Are you looking for a source of financial assistance today? One of your immediate options will be your friends or your family but when it comes to guarantee if they can lend you, it is still a question. Oftentimes, they may not have extra cash to lend to you.
You can actually apply for a salary or payday loan, often termed as cash advance loan, since this is a very fast and easy application. So what basically is this type of loan? This loan is actually an unsecured type of loan. This means that you don’t have to submit any collateral in exchange for the loan. Banks are actually the ones who offer this type of loan. These banks actually offer this type of loan to help individuals who are in need of cash that is larger than any of your friends or family members can lend to you. But are you qualified to apply?
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You need to comply with the requirements and qualify to be granted with a payday loan. You need to be employed since this will be your source of income to pay the salary loan. If you are a regular earner, then you are most probably qualified. Of course, you need to qualify first with your age. Most banks accept 18 years old applicant but there are still few of them who only accept 21 and above.
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Aside from the minimum age and income, you also have to qualify in the other fields. You will undergo a credit criteria assessment. This is discreetly done so you just have to wait for the result. Part of the criteria in credit scoring is the loan history of the borrower. If you have a good record before, you have higher chances of qualifying. If you have bad record, you will be outright rejected.
To receive your loan proceeds, this can be credited directly to your account or you can request it to be in the form of check or cash. But there are also instances wherein credit card holders can avail this type of loan offer and instead of receiving it in cash, it can be directly withdrawn from any ATM.
But how are you going to repay your loan? The moment you qualify for a loan, submission of the requirements is needed first and once you have complied, you will be given options on how to pay your loan and this can be in the form of check issuance, over-the-counter payments, or if you have an account with them, debiting from your account. As for the loan term, most banks give you a term based on your debt burden ration. The smaller your salary is, the longer is your term but in return, the higher is your interest paid.