A payday loan is a modern credit creation facility, that can be availed by consumers, and mostly by employed people. It is a facility that helps individuals who are in urgent need of cash. The payday loan has been named such, because of the fact that the time period of the loan ends on the upcoming payday of the borrower. It is a short-term loan and is also sometimes referred to as a paycheck advance or a payday advance. The payday loan can be borrowed to fulfill any need of cash. It is frequently used by people to supplement their periodic remuneration. According to means of application and nature, payday loans are divided into many different types such as no fax, no teletrack payday loan or payday loan for savings account.
Quick Payday Advance Cash Loan
This is a type of payday loan that facilitates borrower's need of urgent cash. The application of a quick payday advance loan is very simple, and so is the process of sanctioning. Many lending organizations provide online applications, while others resort to means like telephones or fax. When the application for a loan reaches the lender, the sanctioning process starts. With the help of modern technology the sanctioning process is completed in a few hours time. The lenders first usually contact the employer of the applicant and verify the identity and periodic salary. The credit history of applicant is then analyzed. The credit history matters a lot in such transactions as it reflects the repayment of earlier loans and debts. A person with a bad credit is sometimes denied to avail this facility. After sanctioning, the details of transaction are communicated to the applicant. The amount of loan is transferred to the account of borrower. The cash can then be directly withdrawn from an ATM, or can be transferred with the help of a check. Some lenders of payday loans even hand over cash to the borrowers. If the applicant is facing a medical emergency then the loan is sanctioned more quickly.
Requirements
Though the amount of loan is rather small, lenders usually request the fulfillment of some requirements to make a person eligible for the loan. The first and foremost condition is that the person must be an adult, i.e. he or she must be more than 18 years of age. The second condition is that the applicant must be employed or must have a reliable source of periodic income, and a good income projection. Some lenders also demand a good credit history and rating. If the person is self-employed, then a proof of income projection is needed, like a contract with a due payment or a list of reliable debtors.
Repayment
The repayment of this loan is transacted on or after the payday of the borrower. The lenders, usually with the help of banks, deduct the amount along with interest from the borrower's savings account. This is known as wage garnishment. Sometimes the borrower has to issue a post-dated check of the required amount to the lender. This check is then en-cashed by the lender, upon the payday of the borrower. In some cases a late fine is also applicable in case of delayed payments. If the amount of loan is relatively high then the lender may extend the time period for more than one payday.
The payday loan is a very effective facility and proves to be useful, if used properly. One must also be aware of the fact that frequent borrowing of a quick advance loan is not very healthy for one's credit history.
Source:http://www.buzzle.com/articles/quick-payday-advance-cash-loan.html
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Source: http://credit-cash-loan.blogspot.com/2012/07/quick-payday-advance-cash-loan.html
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