Who does not want an extra paycheck? Cash loan till paycheck can become that extra paycheck when you need extra money, the most.
What Are Easy Paycheck Loans?
Payday loan is a kind of personal loan that is given on the basis of your paycheck. The amount lent is usually from $50 to $1000 and the repayment period is a maximum 15 days or your next payday. The money has to be repaid when you receive your next paycheck.
Normally, cash loan till paycheck carry high interest rates. You might have to pay $15 to $30 as interest on a loan of $100. And if you fail to repay on time then the interest rates on your loans are further increased.
Advantages And Disadvantages Of Payday loans
Payday loans have their set of advantages and disadvantages. So you must consider both pros and cons, before you decide on availing a cash advance.
Talking about advantages, fast cash paycheck loans are easy to apply for. You can even apply for them online, from the comfort of your home. The application process includes filling up of a simple form. The form seeks basic details such as, your name and address, employer information and bank account number. Moreover, you need not provide any documents. Your latest pay stub and bank statements are enough to get you approval for your loan.
Another advantage is that fast cash loans do not need a credit check. This means, even those with poor credit rating can qualify for cash loan till paycheck. The eligibility criteria to apply for payday loans are also minimal. If you are 18 years of age or older, receive a regular monthly income, and have an active bank account then you are eligible for cash advance. The biggest advantage of payday advance loans is the processing speed. These loans are approved in minutes. The amount is directly transferred into the borrower's bank account within 24 hours.
Among the disadvantages, high interest rates come first. The interest rates are exorbitant and can further increase if loans are not repaid on time. Moreover, exceeding the deadline for repayment could prove extremely costly. In such cases, late repayment fees and additional service charges can be applied on your loan. Also, the amount lent through cash loan till paycheck is very little. You can never avail an amount that exceeds your monthly income. Besides these disadvantages, you also have to make sure that the lending company is reliable. Sharing your critical information with fraudulent companies could put you in deep trouble.