WHAT IS A CASH ADVANCE LOAN?
A cash advance loan is a short-term, unsecured personal loan that helps consumers meet immediate cash advance needs. Full payment must be made the next day of salary payment. These loans usually have a higher interest rate than traditional bank loans on a smaller amount of money, usually up to $1,000. The amount you can borrow usually depends on your income.
Borrowers often receive cash within 24 hours of completing the loan application process. And that’s why a cash advance loan is best when you need instant cash. As lenders now offer the option of online loans, the application process, receipt of funds and payment of your loan are much more simplified; all from your home computer or mobile device, so you don’t have to go to a branch. Your lender can safely deposit the funds and debit payments directly from your bank account.
THE ADVANTAGES OF GETTING AN ONLINE CASH ADVANCE LOAN
An online cash advance loan is designed to offer you the convenience of being able to resolve a financial crisis quickly. The advantages of applying for this type of loan online are detailed below.
QUICKLY APPLYING FOR THE LOAN
When applying for a cash advance loan online, all you have to do is visit the lender’s website, fill out a form, and submit your application. In most cases, you will only be asked for basic personal and financial information. The loan application does not include complicated paperwork. Be prepared to submit a jpeg or PDF file of your photo ID or other documents to verify your identity.
QUICK DECISIONS
· The evaluation of your loan application is faster because your information is sent electronically to the lender.
Lenders rarely do a credit check, which can often delay the process.
· It is possible to receive approval the same day.
· In Florida, confirming that you do not have another outstanding cash advance loan is an important factor.
RECEIVE THE MONEY IN 24 HOURS
Once you have completed the loan approval process and signed the loan documents, the funds can be deposited directly into your bank account, thus obtaining the cash you need quickly. As the loans have no limitations in terms of their use, you can choose how to spend them.
TERMS OF CASH ADVANCE LOANS AND HOW TO PAY THEM
As with any other loan, you must know the terms of cash advance loans. This will help you get the right loan for your specific needs and make sure you pay it off on time. Cash advance loans work differently from other loans. These are the loan terms that you should know before submitting your application.
Expiration period: Most cash advance loans have a term of 30 days or less. This means that you will have to repay the borrowed amount plus interest when you receive your next salary payment, usually within the next two or four weeks. If you need to borrow a higher amount, usually up to $ 1,000, an installment loan could be repaid by making regular payments for up to 60 days.
However, the type of loan available – one-time or installment payment – and due dates will depend on the specific lender you choose to work with.
Payment schedule: Borrowers must repay the repayment amount of a lump sum cash advance loan in full on the next payday. With an installment loan, make sure your lender provides you with all the information you need about the payment of your loan, including a payment schedule with the number of installments, the due date of each of them and the breakdown of any charges. This schedule should appear on your loan agreement. It is important to know the total amount you will pay on the due date.
Interest rates: Compared to traditional bank loans, most online cash advance loans have relatively higher interest rates and fees. Failure to make a payment on time can lead to insufficient funds charges collected by the bank.
How to pay the loan: How to repay the loan depends on the lender. Many will allow you to authorize the lender to withdraw funds from your bank account when the loan is due. In this way there would be no possibility of forgetting the expiration date.
DO YOU NEED A CASH ADVANCE LOAN?
Do you need a cash advance loan? Getting the cash you need to cover any unexpected expenses is easy. Visit prestopayday.com today to find trusted online cash advance loans. Our online calculator can show you the exact amount of your payment, and our application process can allow you to have the money in 24 hours.