Are you in a desperate financial situation and you cannot seem to find a way to come up with fast cash? Then you probably did not consider applying for an online payday loan. This method of obtaining easy online cash is the next best thing to borrowing them from a close friend or relative.
However, the difference between the two cash sources is the interest rate, which you should take into account when settling the budget for paying off the loan. Since your friends and relatives will not always be able to lend you the money needed to fix a crisis situation, online payday loans are your best bet.
It may happen that you had some issues with online transactions in the past and you are reluctant to employ these means. However, finding a legitimate online lender is not a difficult task, as all you need to do is read a few reviews regarding the quality of service, fees and interest rate. This way you will be able to find out pretty soon whether you are dealing with a scammer or a legitimate businessman.
While the payday loan does not require a verification of the credit score and history, the payday cash advance require that you have a credit card in order to be able to apply for the loan. However, you should bear in mind that some cash advance lenders will take a look at your credit score when you apply so they can fixate a proper interest rate. This is why you should ask the lender if he will base his decision on the credit score or not, if you want to avoid surprises.
Another difference between the cash advancement and the payday loan is the costs. While for a payday loan you will need to pay at least 15 percent, for a cash advance you will pay something between one and four percent of the amount you receive.
Lastly, the payday loan will require you repay the entire sum you borrowed within 14 days. On the other hand, the cash advance you will only need to pay the minimum credit card payment on the due date.
When someone is looking for the fastest way to get a loan, then they need to look for an online advance. They have a fast online application that is approved in less than an hour. The funds are then transferred in the client’s bank account in the following 24 hours.
Being online, people can compare the offers from the different lending companies and make the best decision regarding their loan. In order to apply the companies have only a few basic requirements: a bank account, contact information and a good employment history. The loan is approved very fast, usually in a few minutes. The sum that can be borrowed is dependent on the customer’s monthly income, but it ranges between 500$ and 1000$.
For the payments most companies offer a few options. The client can opt to pay the finance fees, part of the principal amount or pay the whole sum on the due date established beforehand.