If you are not a teenager, you
probably know very well that loans from banks take weeks to approve. For large
loans, such as those for a mortgage, this is understandable. Such loans
represent important financial decisions and incur significant risk for the bank
or lending institution that is issuing them.
Certain cash advances for smaller
amounts, however, should be available to people with good credit quickly and
easily. For this purpose, there are institutions that approve cash advances in
very short time spans. In as quickly as 1 hour, a person with a good credit
rating can obtain an almost instant cash advance, up to $1,500.
The process is done entirely online.
An intermediary site will take down relevant financial information, as well as
birth date and social security, and then match the application with a
corresponding lender who is willing to pay the loan.
Although each lender has his/her own
unique policy regarding loans, there are several strict requirements common to
all lenders. Most importantly, the person seeking the advance must be 18 years
of age or older. That person must also have a job, or some other regular income
stream, as well as an active open bank account. Most lenders will then evaluate
other criteria, such as income, past loan history, state of residence, before
issuing the loan. For candidates who meet the criteria, however, the process is
extremely quick and takes no more than an hour to complete.
These types of Cash Advances are
often referred to as Payday Loans. They are most useful for people who for
whatever reason are receiving a paycheck later than expected. In order to pay
their bills in a timely matter, it is often necessary for people to apply for a
quick loan in this fashion, and then pay it back once the paycheck finally
arrives. The transfer of funds back to the lender is also done electronically,
with the lender receiving a commission for the loan.
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