Payday loans are a cash advance that help you out until your next pay day when you need money for bills or other expenses that require immediate attention. The amount you are able to obtain will depend on the lender and your monthly income. These are an obvious advantage over traditional bank loans because of the ease in which you can apply in person or online, as well as how soon you can expect the money in your bank account. The process to apply and be approved for a loan from your bank may take weeks or even months.
Another advantage over a traditional loan is that pay day loans require minimal information in order to be approved. Generally, the following are required from a payday lender:
- A bank account
- Sufficient income to repay the loan
- Proof of identification and/or employment
- Age 18 or older
- United States Citizen
In order to have the money placed into your account, you will have to provide the lender with your bank account information, either electronically or using a post-dated check. Keep in mind that most Payday loans do not have a long-term repayment plan (usually two weeks), but in some cases you may be able to extend the due date if necessary.
Whether they are called cash advances, check advance loans, postdated check loans or something else, remember that you will need to pay it back in a short amount of time, plus interest and fees. If you do not pay the loan back by the due date, you can expect some hefty fines.
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