Thursday, November 8, 2012

Same Day Cash Loans - Are You Eligible?

By Kevin Klein

The current economic crisis has lead to a significant portion of the population needing small sums of cash in order to meet unexpected responsibilities. A pay-day loan (aka instant cash loan, cash advance loan, or no credit short-term loan) is a seemingly popular way to address these financial dilemmas. Applications can be processed online and restrictions are almost non-existent. Within hours a financially strapped individual can have cash in his or her hand.

Home repairs, vehicle repairs, somebody gets sick, your insurance is due, a household emergency arises, the list goes on. It's official: You need a same day cash loan.

Despite the ease of obtaining these loans, not all cash advance lenders are equal. Any short-term loan borrower would be wise to "shop around" for the best deal instead of taking the first loan that is offered. All options should be considered; and with the ease of the internet, this shouldn't take more than 10-15 minutes to find a lender that has more to offer. It is important to note that there are some payday lenders who offer interest free loans to first-time customers.

The most basic requirements that almost all payday lenders ask for is a $1,000 monthly income and a checking account. Lenders never run credit checks. Instead, qualification for a loan is based on:-age (must be 18 or older)-3 consecutive months of steady employment-employability (at least 1 year's experience in work field)-ownership of a checking account

Who's Eligible For Same day Cash Loans? Designed for sudden emergencies, these loans provide you money without any delay. And even though credit (or assets) are not required, you must still qualify for the loan via the following conditions: 1. Applicant must be employed at least for six months (same job preferably) 2. Salary of the applicant must be US $1000 or above (for most lenders) 3. Applicant must have stable residence (at least three consecutive months in the same residence) 4. Applicant must be a US citizen (for US lenders) 5. Applicant must have a valid checking account 6. Applicant must be 18 years old (must provide social security number and personal ID number to verify)

You should know exactly how much of take-home pay you will receive in your next paycheck before taking out a payday loan. This is because the entirety of the loan must be paid with the next paycheck. If the loan amount exceeds your net pay or does not take into consideration your other financial responsibilities (such as rent, utilities, etc.), then you can find yourself having to take out yet another payday loan to cover the first loan. Same goes for failure to repay one of these loans. The balance, along with fees, penalties, and new interest, will be rolled over into a new loan that must be paid off with yet another paycheck. At this point, you are merely working for the cash advance broker. Always, use these loans as a last-resort.

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