Once in a while, salaried people do deal with unforeseen financial mess. Think of unanticipated medical bills, car repairs, unplanned trips, or even reckless spending. In such situations, you need money, and you need that quick. It is quite obvious that you cannot wait for weeks to get a bank loan. Not to forget, getting a conventional loan is as complicated as you can imagine. This is exactly where a cash advance loan, also known as a payday loan, can come handy. Here are some quick facts at a glance.
What is a cash advance loan?
A cash advance loan is a small credit, usually offered for a period of one to four weeks, with final amount not exceeding $1,000. If you need quick cash and cannot borrow it from other sources, cash advances can be useful, mainly because the lending terms and conditions are quite easy. There is no need for any security, and you can get the amount within one business day or may be two, depending on certain aspects. Also, in most cases, the credit score of the borrower is not a matter of concern for the lender, because the loan is secured against his next paycheck or income.
What are the requirements?
As mentioned, it is easy to get a cash advance loan. The requirements are very basic – You need to be of 18 years of age or above, must have a valid address and relevant government documents, and must be legally employed. Lenders are usually more interested in the salary of the borrower, and therefore, you have steady income, getting the loan shouldn’t be hard. You also need an active bank account, where the money can be sent. There are websites that connect lenders and borrowers effectively. Just fill the form, which will be sent to lenders, and you can complete the procedure, once the application has been approved. You can check https://slickcashloan.com/cash-advance/ to know more.
In case you are unable to repay the loan on the due date owing to financial stress, the lender may offer to extend the term for an additional interest amount. Do note that such options are expensive, and it is always best to repay the loan in time. Short-term loans are not available in all states of the US, which is something you need to know, besides the fact that there can be an upper limit to the loan amount you can get.