It can be a distressing situation if you don’t have money in hand and some financial emergency suddenly looms large. Mid month it can be further more troublesome because by that time you’ve already spent a large part of your monthly salary. So what do you do? You can always go in for an overdrawing facility on your account or a cash advance on your credit card or apply for a loan at your bank. But then, you also have the option of pay check cash loans. Let us know more about these loans.
Details Of The Loan
You draw the loan for a short duration, up till you receive your next pay check. The interest rates on payday loans can range from $15 to $30 per $100 withdrawn. The ceiling on the amount that can be borrowed is usually $1000. Often as a security, lenders giving an emergency cash loan ask for a post dated check. If the check bounces, another fee is for charged. Though rolling over the loan is not advisable (as it may lead you to a debt trap), sometimes it becomes inevitable.
The Loan Procedure
A large number of these companies are electronic in nature. That’s what gives speed to the transaction of no fax pay check loans. A pay check cash loan can be applied for, by anybody who is above 18 years of age, full time employed and having a running bank account. A simple form is to be filled in and a proof of employment has to be provided in the form of the latest pay stubs. The application is then verified and processed. Since the repayment record of the applicant is not a consideration, hardly any paperwork is required. Quite quickly, your account is credited with the loan money.
Always ask yourself whether your need is really dismal. If the urgency is inevitable then of course, pay check cash loans are a viable option. They are convenient in case of an emergency. However you can try to maintain a budget for contingencies. Even planning the repayment beforehand is a good idea; it’ll help in debt management. Though most of the companies are safe to deal with, it’s always advisable to go through their fine print properly. This will help avoid any misuse of your financial information of personal nature.
Though cash advances can be a boon in times of need, they can become a bane too if you rely on them too much. A pay check cash loan is intended for small amounts, so borrowing big amounts can become a further source of trouble. Avail cash advance conveniently by searching and comparing various companies on the Internet.