Payday loans offer a simple and hassle free way for individual to get instant cash without doing much. The economic slump has further made online lenders popular to people in need of money to tide them over. So, it is not surprising that you can find cash advance online that caters to Houston Texas and other U.S state residents. This article will give you a quick rundown on what is online payday loan.
What Are Payday Loans?
Cash advance, one hour payday loans, fast cash are other name for payday loans. These loans are not your typical loan wherein you can borrow large sum of money and pay over a long period of time but rather a type of loan with short repayment terms, higher interest rate and does not involve large money.
In other words, it is a short-term loan, so the minimum amount of loan is $100 and the maximum is $1000 that you will pay in 2 weeks or a month. Most of the time, repayment term is based on the borrowers salary schedule but definitely, you will need to settle the loan as soon as possible.
Who Can Apply For Payday Loans?
Fast payday lenders does not imposed strict criterion, so almost everyone can qualify for a loan. Below are the standard criteria to get instant cash for emergency or others:
- 18 years and above
- Presently employed
- Have a bank account (Checking or savings account)
- Resident of the United States
Take note, some online lenders require a valid driver’s license as well, but most online payday just have the above criterion to qualify.
How Long Does Payday Loans Lender Process Application?
One of the allure of cash advance loan is the fast processing of a loan application. The simplicity of the system and the fact that there is no paperwork involved whatsoever definitely make the process faster than conventional loans. So, when you apply for an emergency quick cash online you can expect the result within an hour or just a few minutes after you have submitted your application. Yes, you can get the result faster and so you can easily find out if you qualify for a loan or not. There is no waiting period, which can make your waiting time agonizing.
Who Should Apply For Payday Loans?
Anyone can apply for cash advance online but it is not advisable that you should get a loan when you do not really need the money right away. Keep in mind that if you do not control yourself you will end up with money problem, as this type of loan is only good for emergencies and not for anything else.
That means you should apply for emergency quick cash loans online when your credit card bills could no longer wait until next payday, when your car broke down or when you need to undergo immediate operation. You should also consider fast payday loan when you have no other sourced of money, so you will not tie down your next paycheck as the payday loans is only a short-term loan.