Low Cost Payday Loans
Low cost payday loans, also known as short term payday advances, are loans that are repaid on your next payday day. There are several other names for these loans including quick cash payday loan, faxless payday loan, and cash till payday loan among others. Many individuals avail of low cost payday loans specifically during financial emergencies and unexpected expenses such as hospital bills, credit card bills, and electricity bills among others.
In order to qualify for low cost payday loans you should primarily be an American citizen. You should also be at least 18 years of age and have a regular employment for the last 6 months. Most lenders and creditors do not offer these loans to individuals who have no regular monthly income or regular employment. This is because you have to repay your loan amount on your next payday. In addition, your monthly income should be no lower than $1000 a month.
You should also have an active checking account since the funds for your loan amount will be transferred directly to your bank account. Thus, you would be able to receive your loan amount in the quickest way possible through wire transfer in the event that your application is approved. The amount you have borrowed from the lender or creditor will be debited from your bank account. The amount would also include added interest and wire transfer fees.
You can apply for low cost payday loans either online or offline. However, applying online is faster because you only have to fill up a simple online application form and submit it to the lender or creditor through a single click. Applying in person or offline may require you to submit paperwork and pertinent documentations, which are not immediately available.
Consequently, if you opt to apply online for low cost payday loans, you have to submit a proof of employment that is usually validated or verified by your employer. You can also submit your paycheck stub that has the tax number of your employer.
You also need to provide the lender or creditor with details about your checking account because it is needed to transfer your loan amount to your bank account. Some lenders and creditors may require you to submit a valid proof of identification such as your driver’s license or passport. Make sure that you also provide details about your current address and other pertinent personal information.
All information or data you provide to the lender or creditor will be confirmed or checked through VPN-compatible software. Your current address and other personal information will be checked through your social security number. Lenders and creditors usually have this information checked to avoid any type of fraud.
On the other hand, you need not worry of taking a long time to process your application. Most often than not, lenders and creditors only take a few minutes to check the information you provide them since everything is done electronically. Once they have verified your information, the next process is the approval and disbursement of your loan amount.
