Official cash payday is the simplest way to get a fast cash loan. This is a short-term advance and is meant to be returned on the borrower's next payday. It is simple to apply for and the processing of the application also does not take more than a couple of hours. In fact, the cash advance is deposited into the applicant's account within the next 24 hours.
How Does The Loan Work?
An official cash payday is a kind of cash advance that is secured on the forthcoming paycheck. The amount asked for cannot exceed more than $1500 and the duration for returning it is up to 4 weeks. Since no credit check is performed on these advances, the lender asks for a more-than-usual interest rate. This is because these loans are unsecured and a high interest can compensate for some of the losses that the lender might incur.
Some Other Advantages
Here are some advantages of a paycheck advance:
o The process of applying is simple and can be done from the comforts of one's home or office.
o The borrower is guaranteed full privacy and none of his confidential information is leaked out.
o Since no credit check is done on the part of the lender, even those with a bad credit history are eligible for it.
Though you would find many advantages associated with official cash payday loans, still one must not take them for granted. There are many disadvantages too. Like if you are not able to repay the amount by the next payday and need an extension, then you would have to incur an even higher interest rate. Also, if you are not able to repay the amount at all, then the lenders are known to use unfair means to extract the money.
Let us now take a look at the eligibility criteria for official cash payday advances:
o The applicant should be a US citizen.
o He should not be less than 18 years of age.
o He also should have a regular employment that pays him nothing less than $1500 per month.
o He should have been employed in his current job for the past 3 months.
o A valid checking account is also a requisite.
o He would also have to submit a post-dated check of the borrowed amount at the time of availing the advance.
Official cash payday loans are meant to bridge the gap between paydays. Never play around with this type of quick cash offers as you just might have to end up paying up several times more than what you had borrowed in the first place.