Those who live from one pay cheque to another can greatly benefit from the services that are offered by the guaranteed payday loans. People face financial emergencies that require urgent attention. Such situations cannot wait for the next pay cheque to arrive and yet there are also important bills that require being offset. In such scenarios, one may become overwhelmed and distressed. However, the good news is that the payday loans offer a solution to this problem.
The application process
The procedure of securing a payday loan entails filling up an online application form. The process of applying for these loans is very easy and one is required to provide personal information such as employment and bank details. The payday loan issuers have a full proof system that allows them to make loan approvals within minutes. One is not required to fax any documents to the issuer in order to get a payday loan. Once the approval process is complete, the funds are then deposited directly into the applicant’s checking account within a period of twenty-four hours. It is worth mentioning that even people with bad credit can gain access to payday loans since no verification is made on one’s credit rating. As long as one provides the required details, the guaranteed payday loans are very fast to acquire.
One of the qualifications that the applicant has to meet in order to get approval on his or her payday loan application is to have a regular monthly source of income. One must have worked with his or her present employer for the duration of not less than three months. The minimum amount of monthly income varies from $ 800.00 to $ 1,000.00 depending on the issuer.
The payday loan companies do not ask for a submission of the paycheck stubs, a copy of driving license, bank statements and such documents. However, there are some few firms that may ask one to fax these documents as part of the approval process. Payday loans are applicable even for those whose source of income could be a pension cheque or social security funds.
The advantage of cash advance
Payday loans have a one hundred percent approval guarantee if one meets the above-mentioned requirements. No guarantors and collaterals are needed. Right from the comfort of one’s home, the payday loans can be approved by the issuer and the amount credited shortly to the account provided. This procedure is entirely done online. The lender verifies the details provided and the amount of money is then transferred within one business day. These loan applications can be done any time of the day or night.
It is vital to acknowledge the role that the payday loans play in the society today. Those faced with financial emergencies are able to sort out their situations silently without having to go through a lot of stress looking for funds. However, payday loans have higher interest rates as compared to the charges on other regular loans. Notably, the high-interest rates can be considered worth it if the amount is used to solve emergency situations.