We all have all those moments when we are in an emergency in need of some cash assistance or loans. As of today there are different cash loans you can apply. The most common loan is the payday loans. If you are not familiar with the term payday loan, it also uses some other terms such as: cash advance, short term loan, payday advance loan, fast cash or fast loan, bad credit loan deferred deposit transaction, and paycheck advance.
From the statement of the Consumer Financial Protection Bureau (CFPB), they stated, “To repay the loan, you generally write a post-dated check for the full balance, including fees, or you provide the lender with authorization to electronically debit the funds from your bank, credit union, or prepaid card account. If you don’t repay the loan on or before the due date, the lender can cash the check or electronically withdraw money from your account.”
Payday advance loans are easy to access so many people who are in need are always getting into this plan. Many money lenders can offer a 24 hour process and within the day you can get your money. They also have online applications for you to apply easier. If you want to know more about payday loans, you can find its details on www.simplepayday.co.uk.
Unlike any other loans, this kind of loan has fewer requirements for you to prepare. Sometimes, an official identification card, active bank account and a proof of income are enough to have a loan application. All you need is to be:
- Be at least 18 years of age
- Have a government-issued ID or Social Security number
- Have a regular job or other regular source of income
- Have an active bank account
Payday loan has different kinds of risk compared to property loans or any kind of collateral that demands access to your other property if you fail to pay the loan. Payday loan has access to your bank account that can take you to court.