A quick cash loan, also called payday loan, instant loan, personal loan online, online credit instant response, mini instant credit, loans for bad credit payday advance, or cash advance loans online, is a small amount of cash granted unsecured, on a very short term, usually 14 to 35 days. The return of these is subject to the next payday loan application, and this is the reason why the Bad Credit is not taken into account.
Quick loans – cash advance loans online or onsite, are a way of taking in advance the salary and is therefore based on the consumer two most recent pay check stubs in order to verify the state of employment. Online cash advance loans are legally offered in only 32 states in USA.
How does it work?
The basic process involves a loan organization Credit Rating unsecured loan
Short term to be reinstated on the date on which the debtor receives his next salary. The approval depends on the applicant’s employment and salary, plus the last two pay stubs and requires one or two bank statements.
With regard to credit history, here no credit check is carried out since the approval is based on salary and incomes.
Use of money
You can use the borrowed amount for what it deems appropriate and the lender will not ask what the purpose of the loan is. Most people who apply for fast loans online do to cover some emergency expenses such as medical bills, car arrangements or arrangements of water pipes in the house. Anyway there are no restrictions for what you can use your money, it only depends on you.
Amount of money
The online lenders offer small loans payday. The amounts range from $ 100 to $ 1000. Now if this is your first time usually would lend up to $ 500. This amount will depend of the laws of the state in which you live.
Costs and fees
Usually they charge a fixed amount you borrow rate. This fee can range from $ 10 to $ 30 for every $ 100 borrowed, depending on the lender and the maximum amount allowed in your state. A cost of $ 15 for every $ 100 is typical, for example if you need to borrow $ 300 before your next payday, you must pay $ 345, assuming a cost of $ 15 per $ 100.
Some entities are given the option to extend or renew the term of the loan for another two weeks, but this brings an additional cost. For example, if you pay a renewal fee of $ 45 over the original fee of $ 45 US dollars, the total cost will be $ 90 for a $ 300 loan.
The online application
Today the process of getting fast payday loans online has been simplified enough for you to get your loan immediately: To get a payday loan online all you need to do is:
1- Fill online form
Fill out a short application which includes basic information such as name, date of birth, address, occupation, salary, telephone number and e-Mail etc… It takes only a few minutes to complete.
Wait 2- instant response
Wait a couple of minutes to see if your application has been approved.
Wait 3- Contact the lender
If all is well and is approved, a representative of the lender will contact you by email or phone, check the information and send you a contract.
4- Sign the contract
If you agree with all the conditions listed in the contract, then just sign the Internet contract via electronic signature.
These are general rules and requirements since the laws relating to payday loans or fast loans are highly variable between different states within the United States.
There are the things to consider when getting any type of fast personal loans online. These include higher interest rates. However, for some people, its advantages outweigh its disadvantages. For example, the fact that there is no collateral requirements, the borrower does not have to compromise your property for approval. Another convenient feature of online cash advance loans is that for this type of loan, you don’t need to produce much paperwork, nor it is required to have good credit score.