The process of procuring online cash advance loans has gotten easier and easier over the last decade. The number of consumers who use this credit facility has also increased considerably. This is because of the advantages associated with it. Read on to learn more about this credit facility.
Cash Advance Loans
As the name suggests, the credit facility is a short term loan that is not secured by any form tangible security. The loan term is normally less than one month because borrowers are required to pay the loan in full at the end of the month. For instance, if a person applies for a cash advance loan one week before the month ends, the term of the loan will be one week. On the other hand, if the same person borrowed a certain amount of money three weeks before the month ends, he or she will get a loan term of three weeks. These loans normally carry interest or service fees that must be cleared together with the principal loan when the outstanding balance becomes due and payable.
In order to get cash advances from any lender, applicants are required to have a regular source of income. This can be from self employment, monthly salary, business or benefits. Please note that in some countries, benefits are not considered a valid source of income. Applicants must also be at least 18 years of age when applying for the loan. Only legal residents of the country can apply. The bank account of the borrower must have Direct Deposit to ensure that the loan can be deducted from the account balance once the salary is credited directly into their accounts. Borrowers can only apply for one loan at a time. In order to apply for another, the first loan must be repaid.
How to Apply
Applying for an online cash advance loan is very easy. A computer and a stable internet connection is all a person needs to apply for the loan. There are two main ways of applying for these loans. The first is to find a reputable lender and fill out the application form. The second method is to find a local lending network online and submit an application. The main advantage of working with a lending network is that they have liaised with many lenders in the region. After submitting the application, the lending network will send the information to numerous lenders who will review the application and make offers. Applicants will then be in a position to compare numerous offers proposed by different lenders. When the best loan offer is found, all the applicant will be required to do is put his or her electronic signature and return the loan agreement.
Loan Processing and Repayment
After submitting the loan application, the lender will review all the details provided by the applicant for authenticity and accuracy. Applicants can get loan decisions shortly after submitting the forms. Most lenders are known to deposit the amount into the account of the borrower in just a few hours. However, most www.paydaynow.net lenders normally take around 24 hours. Borrowers can use the money however they want. This is because creditors do not usually ask applicants to state how they intend to use the loan. Repayment of the loan is done through automatic debit. This means that the outstanding balance will be deducted from the bank account of the borrower once his or her salary is credited. Cash advance lenders do not usually consider credit ratings, so borrowers can get the money they want quickly without hassles.