It may be time for a pay day loan if you are a consumer who is having financial difficulty. Emergencies always seem to come at the most inconvenient times, and most of them require immediate cash. The processes that traditional lenders put consumers through are often lengthy, strict and embarrassing. Traditional lenders base their decisions on one’s credit score rather than the person’s ability to make a payment. A needy consumer may wait two weeks just to receive a denial on a loan. Payday lenders offer immediate funds to the masses. If you have a cash emergency, you can receive a wage day advance as quickly as today.
What Is a Wage Day Advance?
A pay day or wage day advance is a short-term loan that is based on your paycheck. The lenders will give you a small advance to a period of up to 15 days. You must repay the advance when you receive your next paycheck from your employer. The loan type received its name from its structure. Wage day advances give you an opportunity to access your pay before your appropriate pay date. They can be life savers in a wide variety of emergencies.
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What Can You Use a Wage Day Advance For?
Wage day lenders do not place any stipulations on the funds they provide you. You can use the proceeds for auto repairs or car rentals if your vehicle breaks down. You can use the money for a home emergency or some household bills if they fall behind. You can use the funds to secure a hotel or splurge during a vacation. Additionally, you can make an investment if you are interested in earning extra money that way. Once the money hits your bank account, it is yours to keep. No rules exist as to how you can spend your loan.
How Do You Qualify for a Pay Day Loan?
Qualifying for a wage day advance is simple and hassle-free. First, you must be at least 18 years old. This requirement is not flexible because minors cannot sign contracts. A payday loan is a contracted cash advance. Secondly, you must live in the country that is offering the loan. If you are applying for a U.S. advance, then you must be a U.S. citizen.
Payday loans require you to have a stable source of income and a monthly pay that meets the requirements. You should have at least three months of solid work history with the same employer, and a monthly pay of at least $1,000. Bloomberg Additionally, you will have to have a valid bank account that is free of negative transactions. This means that you cannot have a negative balance or any previous insufficient funds transactions. The bank account should be at least 90 days old. The lender will verify all of these things before it approves your advance. If you give the lender the correct information, then you could have an answer within one hour from the time you place your application.
How the Payday Loan Works
The lender will ask you to sign a contract after it approves your advance. You can take your time to review the terms and agreements. They will show you the finance charges, your due date, and any other relevant information such as what to do if you cannot pay. If you agree with the company’s terms, then you will sign the contract and return it to them. The lender will then deposit the loan funds into your bank account. You are free to spend the money any way you please, and the lender will recover its payment from the same bank account.