There are a lot of things that happened because of the financial crisis. There were so many who lost their jobs and their families were all affected. Those who were able to keep their jobs were considered to be lucky but are they really fortunate?
Lower Income for Some People
Some of those who were able to keep their jobs or some who were able to find work again were able to do so only at the cost of accepting cuts to their paycheck. That means they earn less now than what they did before. Some would say that the simple solution to that is to cut down on their expenses, but that is easier said than done. Cutting down on expenses can only go so far. At some point there are certain expenses that cannot be dropped.
Borrowing Money as a Source of Cash
Those with limited income are now forced to look at the possibility of taking out instant loans for low income earners as the fastest means of resolving their cash problems. There are several reasons why they may this kind of view. Probably the biggest reason why they are convinced of this is because of the quality that one can get from this kind of borrowing.
Characteristics of an Online Payday Loan
We have listed here some of the major qualities of cash advance loans that convince a lot of people to take them out.
Easy to apply
No credit checks
No checks required
Almost Anyone Can Apply
As long as you are of legal age and have stable employment you could try to take out this sort of loan. The approval rate is over 80% so that means there is little chance that your application is going to be rejected.
Online Application is Very Convenient
If you have done other types of online transactions before, then you would need very little convincing about this point. It used to be that instant loans for low income earners were handled just like other loans where the borrower would have to go to the office of the lender and submit all of the documents there. Things have changed however and now all it takes is to go online and visit the site of the legit lender to apply for instant loans.
No Credit Checks at All
Probably the biggest advantage of this type of financial product over others is the fact that it does not require any credit check at all. It would not matter if you have very bad credit standing because it would not be checked by the legit payday lender. All that they want is to be sure that you are actually going to be able to pay them back.
Know What the Interest Is
When you borrow a cash loan, you should see to it that you know what would be charged for the interest. That is one of the problems of those who are having trouble in taking out this kind of financial product, they never bothered to find out about the interest on instant loans.
APR Disclosure Some states have laws limiting the Annual Percentage Rate (APR) that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, and APRs for installment loans range from 6.63% to 225%. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change.
Exclusions Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.
Credit Implications The operator of this website does not make any credit decisions. Independent, participating lenders that you might be matched with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.
Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult the federal, state, and local governements to learn more about the risks involved with cash advances, local laws and regulations governing cash advances, possible loan alternatives and recent developments in their state. Consumers with credit difficulties should seek credit counseling. Residents of New York, Arizona, Georgia, Vermont, Virginia & West Virginia are not eligible to apply for a cash advance on this web site.