To better help folks who are in immediate need of a short term personal loan, the lending industry got smart 10 years ago and created cash advance loans without credit checks. Today, with the growth the internet, the cash advance loan business has become so successful and streamlined that some people can actually fill out an application for a short term loan online and receive funding on the same day!
Regarding personal cash flow issues, it is a good idea to always have a backup plan in case you have an unexpected need for financial help. After all, the average American only has two weeks of savings. Thus, it is a good idea to learn how you can protect yourself if you need some quick cash. Loans without credit reporting can specifically meet that need.
Listed below are some of the requirements for qualification of a Cash Advance Loan...
Must be employed or have steady income
Minimum Age requirement - 18 years and older
Banking relationship - must have a checking account or the similar
The intention of these loans is to provide borrowers with a quick solution to meet the immediate financial needs for such items as rent, utilities, or medical bills. Typically, the loan amount for Cash Advance loan is equal to your pay check or monthly income. Loans without credit reports were created to be short term and unsecured with a payback period of two weeks to one month.
No Collateral Required
These short term loans require no collateral. For people who do not own a home, this is a really great feature. Basically, the lender is looking at your pay stub, and making the loan based on what you earn. However, like all things in life there are tradeoffs. In this case, because the loans are not collateralized, you will be paying a higher interest rate. But, since you will be only having the loan for a short period, the interest fees are manageable for most borrowers.
Time to Shop Interest Rates
The good news is that you can easily shop various lenders for the best interest rate deals. Most internet lenders publish their rates online. It is important to shop around because rates can vary significantly. Once you have found a lender who meets your needs, the process can really be as efficient as filling out the application, without having to go through traditional red tape and credit reports, and getting fast loan approval and funding to your bank account in a day or two.
Salary - Easy Qualification and Do Your Homework
Since most Cash Advance loans are based on your pay check or monthly income, proof of your salary can really speed up the process. In addition, you really need to do your homework. As with all things you encounter on the internet, before you sign a contract with your lender, you really need to make sure that they will not be charging you any hidden fees. Unfortunately, some unethical lenders do this, so be on the watch out!
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