A payday loan, personal loan and online cash advance are all tools that are designed to help you out when you are in a bind. After all, life is known for throwing you a few curve balls unexpectedly which can put you in a temporary financial bind until that next payday.
This is why payday loans have become so popular today. They sure come in handy when you are getting through those troubled times until you can get back on your feet. The way they do this is by loaning you the money that you need now while allowing you to pay it back out of your next paycheck or by making payments over a short period of time.
Most of the companies will directly deposit the money you are borrowing into your bank account. This could take anywhere from a few hours to the next business day. You can typically get a loan for an amount of cash starting at $100.00 up to the maximum of $1500.00 at one time. However, it will depend on your income as to how much you will actually qualify for.
All of the companies typically have the same three basic requirements to qualify for a payday loan, personal loan or online cash advance which are not too difficult for most people. The first one you must meet is an age qualification which states you must be at least eighteen years old. This ensures you are old enough to enter into a legal binding contract. The second requirement typically requires that you will need to have a valid bank account and preferably a checking account. The third requirement encompasses a steady source of income. This is how the company assures themselves that you will have the means to pay them back. Most of the companies will also check to see if you have any outstanding payday loans before letting you get a new payday loan.
Companies which offer the payday loan, personal loan and online cash advance may have additional requirements which could include requiring a home phone number instead of just a cell phone number to contact you with. You may want to bring along a piece of current mail with your home address for the company to verify where you live. This enables them to find you if you do not pay them back. Most companies also need to see a copy of your driver’s license or state ID card to verify your identity before making you a loan. They typically do not check your credit for the payday loans but they might if you are getting a personal loan.
A payday loan, and online cash advance will typically have a higher interest rate than a personal loan but are much easier for most people to get. They usually have a set fee for a certain number of days which you can borrow money for until you get your next paycheck. If you do not have enough money to pay back the entire amount of the payday loan or online cash advance at once then they will give you the option of paying a fee to cover the interest portion which then gives you more time to pay off the principle amount of the loan.
When you get a personal loan you are usually given more time to pay it back than most payday loans and it does not cost as much in fees. This is what makes it the best alternative for a short term loan if you can qualify for it.