To better help folks who are in immediate need of a short term personal loan, the lending industry got smart 10 years ago and created cash advance loans without credit checks. Today, with the growth the internet, the cash advance loan business has become so successful and streamlined that some people can actually fill out an application for a short term loan online and receive funding on the same day!
Regarding personal cash flow issues, it is a good idea to always have a backup plan in case you have an unexpected need for financial help. After all, the average American only has two weeks of savings. Thus, it is a good idea to learn how you can protect yourself if you need some quick cash. Loans without credit reporting can specifically meet that need.
Listed below are some of the requirements for qualification of a Cash Advance Loan…
• Must be employed or have steady income
• Minimum Age requirement – 18 years and older
• Banking relationship – must have a checking account or the similar
The intention of these loans is to provide borrowers with a quick solution to meet the immediate financial needs for such items as rent, utilities, or medical bills. Typically, the loan amount for Cash Advance loan is equal to your pay check or monthly income. Loans without credit reports were created to be short term and unsecured with a payback period of two weeks to one month.
No Collateral Required
These short term loans require no collateral. For people who do not own a home, this is a really great feature. Basically, the lender is looking at your pay stub, and making the loan based on what you earn. However, like all things in life there are tradeoffs. In this case, because the loans are not collateralized, you will be paying a higher interest rate. But, since you will be only having the loan for a short period, the interest fees are manageable for most borrowers.