Payday cash loan, also known as cash advance, is the most common type of loan that people will turn to if they need the funds urgently. With payday loan, you can expect to withdraw the funds from your bank account on the same day your application is approved. Sometimes, it can take longer than 24 hours for the loans to arrive on your account after they release the funds. It all depends on how fast your bank process the transaction.
Nowadays, people can conveniently sign up for this type of loan online by just filling out a few personal details in the online loan request form. The online loan request form can usually be found on the homepage of the payday loan site. The interest rate on the loan is higher than the bank loan but the benefit is that you can get the cash fast and use it to cover your temporary expenses in case you don’t have money right now. You will be required to pay back by the next payday, the day when your employer issue the paycheck to you.
You can use the cash you obtain from the payday loans to pay for any expenses you have. Getting approved for the payday loan is even easier than a bank loan because they don’t need to review your financial documents or check your credit score. They only want to verify that you have a steady job and are employed for the past 3 – 6 months. Besides, payday loan companies can only lend money to applicants that are at least 18 years old or above.
Another type of loan that can release the funds in 24 hours is personal loans. Personal loans offer a bigger loan amount and you can lend in between $300 – $5,000. Small personal loan has short loan term that last from 1 month to 7 years depending on the loan amount. Personal loans is stricter compared to payday loans and you must have a good credit score to get approved for it. You also need to fax over documents such as payslip, identity proof, and tax returns.
Before you apply for a cash advanced or personal loan, make sure you use an online comparison tool to do research on different creditors. Some of the things to check when performing comparison are fixed interest, loan amount, loan term, repayment and security.
In conclusion, the 24 hours loans are only meant to cover for your expenses temporarily and you cannot rely on it for a long time. It is important that you only borrow from a legitimate company that is licensed to offer money lending services. If you sign up with illegitimate loan services, you may get scammed with high interest and many hidden requirements which they will not tell you upfront.