Cash Advance - Payday LoansWritten by Jill Morrison
If you are in a situation where you need money quickly, you may want to consider applying for a cash advance loan. These loans are relatively small when compared to most other types of loans. In fact, they are usually given out in amounts of $500 or less. You can receive cash advance loans very quickly because the loan amounts are so small.
Applying for Cash Advance Loans
When you apply for a cash advance loan, you will notice that the qualification requirements are very easy. In fact, some lenders offer instant approval to applicants who meet the basic qualifications. This is possible because a credit check is not required for approval. Many individuals with bad credit are pleased to discover that these loans offer approval without a credit history or background check.
The basic qualifications for cash advance loan approval include a steady source of income and an active checking account in the applicant's name. The applicant must also be at least 18 years of age and a citizen of the country where the lending service is located. You may have to show proof of income, residency, and proof that you have a checking account if you decide to apply.
Many lenders now offer online application forms. These lenders will also contact you with approval information by e-mail. Using the Internet in the loan process is much more convenient and timelier than using a fax machine to send documents back and forth. With online applications, you may be able to be approved for a loan the same day, or even the same hour, that you have applied.
Types of Cash Advance Loans
There are many different types of cash advance loans and most of them are very similar. These types may include payday loans, no faxing loans, military loans, instant approval loans, overnight loans, guaranteed loans, and no teletrack loans. Almost all of these types of loans offer small increments of cash in short amounts of time to approved applicants.
Payday loans are typically given out within one business day of approval. You can receive these loans very quickly, but you must also pay them back quickly. With payday loans, you will have to pay back the loan and any charges on the date of your next payday. If you cannot make your payment on time, you can ask for an extension. Additional charges will apply for late payments or payment extensions.
Military payday loans are only offered to active military service members. This includes members of the Army, Navy, Air Force, Coast Guard, or Marine Corps. As long as you are an active member of the military, you can receive a military loan. Military loans are provided to any rank of officer and for any reason. Guaranteed VA loans are another type of military loan and they are only offered to war veterans.
Guaranteed Loan Amounts
Guaranteed loans offer larger loan amounts and they are usually only offered to certain rural businesses. Most of the other types of loans, including no teletrack loans, no faxing loans, and overnight loans are similar to payday loans. No teletrack loans refer to the application process, where a credit check is not needed for approval. No faxing loans refer to using the Internet instead of a fax machine for the loan process. Overnight loans simply allow you to receive a cash advance overnight, so you can use your loan money quickly.