Most people have adequate knowledge of payday loans or cash advances, but there are many who are still confused about such loan schemes.
Some FAQ about payday loans are as follows:
What do you mean by cash advance or payday loan?
A payday loan or cash advance is a short term cash loan arrangement till you receive your next paycheck. Salaried employees or people with fixed income sources use such payday loans to meet urgent monetary expenses like paying bills and avoiding default in other loan payments.
Who are eligible for a payday loan?
To get approval for a payday loan, you should be 18 years or above in age, you should have tangible proof of a regular monthly income, possess identification proof and have an open savings account in any US bank.
What are the charges for applying for a payday loan?
There are absolutely no charges for applying for a payday advance. Potential borrowers are not harassed for credit card information or any loan application fees.
What about bad credit or bankruptcy?
Most of the USA payday loan service providers offer cash advances even if you have bad credit or have gone bankrupt. They only need some good proof of your regular income, bank account and age.
Can people purchase costly products like a four wheeler, with the help of a payday loan?
There are absolutely no restrictions on the nature of usage of your cash advance. But, usually such short term loans are utilized for dealing with emergency cash crunch situations.
Is it ok to apply payday loans through online medium?
Yes, it is really easy and simple to apply online for payday advance loans. People find it more convenient to apply for such short term loans in the comfort of their own home.