In the life of so many people,
unforeseen circumstances can put families in a bind where bills are due and
funds are short. Short term unsecured loans are what many people have to
resort to just to make ends meet. The big advantage with these types of lenders
is the fact that they will lend money without collateral. Homeowners along with
non-home owners can apply for these unsecured loans and can borrow anywhere
from fifty bucks to a thousand dollars or more. As stated, these loans are
short term and generally have to be paid back in about two weeks or so. When it
comes to actually getting one of these loans, you can usually get them within a
period of about an hour or two.
Will you need a cosigner or will
your credit be checked?
In general, no, you will not need
any one to sign on your behalf and your credit may or may not be checked. The
process starts by filling out a loan application, and of course they will
verify your identification. Then the money will be direct deposited in your
checking account by electronic funds transfer. Yep, it's as easy as that. As
long as you have a steady job of course, and can prove it!
The advantage of these unsecured
loans, payday loans as they are sometimes called, is the fact that you can
borrow money regardless of your credit history. But they are only for a limited
period of time. And the reason they are also called payday loans is the fact that
the money is due back to the lender on your next payday, which is about two
weeks from the time you borrow the money.
Short term unsecured loans also tend
to have very high interest rates. That is why they are not recommended for
everyone. If you think you will not be able to pay it back in two weeks, then
this type of loan is not for you. But many people still fall back on them to
pay bills, take a vacation or cover an unexpected expense.
But what if you are desperate and
have no alternative but to get a cash advance loan?
As stated before, payday loans are
not for everybody, but if you have no alternative, then you must choose your
lender wisely. Here's how. Do not choose a payday style lender unless it is a
member of the Community Financial Services of America. They require lenders
belonging to their network to closely adhere to a set of best practices that
keeps borrowers protected if they find themselves unable to pay back the loan
in a timely manner.
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