Payday advances made easy with PaydayMall.com
Certain circumstances that call for quick cash may arise unexpectedly, catching one at the worst possible moment in terms of finances. For instance, higher than usual utility bills, medical emergencies, stalled vehicles and general increases in living expenses can create the need for instant cash. During such times, various credit options are open to individuals depending on their circumstances. Most of these credit facilities come in the form of secured or unsecured loans. Secured loans require borrowers to put down their personal assets as collateral for the credit. Conversely, unsecured credit facilities such as online payday loans do not require any deposits or collateral, making them quite convenient for persons in need of quick cash.
A payday loan refers to a short-term credit extension for small amounts ranging between $100 and $1,000. As the term payday implies, the loan caters for a borrower’s personal needs until his or her next payday. Borrowers simply request for a certain amount of cash from requisite providers, and repay the advance plus interest on receiving their next paycheck. When one gets into a financial bind between paychecks, such loans help one to get out of this bind.
Typical Loan Providers
Private credit and check cashing companies that operate either online, or via retail stores in brick and mortar offices offer such loans. At the federal level, the Federal Deposit Insurance Corporation (FDIC) regulates these institutions while financial agencies and laws keep them in check at the state level. Therefore, the rules and regulations governing such short-term credit facilities differ from state to state. In some regions, legislators have imposed stringent interest rate limits on such loans, while in others, few restraints on these lending facilities exist.
Application Procedure for Payday Loan Services
Before one can apply for an online payday advance, one must satisfy the following conditions first:
• The borrower must be over 18 years of age.
• The borrower must have a regular source of income.
• The borrower should have an active bank account.
• The borrower should be a citizen of the United States.
PaydayMall.com consists of an extensive network of over 200 quick cash providers in the market. The company acts as a hub for many private short-term credit lenders, each with different lending terms and interest rates. Prospective borrowers simply submit an application at the PaydayMall.com website, and wait for one to two minutes for an instant decision. Online application makes it extremely convenient for borrowers to apply and receive loans. Upon approval, the customer will be able to review and sign the loan agreement on-line.
Loan Disbursement and Repayments
Retail and online instant cash loan providers operate differently from each other. With retail lenders, on approval of the loan, the borrower receives it on the spot in the form of a check from the cashier. On the other hand, online lenders deposit the borrowed amount electronically to the borrower’s bank account.
During repayment, retail lenders might require the borrower to submit a post-dated check of the loan plus interest accrued, to be redeemed when the due date matures. Internet providers usually request for the borrower’s employment details, as well as a bank account number, in order to deduct the repayment balance electronically once the date is due.
Benefits of Payday Loan Facilities to Borrowers
• The loan offers one the ability to settle financial emergencies immediately.
• Payday credit has fast turnaround time as compared to other short-term loans.
• It is fairly easy to apply and qualify for these loans from most lenders.
Expenses that are not budgeted for may arise at the worst possible moment. At such times, conventional creditors such as banks or other financial institutions may not be of great help, due to their lengthy lending procedures. Borrowing from friends or relatives without due notice is likely to be futile. With that in mind, the most suitable solution would be a short-term cash advance from the PaydayMall.com network.