Payday Loans

5 Major Reasons Why Cash Advance Payday Loans Are So Popular

Cash advance payday loans are emergency loans, which anybody who is a US citizen and at least 18 years old can borrow. The only criteria are that the applicant must have a stable employment record and a checking bank account in his/her name. These loans are also commonly referred to as short-term cash advances because the repayment period is very short (usually just a couple of weeks). This type of lending program can be very helpful in financial emergencies that are of temporary nature. However, it is also important for you to keep in mind that the same lucrative loan may turn out to be a nightmare if you fail to make the payment in time. Following is a brief rundown on some of the reasons why these loans are so popular.

No Credit Checking

The top-most reason why cash advance payday loans have emerged as a favorite choice for people who are looking for instant cash to meet some urgent financial requirements is that the lenders offering these programs do not require you to have a good credit score. They do not check your credit at all. It means even if you have bad credit, you can easily qualify for it. The interest rates remain the same for all the borrowers irrespective of how good or bad their credit scores are.

Easy To Qualify

As said in the very beginning of this article, almost anyone who has a stable employment and a checking account in his/her name can easily qualify for cash advance payday loans. The eligibility criteria do not include having a very good credit score.

A Paperless Process

Unlike other conventional loans, these lending programs do not require you to complete loads of paperwork. That is the reason why these loans are also commonly referred to as no-doc loans or faxless cash advances. As the terms clearly suggest, you do not need to fax or submit any document along with your loan application. If you are submitting your application manually in the office of the lender, the chances are that you will be informed then and there, on the spot, if your application has been approved or not. If you are sending it through Internet, you will get an email within an hour informing you about the approval.

Instant Money For Unrestricted Use

Another great thing about cash advance payday loans is that they provide instant money to the borrowers. You can use the borrowed money for any purpose that may include putting fund in your bank account to stop checks from bouncing, paying emergency medical bills, paying for car repairs, paying college fee for your children, or just anything as per your specific needs. There is no restriction on how you use the borrowed money. Faster disbursal of the money is a great feature that these loans have to offer. You do not have to wait for several days or weeks to get your money. The money is directly deposited into your bank account within a day. Sometimes, it only takes an hour.

Easy To Find A Lender

You do not have to work hard to hunt for a lender for cash advance payday loans. There are thousands of lenders in the market and most of them keep their offices open even after bank hours. Besides that, if you have a computer with Internet connection, you can apply right from the comfort and convenience of your home anytime you want (day or night).

Overall, there are enough reasons to make these lending programs highly lucrative. But, despite all these “benefits”, you are strongly recommended not to ignore the negative aspects associated with cash advance payday loans, such as the high rate of interest that can go up to as much as 300% per annum. Make sure you do your calculations thoroughly before you go for it else your half-baked decision may push you into a revolving debt trap.

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