There may be several times when you have needed some fast cash for coming out of a financial emergency. You must have gone through situations when unforeseen incidents like a car breakdown, unexpected arrival of some guests or an illness have lead to sudden need of some quick cash. These are the times when the fast cash payday loans can play the role of a savior for you. If you use these loans properly, they can work as a perfect substitute of your paycheck until your actual payday comes. The amount obtained as a payday cash advance can be used for covering all your essential expenses. Use the instant payday loans for paying the pending bills, eliminating credit card debts and repairing your damaged car.
What is fast cash?
Fast cash loans are designed mainly for helping people during financial emergencies. These instant loans can be described as unsecured and interim loans of small amounts. The loan amount for a cash advance payday loan can range from $100-$1,500. For most fast payday lenders, your monthly income is the factor that decides how much money they can lend you as an instant payday loan. As the cash advances help you to cover the necessary expenditures until you receive your paycheck, often these fast cash loans are called paycheck advances.
What makes paycheck advances a common choice of people in need of fast cash?
The experts believe that the flexibility and convenient application and approval procedure has made the fast cash loan so popular. Most payday lenders allow the borrowers to contact them directly through their business websites. These lending websites possess all the basic components of a payday loan business, for instance the online application form, the terms and conditions page that will explain the payment policies and other terms of the lending organization and the FAQ section where you will find answers to all your questions related to the fast cash payday loans. You will have to complete the following steps to apply for a fast cash advance:
Step 1: Before you fill in the online fast cash application form, ensure that the payday lender selected by you will allow you to borrow enough money for covering all your urgent expenditures. If the lending limit of the online provider is not meeting your requirements, you can visit some more cash advance lenders’ websites to find out the payday loan company that will offer you a better deal.
Step 2: Your next job is ensuring that the business policies of the lending organization selected by you are suiting your needs. To know a company’s business policy, you should visit the terms and conditions section of its website. This section will inform you about the fees and rates of interest the fast cash lender will ask you to pay for borrowing an instant payday loan.
Step 3: After selecting the payday lender by performing a detailed lenders comparison online and reading the company’s business policies, start filling in the application form. The information most fast cash lenders need includes:
- The name, age (the applicant must be at least 18 years old), residential address, email id and contact number of the applicant
- The applicant’s Social Security number
- The applicant’s employment details, for instance the employer’s name and contact info and the monthly earnings of the applicant
- Bank details of the applicant, which includes name of the bank and the account number
- The amount that the applicant wants to borrow from the online fast cash lender
Step 4: Press the submit button to send your completed cash advance application to the online lender.
The above four steps complete the application procedure. You will need a maximum of 5 to 10 minutes to fill in this online form and this will be followed by a 1 to 2 hours of wait for seeing the loan amount in your account. Yes, the online fast cash lenders will take only 2 hours to transfer the requested funds into the applicant’s bank account. You can expect this quick service even if you submit the loan application at the middle of the night. This feature of the fast cash loans is a major benefit compared to traditional bank loans, which take weeks and sometimes even months for getting approved.
Another feature of fast cash advance that makes it a more expedient alternative to traditional loans is that you will not need to submit any document along with the loan application. Due to this characteristic of the cash advances, they are also known as no fax payday loans.
The other significant difference between the traditional loans and the fast cash payday loans is that the approval procedure of the latter doesn’t involve any credit check. So, if you need some money urgently, but cannot apply for a regular bank loan due to your tainted credit history, you should opt for a payday loan. Your credit score, good or bad has no effect on the payday lender’s decision of approving or cancelling a fast cash advance application. However, you can use the payday loans for recovering from bad credit. If you repay these quick cash loans within the scheduled loan term, your credit report will surely undergo some impressive changes. Nearly all online payday lenders offer attractive repayment schemes to the borrowers, which enable them to pay back the fast cash loan amount within the loan term. One such scheme is the direct repayment option, in which the loan amount is repaid directly from the borrower’s bank account.
The online presence of the fast cash lenders has made the payday cash advance the most convenient and fast loan option available in the market. However, is it safe to apply for a payday loan online? Yes, you can submit your fast cash application online without worrying about possibilities like data harvesting and identity theft. The lenders use updated versions of security software for protecting their websites from malware attack or delinquent activities like hacking. As a result, the confidentiality of all the information provided by you will remain intact .
