Many cash advance companies offer same day cash to their clients that have submitted their payday loans application and gotten approved. These type of loans are ideal for those who are in need of financial assistance right away and don’t have the time to wade through a grueling approval process. Customers can usually borrow as little as $100, up to as much as $1500 depending on the lender, and pay it back according to the company’s repayment terms.
The Basics
An applicant that applies for same day funds should expect to meet specific prerequisites to get their payday loans, but they are typically flexible and made to match everyone’s particular needs. Some of the standard requirements might include being over the age of 18, and in some cases, even over the age of 21. Most times, the customer might need to prove that they’ve been employed for at least six months, and have an open and active checking account that is in good standing with the bank. As a way to avoid painful credit checks or collateral requests, banking information gets provided so the lender can withdraw the funds directly from the account.
It’s common for payday advance companies to start new customers off with a smaller amount such as $500. Over the time of successful repayment, the client’s credit with the company increases, as does the amount they are eligible to borrow.
Repayment
Once it becomes time to pay back your payday loans, it’s important to understand that repayment terms are different depending on the state. When you get your same day advance, ask your experts what you should expect regarding repayment options and interest rates. Under most situations, cash advances get paid back between 14 and 30 days, and sometimes offer extensions if needed.
