It's Not a Payday Loan- It's a Cash Advance!
Short term loans come under a number of different umbrella terms these days and it
can become quite confusing if you are trying to work out the difference between payday loans, cash advances, no faxing loans and quick cash loans. In essence, they are one and the same, regardless of the term that is mentioned, and they all involve obtaining short term funds that will need to be paid back as soon as possible. If its not a payday loan that you find, it might be labelled as something different, but you can rest assured that it means the same thing.If there is not a payday loan option when you need one, you can do a search for cash advances, and you should come up with a good selection of lenders to choose from. Although not a payday loan by name, a cash advance will still allow you to apply for some quick funds and they will be deposited into your bank account. These funds will need to be repaid to the lender on your next payday, even though they are not a payday loan as such.
Anyone can apply for these short term loans, and they have been used to provide financial relief to those in desperate financial situations and emergencies for a number of years. If it is not a payday loan that you find when you are searching, it could be a faxless cash advance, a no faxing short term loan or an instant cash advance. Basically you can read over the terms and conditions, as well as any other information that is provided, to determine if it is the kind of short term loan you require. When sorting through the information, take particular notice of the repayment structure, the interest rate, and some of the minimum approval requirements.
As a general guide, short term loans, even if they are not a payday loan by name, will have these basic requirements in order to secure an approval:
An open and active bank account
Incoming monthly income of $1000 or more
Currently in active employment
At least 18 years of age
A legal resident
You can find application forms for these short term loans online, if you think you will meet the basic requirements. The forms usually consist of a single page that is quick and easy to fill out. Often, the approval can come within a matter of minutes and not long after, the funds can be deposited into your nominated bank account. This process is easy and convenient, however should not be abused by those who don't really need the funds, but who just want to satisfy a shopping urge or whim.
If it's not a payday loan that you are after, and you thought that cash advances or no faxing loans were a different product altogether, then this further outlines the need for lenders to explain the products they are offering and to ensure that the customer is fully informed at all times.
It's Not a Payday Loan- It's a Cash Advance!
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