About Cash Advance Online
Cash advances are short term loans that allow consumers to obtain money quickly without the need for any type of collateral. Unexpected financial emergencies often leave individuals with feelings of stress and anxiety. Overdue bills may cause bank overdraft fees and can even pose a risk for credit damage. A small, unsecured cash advance can provide immediate cash from lenders that offer same day approval on most applications.
The Confidential Cash Advance Process
It only takes a few minutes for a consumer to fill out the secure application and submit it to find a lender best suited for his or her individual needs. Potential borrowers are required to submit personal identifying information such as name, address, birth date, contact numbers, social security number and banking information. Bank account numbers and routing numbers are necessary for the disbursement of funds.
Consumers are also obligated to disclose employer information as well as the date of their next two paydays to allow lenders to establish a repayment date. All information is verified electronically so approval is instant in most cases. Due to the electronic verification process, there is no need to fax any paperwork and money can be distributed in as little as one hour.
Although there are several factors that may be utilized throughout the approval process, there are certain requirements that are standard for all lenders. All applicants must be at least 18 years of age with a valid email and contact number, have a checking account in his or her name and receive a monthly income. Lenders will determine the amount of the loan based on the amount of monthly income the borrower receives; however, consumers are not required to accept the entire amount offered. For instance, if a consumer is offered a cash advance loan in the amount of $1,000 but only needs or wants $300, they can request to receive only the amount specified in the application.
Choosing a Faxless Cash Advance Lender
Unlike cash advances from traditional banks and other financial institutions, online cash advances are quick, easy and require no credit check. Those with bad credit can find a fast short term loan from a lender instantly with no hassle. Several different loan lenders will contact the consumer after the application has been completely and accurately filled out and submitted for approval. Each lender will have their own interest rates and guidelines so a consumer has the opportunity to choose the best type of loan for his or her unique situation.
Accepting a Cash Advance
The interest rates will depend on the amount of the loan. Once the borrower chooses a payday advance lender, he or she is required to submit an electronic signature. Entering into the agreement electronically verifies that all terms and conditions provided by the lender are acknowledged and the borrower agrees to all obligations before receiving the cash advance. The payday advance lender is then ready to disburse the funds into the borrower’s bank account the same day or next day depending on the specified time frame and time of day the agreement was established.
The date of repayment is determined by the date of the borrower’s next pay date and is specified in the terms and conditions section of the agreement form. The money is automatically deducted from the bank account in which the loan was deposited. The entire amount plus interest must be paid to satisfy the loan in full; however, many cash advance lenders will work with the borrower in the event he or she is unable to repay the entire amount.
Consumers have the option of contacting the lender before the due date and requesting an extension although the interest must be repaid on the original date of repayment. By paying only the interest, borrowers can extend the entire amount of the loan to the following payday. The same interest rate will be applied to the new loan agreement.
In many cases, a consumer who has not defaulted on a loan can request another loan from the same lender if he or she is satisfied with the lender’s rates and services. Although it typically takes a few days to a week for most lenders to verify the loan has been repaid satisfactorily, the additional loan request is quicker and easier than the first request. The lender uses the information that was supplied on the initial application so approval is instant and cash is deposited according to the lender’s terms.