Almost everyone reaches a point where they need to borrow extra money. Sometimes, friends and relatives can only lend so much. If you have a job and need something paid instantly, you can opt for a fast payday cash loan.
A fast payday cash loan is a cash advance on your salary. The lending company will lend you the money now and you are required to pay it off of your next paycheck. This gives the loan a period of only a month. That period can, however, be extended by the borrower. The lenders usually offer you two ways to go about this.
The common payment policy is a direct subtraction from your next paycheck. They usually contact your company and inform them of your decision to get a fast payday cash loan. Your human resources department will then arrange everything for you.
The other way to repay a fast payday cash loan is to leave the borrower free to repay any amount he wishes. This method is usually preferred as borrowers do not want to pay off a loan instantly. They would rather pay small amounts over a longer period of time. When a client opts for this method of payment, the interest is carried over to the next month.
Fast payday cash loans are not that hard to pay off. The average interest rate ranges from ten to twenty percent. Imagine that you have a $1000 paycheck after deducting all other fees. With an interest rate of ten percent, you can get a loan of $900. Instead of getting $1000 during payday, the entire amount goes to the lenders. There are also some fast payday cash lenders that have administrative fees. These usually range from five to twenty dollars. If the need is really great, getting $900 now instead of $1000 later does not seem so bad.
In order to qualify for a fast payday cash loan, a person needs to provide a lot of identification. Here are some of the things you need to present. Take note that it may vary from company to company.
The first requirement for fast payday cash loans is that you are a full-time employee. Contractual and part-time employees are not eligible as they do not have any job security. Some part-time employees do have job security but their salaries are not as high as full-time employees.
The next requirement is proof of income. Lending companies usually have a minimum salary requirement. If your income does not meet their standards, you will not be given a loan. This is to ensure them that the amount you borrow can be repaid. This is also used as basis when they decide to approve your loan or give you a smaller amount than requested.
The last requirement in order to avail of a fast payday cash loan is an active checking or savings account. When the loan is finally approved, the money is given to you. There are times, however, that they will credit it to your bank account. The bank account usually has to be one to three months old in order for you to qualify for a fast payday cash loan.