People requiring immediate cash should get payday loans. The lenders giving these loans are not strict with their policies and will be giving you the loan in just 1 hour. A major requirement to get these loans is employment. You would be required to have a job and should be able to show them the proof for six months steady income. They will be approving you immediately once they see the proof. There are also chances that you will be accepted even without a job. By showing them that you have a steady source of income despite not having a job, you can get approved for 1 hour payday loans.
You can get the loans by contacting the lenders available in your local area. There are too many lenders coming up in the internet. It is very simple to get accepted by the online lenders. You can get accepted by the online lender with just the click of a mouse. You will be needed to enter the basic details and provide the checking account. Some lenders are ready to give loans to people who do not have the checking account. But they will require the savings account. So it is still possible to get these loans with no checking account. You may also be required to send the documents to the lenders through the fax. Many people will not be comfortable in sending the documents through the fax. Such people can opt for a no fax payday loan.
We’ve all experienced that awful moment when a cash machine refuses to pay out on an over-extended overdraft, or the humiliation of having a debit card turned down in a busy shop because of a lack of funds. Sometimes there’s just not enough money to last the month, whether it’s because of an unexpected bill or repair cost, or simply too many bills needing to be paid at once.
When this unfortunate situation arises, many people turn to one of the easiest forms of finance around: the payday loan. These loans are intended to bridge the gap between running out of cash and receiving your next pay check or salary. Borrowers can be lent a small amount, of the order of a few hundred dollars or so, for a short period of time such as a week or ten days, and then repay the loan on their next payday.
They are quick and simple to arrange, usually with no credit checks, and the money can be in your account within 24 hours or even more quickly. All this sounds like a great solution to temporary financial problems, and there’s no doubt that used properly, a payday loan or cash advance can be a lifesaver. However there are two major and related drawbacks.
Firstly, these loans aren’t cheap – far from it. They are amongst the most expensive types of credit available on the legal market. For each hundred dollars borrowed, it’s normal to have to pay a fee of around twenty dollars back as well as the amount you borrowed. At first glance this may seem like a reasonable price to pay, working out at around 20% interest – not overly different to a credit card, for example. The crucial difference is that you’re paying this interest charge on a very short term loan. Where with a payday loan you might be paying 20% interest on money borrowed for a week, if you borrowed on a credit card your interest would be nearer to 2% for a whole month. Calculated over a full year, payday loans often have APRs well into four figures or even higher.
When small cash troubles knock your door in the middle of a month what do you do? Wait for you next payday and let those troubles grow? Dismissive attitude in such financial trouble may allow those cash gaps to grow but don’t let it happen. Solving small troubles and fixing them up is much easier than resolving a bigger financial mess. Thus by opting for advance payday loans you can easily cover up important short term financial problems well on time. These cash advances can be acquired without facing heavy formalities.
These cash advances get approved within fewer time frames due to lesser formalities. Involvement of no credit check, no paperwork, no documentation helps in faster approval of the loan amount. The amount is approved within a day and transferred to your account.
With cash advance payday loan a person can avail a sum between £100 and £1200 for a reimbursement term of 2-4 weeks. The repayment term has to be met within this time frame and generally falls on your upcoming payday. The interest rate charged is slightly higher due to short term nature.
Good and bad credit borrowers can apply for these loans. Bad credit scorers facing impaired credit records can seek this cash help and meet their needs. They can qualify despite having bad credit records like arrears, late payments, missed payments, defaults and IVA.
The basic criterion requires a borrower to be 18 or above at the time of applying for loan. Apart from this the borrower must possess a valid bank account through which the loan related transactions can be safely done and must be employed as a full time employee with minimum salary of $1000.