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The Basics of Personal Cash Advance Loans

Personal Cash Advance Loans
When emergency expenses happen, it spells financial trouble. When you have exhausted all the options to find ways in regulating your cash flow, you can go by personal cash advance loans.

Normally, individuals allocate and budget their paycheck according to their regular monthly expenses, which do not usually cover sudden car repairs, immediate payment for hospital bills, and other unnecessary costs. While all of these can hurt your cash flow, you need to settle it without delay. What is left of your options if you have maxed out all your credit cards and your payday is still days away?

Personal cash advance loans are very beneficial to those who find themselves short of cash while experiencing unexpected money matter concern. In such cases, payday cash advance loans have been a great help to these borrowers that need quick cash.

Nowadays, it still remains to be a popular and more suitable choice for individuals in dire need. Banks cannot level with the instant and easy loan processing because they still require a lot of lengthy paperwork and have not eliminated the verification process, which can delay the process.

How does a personal cash advance loan work?

Applying online

The most common form of applying for a personal cash advance loan is online. Even if people are not that tech savvy, loan lenders and payday loan companies have developed their payday loan online stores with websites that are easy to navigate and use. This allows many people to access and conveniently apply for a payday loan without the hassle of leaving work or home. 

The online cash advance stores feature easy to understand instructions, informative web content, organized information, and a one-click submission of the personal cash advance loan application form. It also brings a very fast method of approving the loan and a swift electronic transfer of the loan fund to your bank or checking account.

Online requirements for personal cash advance loans

There are just a few requirements needed to qualify for a personal payday loan. However, one must remember that the payday loan regulations may differ from one state to another.  For instance, the age requirement is usually at least 18 years old, but in the state of Nebraska or Alabama, the borrower must be at least 19 years old. So when applying for loans, always check with the state laws first.

Other requirements that borrowers must provide include:

  • State driver’s license. This will serve as proof that you are a legal resident of the state and to validate your age.
  • Social security number. This will prove that you are an American citizen.
  • Checking account number. This will be where your money will be deposited upon approval.
  • Bank’s routing number. This will be used to process the electronic transfer of the borrowed money to your bank account.
  • Verifiable source of income. Some payday loans direct lenders would require you to be at least one month on the job while others are strict and would want proof of employment for at least 6 months.

Applying at a payday loan center or store 

Each state or city has an abundance of established payday loan in-store centers, and you can find one that is near your area.

You just have to visit the payday loan center and fill out your payday loan application form, then submit it to them. They will usually ask for a valid ID with your photo and signature, and other documents to complete the paper work. These documents will include the paystub or any proof of your income for the last six months. They will also require you to provide a checking account number or a bank savings account number where they will deposit the money through electronic transfer. 

If the payday loan lender requires a checking account, they will also ask you to write them postdated checks as soon as you get approved with the loan. These postdated checks serve as the repayment for the loan value amount that you have borrowed, so that it will not be necessary for you to go back to their store to pay off the loan. You just have to make sure that when the due date arrives for those postdated checks, you have enough funds to cover the indicated amount. If you do not, there will be corresponding penalty fees and charges applied to the bouncing checks and late payments.

Requirements for personal cash advance loans when applying on payday loan centers

personal cash requirement
The requirement with age is almost the same, and other details or documents will be needed when you choose to submit your application form to a brick and mortar office or store of the loan company. Here are the following documents that you have to submit or attach with the form:

  • An ID issued by the federal or state with photo and signature
  • Recent statements of your checking account
  • Personal checks that are postdated indicating the amount of the loan with the fees and rates
  • Acceptable proof of income or paystubs

Cash advance agreement

Personal cash advance loans also come with a loan or cash advance agreement for the protection of both the borrower and the cash advance lender. Reading the content of this agreement should not be taken for granted. Everything must be understood before the borrower signs, and one should read all the fine prints of this agreement to ensure that everything is clear.

You must remember that the personal cash advance loans agreement should contain the:

  • Repayment schedule
  • Loan amount you have borrowed
  • Fees and interest rates applicable
  • Penalty fines and default payments that you will have to pay once you cannot settle the loan on the agreed due date

So when you have nowhere else to turn for financial aid, obtaining and correctly using personal cash advance loans can assist you.

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