If you are a start up entrepreneur or in an emergency where you need cold cash pronto, getting unsecured loans is the perfect solution to your problem! An example of this is a payday cash advance or payday loans that are paid in a short-term basis.
With this kind of loan, there is no need for the borrower to show proofs of ownership of his or her property or assets as collateral. What is basically needed is just a clean credit history; a proof of previous payroll or employment, the borrower’s signature and Social Security number. The borrower must also be over 18 years old and must show at least two valid public identification documents.
There are many lenders online and even in our own community. Some lenders even offer online pre-qualification process to save you the trouble of actually visiting the lender. Others have toll-free numbers that you can call, and you will just fax them the needed documents. Many of these lenders do not even verify your income! Some asks for upfront fee or processing fee. This could be difficult, especially when you are already financially hard up. Be wary of this because there are also scammers.
The application process for payday loans is as simple as its requirement. The loan can even be approved within the day itself if all requirements are met. Thus, this will get you the cash you need fast!
The amount you can borrow and the repayment terms would all depend on the credit history, source of income and the status of residency of the borrower. If you wish to pay the debt in a shorter period, there are also flexible unsecured loans that allow you to make over-payments and even lump-sum.
Interest rates are very reasonable and the repayment terms can be personalized according to ones financial capabilities. It is very common though to pay the loan on the borrower’s next payday via post dated checks, credit cards or ATM cards.