Pay day advance online or same day loans are short term fast unsecured and stress-free loans lent to people to meet their needs and repay on their soonest pay day (or when they get the money). The loans are usually not of a large amount and may range from a couple of a hundred pounds dollars euros etc to a thousand.
Why Payday Advance online?
In most cases urgent financial needs may strike when one doesn’t have the needed cash and is thus forced to seek for funds fast. This money obtained through purely online processes is available when needed and repayable when the borrower gets money.
Loan repayment duration and means
Loan (plus the interest the loan has accrued) repayment duration is dependent on the amount borrowed and the agreement the lender has with the borrower. Most lenders have on their websites the expected loan repayment durations and the acceptable means of loan repayment; though in most cases the borrower is required to write a postdated cheque and leave it with the lender. The borrower should then deposit enough money in their bank account(s) to cater for the repayment of the lent money and the interest that money has earned on or before the agreed loan repayment date; so that the lender can cash it.
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Application and processing of the loan
Payday loans are fast to acquire because the borrower can apply for the loans by filling and submitting the online loan application form which the lender has provided for this purpose on their website. No other processes are involved during loan application and the lenders’ system handles the applications. The lender then verifies the details submitted by the borrower and approves the loan almost instantly.
Apart from the information (borrower’s name their bank account number their address and the amount of loan they want) on the online loan application form no other information or things are required in order for one to qualify for these loans. Checks on credit cards telephone/ faxing details financial and employment histories outstanding loans etc are not done because they are not a factor in determining whether the borrower will qualify for the loan or not. These loans are thus hassle free and available fast.
The safety and security of payday advance online ensured by the strong security systems installed by the lender(s) on their websites. Security is very important because all transactions are carried out on the Internet and caution has to be taken for the borrower’s financial and personal information as well as that of the lender to be protected from unauthorized access.
Getting the money
Unlike with other lenders who use the cheque system to deliver approved money to the borrower payday lenders send the approved loan money to the borrower; directly into their bank accounts. There is thus no traveling or mailing (of the cheques) costs incurred and no time is wasted waiting for the cheques to arrive or mature. The money can then be accessed by the borrower fast; from their banks accounts and used to settle their needs on time.