Generally Cash advance loans is a small and short term provision with an extremely high rate of interest. People use this loan to fulfill their short term emergency. Borrowers need to place a post dated cheque at the time of loan application. This post dated cheque is enclosed with borrowed amount including loan fees and interest. As the loan is short term so, the repayment tenure is not more than 14 to 31 days. If the borrower is unable to repay the loan amount within the specific time, lenders charges a huge amount of money as penalty fees.
Usually this loan is a risk free loan process; hence, a borrower need not place any property or asset as collateral to get the loan. All prospective borrowers can avail this loan without any hassle. Lenders are not very serious about credit scores, a bad credit borrower can also apply for this loan even in their credit crisis. One can avail the loan amount which ranges from $100 to $1,200. The loan amount will be sanctioned for the borrower till the next salary is debited to their account. The interest rate is high compare to the other loans, which is maximum 25% of the loan amount.
All US citizens who are more than 18 years of age are eligible for this loan. Besides this pre-requisite, a borrower should be a regular employee with a fixed monthly income of at least $1,500 for more than six months and also have a valid bank account. With the help of cash advance loans, people can avail the cash within 24 hours of approval. A borrower can get the loan from online and offline lenders. Online process is quicker and easy to apply. Applicants only need to fill an online application form with their personal and bank details.