Overnight Payday Loans
Eligibility for an Overnight Payday Loan
Payday cash advance loans usually don’t rely on credit scoring and in order to be eligible, the borrower will need to be at least 18 years old and have full-time employment with a minimum income of $1,200 a month. He/she must also have a bank checking account. Providing the borrower is able to comply with the above, they will usually be able to get an instant cash loan.
Instant Money Loan Interest, Fees and Charges
Being that the risk of the borrower defaulting is high, it reasons that an instant payday cash advance loan will be more expensive. The price of an overnight payday loan varies between providers, but it normally costs between $20 to $25 to borrow $100 for up to a month. Payday loans can often be extended at the original rate, usually up to four months. Failure to repay the loan on time can lead to extra charges and the matter being reported to credit reporting agencies.
How a Speedy Payday Cash Advance Operates
As soon as eligibility has been established and the borrower signs his/her loan document the funds will be deposited in the borrowers account via an ACH transaction and is usually available by the next business morning. An ACH transaction is similar to a direct deposit. The loan is set to be due when the borrower is paid. The borrower will be responsible for paying back the principal (original amount borrowed) the fee that is charged for the loan. Provided the borrower completes their application and electronically signed loan document prior to 5:00 PM eastern time, the cash will reach the borrower’s account on the very next morning. If the application is received following this time, it will arrive the subsequent working day at the latest.
Pros and Cons of Payday Cash Advance Loans
An overnight payday loan can solve an urgent short term financial need, such as paying the rent, a utility bill, fixing your car or taking a beloved pet to the vet. While a loan can be taken out for any reason, it is inadvisable to borrow money for frivolous or unnecessary purchases. Bear in mind that taking out a loan will leave you with much less cash to pay the bills the following month. It is possible to get trapped in a cycle of dependency on payday cash advance loans, so please borrow responsibly.
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