When you need cash quick and your salary is still weeks away, you can apply for a cash advance. This is a loan that lenders give against your salary. When you get your salary, they will deduct the loan and its interest from your checking account.
Unlike banks and traditional lenders, cash advance lenders have lenient requirements for financing. Usually, you just need to be employed, be over 18 years of age, and have an active checking account to qualify for a loan.
Below are four tips you should keep in mind when looking for a cash advance lender:
No credit checks
If you have poor credit, you want a lender that will not bother you with credit checks. Normally, banks will not finance you if you have bad credit. Fortunately, credit checks do not apply with faxless cash advance lenders. The lenders are more interested in your ability to pay back the amount you are borrowing rather than your past credit history.
Secure online application
Check that the faxless lender has a secure website through which you can apply for the loan. Since you will be giving out your private information online, you do not want it falling in the hands of third parties. Ensure the lender’s website is secured by Secure Socket Layers (SSL).
Affordable interest rate
Before you apply for the loan, find out how much interest you will have to pay. The interest should be affordable and be comparable to the rates charged by other reputable online lenders. It is advisable to request loan quotes from different lenders to find out their interest rates. Aside from the interest rates, check other fees too, such as application, late payment and service charge fees.
Fast loan approval
Finally, you want to go with a lender that will approve your loan fast. Most faxless lenders will approve your applicationand disburse the money within 24 hours. If you need the money for emergency, you can expect it in your bank account within the next day. Some lenders will even disburse the money to your account a few hours after you apply.