Payday cash advances can be a life-line when you’re faced with financial emergencies. However, when you’re contemplating whether you should obtain one or not, it can be a little confusing to determine what is most important when making that decision. This article provides a list of 7 “must-haves’ when your looking to obtain payday cash advances.
Payday Cash Advances Must Have the Following
- An online application for ease and convenience.These days, you can apply for yourpayday cash advancesonline, which makes the process as easy and convenient as you can possibly imagine. You simply fill out the online application, apply any requested supporting documentation, and within a few minutes to a couple of hours you will find out if you’ve been approved. If approved, the funds for your advance will be in your account by the next morning.
- No credit check.Most payday cash advances do not require that the lender pull your credit report to determine your eligibility for a loan. Traditional lenders will almost always want to check your credit score or review your full credit report from the three major credit bureaus: Experian, Equifax, and TransUnion. Although most payday cash advancelenders will confirm your identity and review your payday loan history, they don’t use credit score or credit reports to make their decision.
- Electronic processing for quick access to funds.Most online lenders will process your payday cash advance funds by electronic funds transfer (otherwise referred to as EFT) or direct deposit into your bank account. This means you don’t have to go somewhere to pick up your cash or wait days for a check to arrive in the mail. Once approved, your advance money will be electronically credited to your checking account which provides quick and easy access to funds.
- The possibility to extend your loan due dates. Payday lenders vary in their policies and procedures, but you should look for a lender who at least provides you with the option to extend your payday cash advances due date… if you need to. Extending your due date should not be used excessively since an additional fee will apply, but extending your loan due date is better than letting the payment go through only to have it returned by your bank. This usually results in costly fees from both the lender and the bank.
- Minimal supporting documentation required.Some lenders require more documents than others, but the documents you need to provide should be kept to a minimum. It is not uncommon to be asked to provide a recent pay stub or bank statement. However, unless there are questions or concerns about your application as to whether or not you qualify, the supporting documentation should be kept to a minimum.
- Reasonable loan rates. Payday cash advance rates can vary considerably, depending on the lender. Some loan rates are as low as $15 per $100 borrowed, while other lenders charge as much as $40 per $100. You should compare the available lenders rates and find a lender that offers you a reasonable loan rate for the amount of time you get to repay the loan.
A good payday cash advance provider will provide you with the ability to apply online with no credit check, and reasonable rates. They will only ask for minimal supporting documentation, they will process your loan electronically, and they will give the opportunity to extend your loan due date if you need to.