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Pay Day Loans >> Quick Payday Advance Loan
Payday advance loan is quick cash paid in advance against the earning potential of the applicant along with other minor checks that go through the process of approval in a payday advance loan. Call it payday loan, payday advance loan, online payday advance loan or paycheck advance, every single type of loan is a short-term loan with flexible payment options. These loans are very helpful to people in financial crunch and needing instant cash to pay back their mounting debt or to fulfill some unexpected expenses.
A payday advance loan is basically a small amount of money normally ranging from $100 to $500 and intended for a short period of time. The payday loan amount is paid back as soon as the next pay day comes, which is normally within a few day’s time.
Requirements for Online Payday Advance Loan
The process of approval of online payday advance loan is very simple with minor checks being done before the loan amount is transferred into the bank account of the applicant. Eligibility criteria for pre-approval of online cash advance loan include:
- A monthly income of at least $1000 per month depending on the amount of payday loan you wish to borrow.
- You must have a job with the same employer over the last one or two years
- You must have a savings or a checking account in any bank or financial institutions
- The person applying for the payday loan must be over 18 years of age.
The process of approval takes no time as soon as your credentials are established. Applying for online payday advance loan requires:
- Filling an online form – mentioning the necessary information required for a quick advance payday loan
- Faxing the documents as soon as the loan is approved
The rate of interest or fee charged in return for the advance cash payday loan varies from one money lender to another. Normally, you would need to pay somewhere around $5 or $6 as fee - which may be calculated for a certain number of days - for a $100 payday advance loan.
The repayment option is very flexible depending on the tenure and amount of payday loan. The fee is based upon the tenure of the payday advance loan which can be extended at any point of time. The process of extending or prolonging the repayment of the payday loan is simple and easy. You have the option to pay back the current mounted interest and the rest repayment amount can be added on to be paid later on a further pay date.