What is a fast loan?
Popularly known as payday loans or Cash Advance Loans, fast loans personal loans for short-term. The loan is repaid through a preauthorized withdrawal system (electronically powered) from the bank account on next payday. The loan amount together with interest is debited from your bank account. This means, to get the benefits of these loans, you need to have a bank account with a direct debit facility.
What is the approval time?
This depends a lot on the lender and how satisfied he is with your online application and the documents you have provided and whether you are eligible for the loan. However, once satisfied, the amount reaches your account within 24 hours. That's why it's a fast loan!
How secure will be my personal information?
What are the approval requirements?
This again depends on the lender. Some lenders are very lenient while some are strict. Moreover, the terms and conditions also differ a lot. However, the basic terms of approval include;
- You must be employed for the past 3 months.
- You must take home at least a $1000 monthly after tax deduction.
- You must have a valid bank account in your name.
- Must provide appropriate work phone and home number.
What if my credit rating is poor?
That really should not matter. The fast cash loans have been designed to help those who are in a financial spot and do not have any other option to borrow. Banks won't lend money as their credit is poor. Thus, fast cash loan lenders do not look at your credit standing. You need to fulfil the lender requirements for borrowing the loan and you are good to go.
Is a credit check run by the lender before approving the payday loan application?
No, credit checks are not required. At times, the lenders do use a consumer database but that is only for a fast approval of the loan.
What's the surety that the lender at the end of payday will withdraw only the amount agreed upon?
The lender is legally bound to withdraw only the specified amount. Not doing so is a punishable offence.
What do I need to do once I have submitted the online application form?
A customer care executive contacts you shortly. He will ask you more on the loan and let you know the interest rates and types of loans available. An email is also sent approving the application submitted. Generally, the customer care representative takes you through the process.
Are other costs involved?
The good, reputed lenders never charge any extra fee for the service. However, there are many lenders who do charge a service fee. It all depends who you are choosing.
Fast loans are for your benefit. Solve your money problem. Never misuse them.