Explicit Finance
A cash advance payday loan caters especially for people who are short of cash, need financial assistance and have bad credit. All you need to get the cash you desperately need is to be an adult who has a regular income—even a government benefit will do—which goes directly into a bank account, and who has lived at their current address for at least three months. There are no credit checks.
The amount of the loan you can get will depend on your financial state. It can be anywhere from $50 to $1500, but lenders want to make sure you can repay the advance, so they probably won’t lend you more than 30% of your regular take-home pay.
If the advance is less than $100, you will normally make the repayment in full the following payday. If it is more than this, some lenders will let you repay in three installments each payday, though usually not over more than two months.
If the application is completed correctly, the criteria met, and the necessary documentation (usually pay slip and bank statement) faxed, scanned or couriered, approval can take no more than a few hours. Get it in early enough in the day and it should be processed that day, the money put in your bank account that night, and the cash available to you the next business day if your bank does its part.
A cash advance payday loan is paid back by direct debit of your account on the next payday. If for some reason, you know you won’t have the cash in your account that payday, or some other unexpected expense has cropped up, it is possible to arrange an extension if you let the lender know at least two business days beforehand.
A cash advance payday loan is an unsecured loan. Because of this, your advance will cost you more than a traditional bank loan. You may be charged a fixed rate per $100 borrowed or a daily percentage interest. The latter could be of the order of 1.333%, equating to an annual rate of 486.89%!
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