The payday cash loan is a relatively new product in the financial marketplace.
It provides a facility to help you get through to your next payday if you’re temporarily short of cash because of a sudden unexpected expense or because you need to pick something up quickly and don’t have the money.
Amounts that you can apply to borrow do vary from payday loan company to payday loan company but typically they can range from around $100 – $1,500.
Applying is typically quick and easy. All you have to do is to fill in a simple online application. If it’s approved, the money will be sent directly to your account and could be there in just a few hours or a day or so at most.
On your next payday, the lender simply debits your bank account to recover the loan plus their previously agreed interest and other charges.
The payday cash loan is designed to be simple, fast and flexible. There are no lengthy repayment periods, and no lengthy formalities to complete. Given that you’ll be borrowing less and for a shorter period, you may even be eligible for a payday loan if you have some issues on your credit history.
To qualify for such a loan, you’ll just need to satisfy a few basic conditions including:
-you’ll need to be a United States of America resident at a permanent verifiable address
-an active US bank account to receive the monies sent by the lender and so they can recover the loan on the agreed date
-being in permanent employment and in receipt of a regular wage or salary
-asking to borrow an amount that is sensible in terms of your earnings levels
Payday loans are typically priced at a competitive level and in some cases may even be cheaper than some (unauthorised) bank overdraft facilities, as highlighted by a recent article in the NY POST.
Another thing that makes payday loans appealing is that they are typically not secured. In other words, the payday loan providers generally don’t ask for security over your goods, property or other assets as part of a positive decision.
That may give you additional peace of mind!
This form of short-term payday loan is typically offered by specialist providers that operate predominantly over the internet. If you have need of fast access to cash then a payday cash loan may be the answer for you.