Times have changed when people had only the option of borrowing from banks or asking for advance money from their employers. Nowadays, one can get same day loans without much hassle; by applying online and receiving the money directly into their accounts.
Thanks to cash advance online, one can easily get a reasonable amount of a loan to meet their emergencies without having to go through the traditional hassles of getting a loan. Cash advance online is a quick and short term loan that does not require one to mail or fax any applications. There are, also, very few checks done to verify one’s credit worthiness. The loans, unlike the term ‘cash advance’ usually implies, are lent by payday lenders and not employers. All processes, geared toward the acquisition of these loans, are carried out online.
Application for these short term loans, also called payday loans, quick cash and paycheck advance among others names, is done from the website of the lender. All payday lenders have Websites from which they carry out their lending. Every potential borrower has to fill an online loan application form (that is found on the Website of the particular lender they want to borrow from). The form requires very little information (of the borrower) inclusive of their name, their bank account number (approved loan money is wired directly into their bank accounts rather than having them go to collect the cash or cheques from lenders), the amount of money they want to borrow and their address (for proof that they are residents of that country).
In addition to the online loan application form, the Websites provide information on the lenders’ terms, their interest rates and their repayment duration. For fast and easy processing, most lenders have a feature that allows the borrower to type in the amount of money they wish to be lent, and an automatic calculator that shows what percentage interest that particular amount will attract. Once filled, the form is submitted online for the lender to process it.
Processing and approval
Payday loans are processed fast and approved almost instantly. This is because they have very few qualification requirements. For instance, a borrower is not required to visit the borrower- in person- to identify themselves, and neither is s/he required to fax or mail loan application documents. Mailing, faxing or traveling consumes time and extra money and with their being out of the way, less time and money are wasted during the loan application or approval processes.
Collateral: Loan security
Very rarely do lenders lend out any money without the borrower providing asset(s)/ proof of asset(s) to stand in for the loan(s). Others go as far as requiring the borrower to be endorsed by a trusted guarantor (who can be pursued in case the borrower fails to make timely loan repayments). Lenders of cash advance, in a bid to save time and unnecessary hassle, have eliminated the need to secure loans. With this out of the way, borrowers from all walks of life, with or without collateral, are eligible for these fast loans.
In addition to the elimination of collateral to secure loans, these loans approval is not dependent on people’s excellent financial or employment histories. It is in this regard, therefore, that there are no credit/ debit checks, no employment history checks, no checks on borrower’s personal data or any other checks that may get borrowers disqualified from the loans. The absence of these checks not only save the borrowers from getting stressed (gathering the necessary documents), but also save time as there won’t be any need for the borrower to seek those documents or the borrower to verify them.
Online processes, for payday loans, are kept safe and secure by security systems which have been installed by lenders on their websites.
Getting the money
As mentioned earlier in this article, cash advance online money is deposited into the bank account of the borrower once the loan has been approved.