Payday loans, also known as cash payday advance due to the fact that the system works similar with cashing in advance your upcoming paycheck, is now becoming more and more popular, especially for borrowers backed up by a bad or poor credit rating or score and is not eligible for other major loans, such as secured or unsecured loans.
Say you’re an average Joe living from paycheck to paycheck and have no savings racked up. All of a sudden, an emergency situation arises and requires you to pay for something, such as a bill or service fee, which you did not anticipate. With no more money to cough up and your next paycheck coming two or more weeks from now, where do you go? Cash payday advance loans are the solution for this given scenario. Compared with other kinds of loan products, this one is quick, convenient and simple to acquire.
A cash payday advance only requires the applicant to present a valid identification card to prove that you are above 18yrs old and a physical evidence of your monthly income source, such as your previous paycheck or pay stubs. After providing these requirements, a few documents and paperwork to sign are all that hinders you from the money you direly need fast.
Access is another great thing about cash advance loans. There are over 20,000 outlets and service centers that you can go to request and apply for a payday loan, including business areas and shopping malls. These 20,000 outlets are only those found in the US and not a global statistic, which is definitely something.
One thing to consider when applying for a payday loan is if you can make repayments as soon as possible. One thing that’s slightly disadvantageous with this kind of loan is the interest you have to pay alongside the service fee of the lender.