Payday loan advances also known as
instant cash loan or payday advance are short term loans that can be availed at
times of contingencies. These can be obtained easily and faster than the normal
loans. You need to repay them back only on the subsequent paycheck.
Ways To Obtain Payday Loan Advances
You can apply for an instant cash
loan in two different ways:
1. Through retail lending - Here,
you need to visit a lender in person for applying and availing the loan amount.
In this case, the lender gives you money for two weeks only and you are
required to pay the full money along with interest till date on the subsequent
paycheck. The interest rate levied is 15% to 30%. Along with the application
form, you are required to submit a post-dated check, proofs of regular monthly
income and even the latest bank statements. You need to repay the amount
borrowed in person. If you fail to do so, then the lender has the right to
deposit your post-dated check in the bank or even to withdraw the money from
your account electronically.
2. Through online lending - These
are more popular now-a-days since they are more convenient. In this case, you
just need to fill the application form of the lender via online. You may also
be required to fax some documents like copies of check and recent bank
statements too. Once the lender has verified your details provided in the
application form, the loan amount is deposited directly into your account
within a day. Likewise, the lender deducts the repayment amount automatically
from your account on the due date.
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