Cash Advance Loan Lenders - How They Can Help You
Quick cash loan lenders are corporations that offer short term personal loans to people who require money to fund household expenditures until their next paycheck occurs. These loan companies are not banks; they may be located in brick and mortar stores or on the Internet with a search for "payday cash loans." These companies focus solely in lending funds to members of the public for short time periods.
Quick cash loans are usually issued for fairly small amounts of money; a typical loan could be for between $100 and $500, though a few online quick cash loan lenders provide loans of as much as $1500. The limit can differ from state to state, as the individual states have their own regulations regarding lending practices. The fees charged by cash advance loan lenders are determined by the exact amount lent and may range from $10 to $20 for each $100 borrowed. The loans are largely granted for a time period of two weeks, after which they are payable completely.
Brick and mortar cash advance loan lenders have shops that may be found in most neighborhoods. In fact, payday loan stores are usually more common than fast food stores. Recently, with the U.S. economy doing poorly, the payday loan business has had unprecedented earnings, as increasing numbers of individuals have had to take out short term loans to get by during periods of unemployment.
When applying for a loan from a storefront payday loan lender, the borrower shows id, proof of employment, and proof that they currently have a bank account. The application process is generally pretty quick, and unlike banks, payday loan companies rarely check a client's history of credit. After the necessary paperwork is approved, the consumer provides the financial institution a postdated check in the amount of the loan plus the shop's fees and they get their loan in cash. After fourteen days, the borrower either comes back to pay back the loan completely or the store deposits the postdated check.
The process is similar for web-based payday loan lenders, though naturally the client's documentation cannot be shown to the lender personally. Some lenders request that the consumer send their documentation by fax; others have recently started applying a "no fax payday loan" that simply asks the customer to fill out an online form. Regardless of whether or not a fax is needed, the web based lenders will transfer the money to the client's checking account once the financing is approved. This frequently happens in a matter of minutes.
Because of the no fax quick cash loan, it's now easier than ever to borrow money online and in some cases you'll be able to receive the money in as little as an hour from requesting it. This is terrific if you want a small amount of cash in a hurry, but potential borrowers must be aware that these loans are somewhat expensive in comparison to a bank loan and should be used for crisis situations only. Nevertheless, if you need a few hundred dollars quickly, most quick cash loan lenders can work with you make sure that you receive your cash as soon as possible, occasionally in in sixty minutes or less.