Payday loan or Cash advance – Instant source to obtain easy cash

Payday loan or Cash advance Instant source to obtain easy cash

by admin on August 23, 2013

Federal Reserve’s G.19 report indicates average APR on credit card with a balance on, is 13.10 percent which is pretty high and average credit card debt per household is $14,687 in US. In this post recession age of difficult economy, many consumers look for ways to bring in additional income. If you are wondering how to obtain easy and instant cash to meet an urgent need? Payday loan can be an answer to your worries. With online Payday loans, you can be free from all the credit hassles of the traditional lending institutions. You can get your cash request approved within 24 hours and can get hold of the cash within a day. Remember, if you show negligence and delay paying back your pay day loan, it can lead you to file for payday loan debt consolidation sooner or later.

Approval procedure

Payday loans can be referred to as an optimal financial decision which comes to our help in urgent financial need. In general, the average interest rate, a payday loan has is more than 25%. A payday loan spares the consumers from long waiting cues, ordeals of credit check  and saves both his time and energy which otherwise get wasted in futile paperwork if he applies for loan from a traditional lender. To avail a cash advance, you just need to meet minimum formality like you have to fill the online application with you personal data and submit it for the lender’s review. Payday loan companies understand the value of time and therefore approve your loan proposal within a couple of minutes and credit the amount to your checking or saving account within 24 hours. After the stipulated period of time, when the repayment date arises, the amount gets deducted from you account automatically.

Eligibility criteria

By opting for a payday loan you not only get rid of faxing or teletrack procedures but also evade trials of credit check. If you are bankrupt and have a blemished credit history you can still qualify for a payday loan. However, to attain a payday loan you need to meet some basic eligibility criteria like you have to be a valid citizen of your country, you need to have a steady flow of income of at least $1000 and you must be an owner of an active account.

To summarize, payday loans are quite an easy way to avail cash at dire need but make sure you repay them on time in order to avoid a financial disaster in future.

Image Credit: Teddy James

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