People who need cash now should consider applying for a payday loan advance. These loans can help people who are struggling to get money within a few hours. All people need to do in order to get one of these loans is to find an online lender and apply for it.
How to get a payday loan advance
Find a lender
There are literally thousands of online lenders that are are prepared to give loans to people within a matter of hours. Borrowers should make sure that they find a lender that offers low interest rates and has a good reputation. Many lenders offer interest rates as high as 500% on these types of loans. This is a situation that borrowers should not accept as the payday loan market is now very competitive.
Fill in an online application form
Once a borrower has chosen the lender they want to work with, they will need to fill in an online application. These applicants will generally only require the information listed below. - The full name of the borrower.
- The address of the borrower.
- Where the borrower works and how much money they make.
- Proof that the borrower is over 18 years old and is a legal resident of the country the loan company is in. Credit checks Most payday lenders will not require a credit check. This makes payday lending an excellent choice for people who have bad credit or have been through bankruptcy. Some lenders will offer their customers a lower interest rate if they are willing to have a credit check. Finalising the loan
Once the loan has been approved, the borrower will need to scan and e-mail copies of their identification and bank statement to the lender. When the lender receives this information, they will release the funds into the bank account of the borrower. The borrower should then have the funds within their account in a couple of hours. Those who apply late in the day will need to wait until the following day to receive their funds.
Other types of lending
People who have good credit and a regular income should consider going to their bank. Banks can get loans approved and paid out within a couple of hours. The benefit to borrowing from a bank is that they will charge a much lower interest rate overall.