Understanding Payday Loan and its process
What is a Payday Loan?A quick and confidential way to get cash advance unit your next paycheck is called as payday loan.How can payday loan be utilized?You can use payday funds for anything you like from paying a car repair bill,telephone bills, hospital bills or anything you like.What are the basic requirements for getting an approval?Basic requirements are (a) Direct deposit (b) a current job for more than 90 days (c) have a valid checking or saving account for 90 days (d) a monthly minimum $1000 income.What is the current cost or fees range for processing a loan?Payday loan fees many differ from lending company to company, say $25.00 fee per $100.00 borrowed, with the APR ranging from 304 to 1303, but it isadvisable to refer free schedule of the preferred lending company, prior to you sign the contract.Is poor credit a problem in application?All financial institutions do not require that you have a good credit, hence it won’t be a problem and one can easily get qualified for a payday loan if he or she fulfils above basic requirements.How soon the fund is received from a Cash Advance?Once you have completed companies online application and if it does satisfy the basic requirement, your loan is approved instantly and the fund is transferred to the applicant account the very next business day.Documents required to be faxed?24 hours online application services are completely paperless and fax less. A proprietary underwriting is utilized to approve a loan without any faxing and the applicant is instantly answered whether he or she is approved for a loan.When does one hear from the company regarding the status of online application?An email or phone call is been made within one hour of online application about the status of the loan during normal business hours. For applications submitted after business hours, the applicant is contacted in the next business morning.What is the process to receive and to repay the loan?The authorized lending company deposits approved loan amount into your account and in the same way it is also authorized to directly withdraw from your account on your next payday for the same amount given as loan plus the fees.
About the Author
Kim Taylor writes for the YourPayDayCashLoan and more information of Cash Advance Loans available on site. Visit Today: http://www.yourpaydaycashloan.com/
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