To obtain a payday loan you must meet certain basic criteria. They are:
- Your minimum age should be 18 years. If you are below that age, but in urgent need of money, ask your parents or any older member of your family to apply for the guaranteed payday loans on your behalf.
- To obtain the quick cash payday loans from a US based lender, you must be a legal US resident.
- Usually, a payday lender only approves the payday advance applications of people with fixed monthly earnings. There are some lenders who accept the payday applications only if the applicants earn $1,000 or more per month. However, this fact does not indicate that unemployed people are not allowed to borrow from the payday lenders. Many reputable payday lending businesses also provide these guaranteed payday loans to the jobless, i.e. people, who do not have any steady income. If you are unemployed and in need of an instant cash advance for paying some pending bills, you should have a 3 month old checking account in any US bank.
- The final criterion of getting a guaranteed payday loan without any difficulty is having a valid checking account.
Things You Must Do Before Applying for Guaranteed Payday Loans
To ensure that you have selected the best online payday lender, you must read all the clauses mentioned on the FAQ and terms and conditions pages of his or her business website. The Truth in Lending Act is a law passed in the year 1968 with an aim of promoting the informed use of consumer credit. This law requires every lender to disclose their lending terms and charges to the prospective consumers. The online payday lenders also need to follow the regulations set by this federal law. This means, if you read the contents of the FAQ and terms and conditions pages of a payday lender’s website, you will acquire all the vital information related to the payment policies of that particular lending business. This also gives you the opportunity of comparing offers made by different guaranteed payday loans lenders and picking the lender who is offering the most lucrative deal.
The lenders comparison also helps in knowing which payday lender
is offering enough funds to meet your financial requirements. For instance, if you need to pay a pending bill of $100, a payday lender who provides guaranteed payday loans between $100 and $500 will be a suitable option for you. However, if you need the money to pay a credit card bill of more than $500, you should opt for an online cash advance lender who will allow you to borrow more. The maximum sum that a payday lender can allow you to borrow is $1,500.
Tips for Filling Out the Guaranteed Payday Loans Application Form
You will need five to ten minutes for filling out the application form available on the payday lender’s website. Start by entering personal information like your name, telephone number, address, age and Social Security Number. Some payday lenders may also require your driver’s license number. Next, you will need to type your employment details (the current employer’s name, contact information and your salary) and bank details (the bank name, branch name and your checking account number). Finally, enter the amount you want to have as a cash advance. You have filled out the application form, now, as soon as you click the submit button the application will reach the cash advance lender.
The Guaranteed Payday Loans Approval Procedure
These loans are referred to as guaranteed payday loans as statistics suggest that 90% of the people who apply for cash advances get the loans without any problems. One of the most attractive features of the cash advances is instant approval. The maximum time you may need to wait for seeing the loan amount in your bank account after submitting the application is 2 hours. Another fascinating characteristic of the guaranteed payday loans is direct deposit of the borrowed amount into the beneficiary’s bank account. When a regular bank loan application is approved, the beneficiary receives the requested amount in the form of a check. So, after waiting for weeks for getting the loan application approved by the bank, the borrower again needs to wait for the check to clear. However, when you apply for an instant cash advance, you’ll be able to access the borrowed funds as soon as the loan amount is transferred into your checking account.
Category: Payday loans