Jobs are in high demand these days as the unemployment rate is still on the rise. Those looking for a payday loan or cash advance to supplement their bank account must be gainfully employed in order to get one of these short-term loans. Although there are all sorts of viable incomes such as an annuities, retirement, SSI and even unemployment benefits, the borrower needs to show a steady income as a good way to prove repayment liability.
Whether you have a job or another source of income, times can still be tough. That's why payday lenders make securing a cash advance easy and quick. Online lending has proven to be the easiest and quickest way to find anything including a payday lender. The cash advance or payday loan process is simple due to the fact that the cash you need will be in your bank account within 24 hours as a result of a simple and timely application and approval process.
Most online payday lenders have an easy one page application. The requirements are minimal and include your name, current income source, or monthly income verification and an active bank account. No document faxing is necessary and there are no credit checks. After this simple application process and approval of the information, the borrower will be granted a short-term, temporary loan in the amount of anywhere from to ,000 depending on their income. The repayment date will be pre-set based on the borrower's payday.
Just as there are many different kinds of income, there are many lenders to choose from. Lenders' terms, interest rates and fees vary from state to state and lender to lender. When you are searching through the various choices, take note of fees, interest and terms of the lender. Payday lenders are regulated by the state as to the amount they can charge on a loan, as well as the amount of money borrowed. After you choose a few lenders and tell them your situation, offers will be sent to your email inbox for you to decide on. Choose wisely and then submit your application form and wait for approval. Most payday loans are approved quickly.
The repayment date is another consideration for one of these loans. The borrower has a date when they receive his/her income which is the basis for repayment. The repayment date can vary as does the amount borrowed. The repayment date will be pre-set and chosen to suit both the borrower and the lender.