There are many uses of this type of loan. You can apply for the loan to ensure your checking account is not zero at the end of the month. This will ensure you do not incur overdraft charges, which are usually quite high. You can also borrow to buy gas for your vehicle, overdue utility bills and groceries among other things.
The main benefit of this credit facility is that funds are usually availed in a matter of minutes. Most lenders offer instant approval once applicants submit their loan applications. However, some lenders may take up to 24 hours to avail the funds. The good news is that if you are a repeat customer, the lender will have your details on file, so they can avail the cash in a matter of minutes, if not instantly.
This credit facility normally comes with a short repayment period, usually a month. However, it can be much shorter. This is because the loan is usually repaid when the borrower gets their pay at the end of the month. If you borrow the money one week to the end of the month, your repayment period will be a week.
The credit score of the borrower is often considered when loan applications are being processed. However, this is only used to determine the maximum amount of money a borrower can service comfortably. A bad credit score cannot deny someone a loan, so you should not worry about having your loan approved if you have a low credit score.
Once your loan has been approved and disbursed, it is crucial you service the loan without defaulting. This is because the consequences for defaulting are quite severe. For one, you will have to pay a huge penalty for failing to pay on time. Secondly, your credit score may be affected as the lender will report you. Thirdly, the lender may add another fee to rollover the loan to the following month.
The best way to compare lenders is to make a list of the top rated firms, check the loan amounts they offer, compare fees charged and check the average time taken to process and approve applications. The time taken to disburse loans after approval should also be checked. Be sure to also compare the penalties charged by lenders when borrowers make late payments.
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