Cash loans are given by the lenders within a day. These loans are well known for their speed of availability. They are mainly used for emergency purposes and are avoided by most borrowers. This is because the rate of interest is very high. This causes many borrowers to become defaulters. Many people use these loans for medical expenses and for the utility bills. The fee for these loans is $10 to $30 per $100 taken. Thus it is better to avoid frequent borrowing of these loans.
The approval process of the cash loans is very simple. The lenders would want to verify the income status of the borrower. You might be required to submit the pay stubs. The pay stubs for the past three months will be more than enough for the approval of cash loans. Other details like the checking account of the borrower should be submitted. It is very essential that the borrower is more than 18 years of age. These are some of the basic requirements for the cash loan approval process. A major disadvantage of the cash loans is the high rate of interest. You will become a defaulter if the check bounces. It is very essential to pay the loan after the payday is reached.
Cash loans with no credit check
People with a bad credit score might be worried about the loan approval process. But the lenders offering the cash advance loans would never verify the credit score. They will only be concerned about the job and salary of the borrower. The loan amount may vary from $100 to $1500. The range might be increased by talking to the lender. But you would be needed to have a high salary to get loans above $1500. The loans will be approved within 24 hours since the credit history is not checked.