When you are faced with an emergency financial situation, arranging the necessary fast cash funds can be tough. If you seek out a loan from a bank or a credit union, filling out paperwork can be a time intensive and laborious task. The traditional financial institutions usually take weeks to approve loans, and generally don’t offer unsecured cash loans. If you have exhausted other avenues of getting an instant cash loan from family and friends, then a payday loan might be an alternative.
What are Fast Cash Advances
Payday loan cash advances are unsecured short-term personal loans that are meant to be paid back by the borrowers’ next payday. Generally, fast cash loans offered by payday lenders are for amounts up to $1500. Payday advances are used by millions of people across the world, loan volume being in the billions of dollars. Consumers get payday loans because of their easy accessibility and convenience. Majority of people get approved for fast cash loans quickly to meet their urgent financial needs.
In addition to going to payday financial centers, consumers are getting payday loans, online. Online fast cash, faxless cash advance, or no fax payday loans are the quickest way to access payday loans. You never have to fax in any paperwork, you simply apply online.
Fast Cash Advance Requirements
Getting an online fast cash advance is quite simple; the requirements to qualify for a payday advance are much less than qualifying for a traditional bank loan. Payday lenders make it easy to qualify for a payday loan; virtually anyone of legal age can get a payday.
Here are the minimum requirements for getting an online payday loan:
- No credit check is not needed
- Must have employment or other regular source of income
- Must have a checking account in good standing
- Must be a U.S. citizen or a permanent resident
- Must be at least 18 years of age
The faxless cash advance loan is basically a documentation free cash loan. The online payday loan allows you to raise the necessary emergency finances without the worry of going through a time consuming process.
Getting Your Fast Cash
Once your payday loan is approved, the payday loan will be deposited electronically into your checking account within 24 hours. Payday loans average $100 - $1500 in borrowed amount for a period of 2- 4 weeks. However, you have the option of rolling over the loan for a longer period of time, extra fees and interest rates may apply. It is recommended that you avoid rolling over any loans, as the cost of the loan becomes prohibitively expensive.
Most borrowers prefer to pay their loans by their next payday. It is also advised that you access fast cash advances only in urgent times.