Majority of people find the solution of financial crisis in loans. There are loans available for almost every need. One can take the auto loan to purchase a car, a home to renovate the house or a personal loan to go on a holiday. However, these loans take considerable amount of time to approve. These loans cannot help much in financial emergencies. The emergencies like payment of bills or pending debts cannot wait until the approval of a personal loan.
There is only one loan which is available for financial emergencies. This is fast cash advance payday loan. As the name suggests the loan is approved faster, almost within an hour. This is an unsecured type of personal loan. The payday loan is provided for a short term between to paydays. Thus the loan amount helps in getting out of the financial emergencies which cannot wait until the next paycheque.
One can apply for the fast cash advance payday loan which offers lower amounts as well. Thus one can take the loan whose amount fulfills the current financial needs. The only disadvantage with the fast cash advance payday loan is that, the rates of interest are quite higher that a regular personal loan.
Eligibility for a fast cash advance payday loan
The fast cash advance payday loan is the easiest to get. There are fewer numbers of eligibility criteria which the borrower needs to accomplish. These are as follows.
Age and citizenship: The age of the borrower must be at least 18 years. Some of the lenders insist on citizenship of the borrower. Thus the payday loans are offered to the person, who belongs to particular nation or state.
Minimum income: The borrower must have a fixed income. Some of the applicants of the fast cash advance payday loan are regularly employed. For them, the minimum income must be $ 1000 every month. Those who are not the employees of particular company or are self employed, the limit is $ 800 per month. The applicant must be able to produce the proofs for his income.
Direct deposit account: the borrower must possess an active bank account. This account has to have the direct deposit facility. This way the lender can transfer the loan amount into the account of borrower. Similarly at the time of closure of the loan, the amount of loan and its interest rate is automatically transferred from borrower’s account to the lender’s account.
Advantages of fast cash advance payday loan
This personal loan is the fastest in getting approved. Therefore the borrower can utilize the amount for emergencies immediately. The loan is approved without checking the previous credit history of the borrower. This way, even a person with a bad credit history is eligible for a loan. The payday loan is the fastest personal loan. It is made available for the shirt term. The amount is small and hence can be repaid back easily.
One can use the payday loan to repair his credit score. The payday loan is generally paid off on time this adds positive points in the credit report.
