Cash advance loans, otherwise known as payday loans have
really become popular in recent times. Although most of
the time people that are on a fixed income seem to use this
particular type of loan, they are available to everyone.
The reason why they are so popular among those that do not
have additional money is because they tend to run into
financial crunches from time to time and need a helping
hand. It's difficult to turn any quarter without seeing
advertisements for companies that offer you this quick cash
that is available just by signing your name.
In recent years, there has been an inundation of companies
that offer this particular service in the United States.
The reason that this is the case is because many business
people see it as an easy return on the money that they lend
out on a short-term loan. Another reason why they may like
it is because it really requires no overhead, other than
cash on hand, and you can start one of these businesses
relatively easily. Something good that has come out of so
many people competing in this particular field is that it
has gotten to where there is some competition and rates
have come down to a certain extent. The Internet has also
played a big part in these companies who are trying to get
ahead and taking advantage of any avenue of making their
company succeed.
What makes a no fax payday loan different?
In order to enter into a contract, the law requires that
you are at least 18 years old unless you have a cosigner
that is at least that age. That is the first step in
applying for a payday loan, giving proof of your age by
showing a legal document of some sort. Another thing that
you are going to need to prove is that you have been able
to hold onto a job for a minimum of three months and that
you meet other minimum requirements, such as the amount of
income that you make. Typically, showing proof of your
income is as easy as giving them a pay stub. One other
thing that you're going to need to have is a checking
account that is active and does not have any bad marks
against it, such a bounced checks. You also need to have
lived in the same place for a minimum of three months.
The reason that a no fax payday loan is different is
because you are not required to fax in these various forms
in order to prove that you meet the minimum qualifications.
This is typically taken care of by the payday loan company
by calling the various companies, such as your employer and
the bank to confirm that you actually do meet the
requirements that they set forth. This can really make it
a lot more convenient to use this particular type of
service because you do not have to worry about gathering
all the paperwork together at one time and taking it into
the lending office as proof.
How is it possible for me to receive a no fax payday loan?
One of the easiest ways to get a no fax payday loan is by
using one of the companies that are available on the
Internet. It's not that difficult to find them, they are
heavily listed in Google and available just for doing a web
search.
What is the cost if I were to take a cash advance with one
of these companies?
Keep in mind, these businesses are in the market to make
money and they do a very good job of that. They do give a
service to people that need to get some cash in advance but
they do expect to collect a heavy toll for doing so.
Typically, one of these payday advances last for about two
weeks in which time they will want the money back. Not
only do they ask for the original money back but they also
ask for $25 for every $100 that you borrow. Of course,
this is just a round figure but it is pretty common for
this type of price to be paid on a payday loan. A typical
payday loan is $500 which means that the individual that
borrows that amount of money will end up paying $650 back
to the company.
You are protected to a certain extent by something that is
known as the truth in lending act that was put into process
in 1968. According to this act, any financial institution
that lends you money must disclose how much they are going
to charge you in interest on an annual basis. This is
typically known as APR or annual percentage rate. This
will help you to see how much you are going to be putting
out by taking them up on their offer to lend you money in
advance.
It always pays to be smart whenever you are taking out one
of these payday advances. This is particularly the case
because if you take out too much money and are unable to
pay it back you will end up spending a good chunk out of
each of your next paychecks just to get caught up. Be
careful of the finance rates that they charge and be smart,
only borrow what you need or out you may get caught up in a
web that you're unable to get out of.
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