A quick cash credit, also called a payday loan, instant loan, personal online loan, online credit immediate response, instant mini credit, bad credit loans or advance payment day is a small amount of cash given without collateral, to a short term, usually 2 to 4 weeks.
The return of these is subject to the next paycheck of the solisitante. This is the reason why bad credit is not taken into account.
Quick loans are a way to anticipate the salary of the loan and that is why they are based on the consumer presenting the two most recent check stubs and can verify the employment. This financial product is offered only in the USA and the United Kingdom.
How does it work
The basic process of the loan implies that a credit organization grants an unsecured loan in the short term to be repaid on the date on which the debtor receives his next salary. The approval depends on the employment and salary of the applicant, in addition the last two check stubs and one or two bank statements are required.
With respect to the credit history, no credit check is made here since the approval is based on the salary and income of the loans.
Use of money
You can use the borrowed amount for what you deem convenient and the lender will not ask you what the purpose of the loan is. Most people who apply for fast online credits do so to cover some emergency expenses, such as medical bills, car fixes, or house water piping. However, there are no restrictions for what you can use your money, that only depends on you.
Amount of money
Online lenders offer small payday loans. The amounts fluctuate between $ 100 to $ 1000. Now if this is your first time they would usually lend you up to $ 500. This amount will be deposited from the laws of the state in which you live.
Costs and fees
They usually charge a fixed fee in the amount you borrow. This rate may vary from $ 10 to $ 30 for every $ 100 borrowed, depending on the financial institution and the maximum amount allowed in your state. A cost of $ 15 for every $ 100 is typical, for example if you need to borrow $ 300 before your next payday, you will have to pay $ 345, assuming a cost of $ 15 for every $ 100.
Some entities give the option to extend or renew the loan term for another two weeks, but this brings an additional cost. For example, if you pay a $ 45 renewal fee plus the original $ 45 fee, the total cost will be $ 90 for a $ 300 loan.
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The online application
Today the process of obtaining fast loans online has been simplified enough for you to get your loan immediately: In order to get an online payday loan all you need to do is:
1- Fill out online form
Complete a short application which includes basic information such as your name, date of birth, postal address, occupation, salary, telephone number and your e-mailetc. It takes only a few minutes to complete.
2- Wait for an instant response
Wait a couple of minutes to see if your application has been approved.
3- Wait for lender contact
If all is well and approved, a representative of the lender will contact you by email or phone, verify the information and send you a contract.
4- Sign the contract
If you agree to all the conditions mentioned in the contract, then you only have to sign the contract online via electronic signature.
These are general rules and requirements since the legislation regarding payday loans or quick credits are very variable among the different states within the United States.
There are things to consider when receiving any type of personal fast loans online. These include higher interest rates. However, for some people, their advantages outweigh their disadvantages. For example, the fact that there are no guarantee requirements, the borrower does not have to compromise his property for approval. Another convenient aspect is that to obtain this type of loans, it is not necessary to produce so much paperwork. nor is it required to have good credit.