Are you going through a financial crunch and are looking for a way out? If you are, then easy cash loans can help you. These loans are easy to apply and provide you with the instant cash that you are looking for.
What Are Payday Loans?
Paycheck advances are short term instant cash borrowing, with a repayment period of 15 days. These loans carry high interest rates, anywhere in the range of 15 to 30%. However, payday loans come handy when you are in need of urgent cash. Instant cash advances are easily approved and the money is transferred into the borrower's account within few hours. Also, no credit check is done by the lending companies. Therefore, even individuals with bad credit rating can avail these fast loans.
Who Can Apply?
Easy cash loans are for almost everyone. The eligibility criteria are minimal. Anybody, who is 18 years or older, has a steady job and receives a monthly income and also, has an active bank account, can apply for cash advance. Even a borrower, who has a bad credit history or has experienced bankruptcy, can apply and benefit from these loans.
How To Apply?
Applying for paycheck advances is easier than applying for other traditional loans. A borrower will have to fill up a simple online form, giving some basic personal data. The form will ask for applicant's name and residential address, employment details and bank account numbers. Latest pay stubs and bank statements will also have to be provided as a proof of employment. Once, this done, the lending company will give the approval immediately. The money is then transferred directly into the borrower's bank account electronically.
However, easy cash loans have their own share of disadvantages. Cash advance loans carry very high interest rates. Sometimes, borrowers can end up paying $15 to $30 as interest for the cash amount of $100. Also, the repayment period for these loans is very short. The money has to be repaid within 15 days or on your next payday, whichever is earlier. If the amount is not repaid on the next payday then the interest rates are hiked. A late payment fee is also included. This only worsens the situation and leads to a bigger debt problem.
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