Cash Advance – Fastest Loan Processing

In today’s fast paced world with diversified lifestyle, we often find ourselves in situations where instant flow of cash is required. Some need money for personal reasons while some need money for their businesses. Regardless of the reason you need the money for, one of the best ways to generate funds immediately is a cash advance also known as a payday loan. This is a short term loan given out by privately owned and operated money lending companies to those who qualify the requirements for this type of loan.

The main USP of this loan is its processing time. If everything functions as per the plan, the money is transferred into the borrower’s bank account within 24 hours from the time of applying. However in order to qualify for this loan, the applicant is required to meet certain eligibility criteria set by the lending companies. Although unlike traditional banks, these private lending companies don’t ask for exhaustive list of documents, they require the applicant to have a valid US citizenship and physical address and a valid bank account (the details of which are required at time of filing the application). Apart from these requirements, the applicant must be at least 18 years old, and should be working for a minimum of three months at the time they apply for the loan.

The maturity of these loans is the next payday of the borrower. Once the maturity of the loan is reached, the borrower is expected to pay back the loan amount along with the financing fee charged by the company. The financing fee charged by these companies may vary from company to company; however, if you apply for a payday loan, you may pay 15 to 30 percent of the total loan amount as its financing fee.

If the borrower fails to make the payment within due time, the lending company withdraws the due amount of money from the borrower’s bank account. Though these loans may not get you large sums of money as they are short term loans; based upon your average monthly income, you can apply for a loan of up to $1500. Although this may not be enough to buy you a new house, cash advance can be very useful in making ends meet and bailing you out from tough times.