Suppose your car breaks down in the middle of the month and you require immediate servicing. What would you do in the condition when you cannot use your credit card, nor you can wait for your salary check for car repairing? Here is when online cash advance comes to your rescue. It is a credit facility through which a lender advances you money to pay off the unexpected expenses.
Online Cash Advance: Loan against Your Pay
Unlike other kinds of loans, online cash advance does not ask for any security. Hence, you do not have to produce any mortgage or other papers while asking for loan. In fact, this type of loan is simply secured against your next pay check. Within 24 hours of submitting the required details, the cash is deposited into your bank account ready for use. You have to pay off this loan with your next monthly salary. The maximum amount of cash you can borrow against your salary is $1500.
Advantages of Online Cash Advance
Online cash advance is free of a number of credit complexities and offers following advantages:
- Approval time: These loans are approved faster than other conventional loans. You have no need to go through vigorous formalities and within a few hours of submitting the online form, the cash is made available to you.
- No need for personal visit: The biggest advantage of this facility is that you do not have to visit the lender's office in person. All the required actions are to be taken online and you can get money within real time.
- Loan despite of bad credit history: Nowhere can you apply for easy loan if you have poor credit history, but at an online cash advance firm. Such a firm advances you loan against your salary security, therefore it does not take into account your past credit history. Hence, the doors of such lending companies are always open to you, when all other possibilities of getting financial help look vague.
- No documents needed: You do not have to produce any documents, such as your identification proof, mortgage papers and bank statements, nor you need to fax any payslips. All you have to do to secure a loan is to fill a detailed online form. In very rare cases, you might be asked to produce some essential documents. Hence, this lending facility is free of any nuisances and undue formalities.
- Nominal fee: Unlike bank and credit card loans, these loans do not burden you with the heavy interest rate. Since these loans are short-term in nature, there is no chance that you would be trapped in heavy interest amount. A nominal fee for the services is charged by the lender that is added to the amount that you would pay them with your next salary check.Hence, online cash advance is a great option for those who are in immediate need of money. If your monetary need is below $1500 and you have a stable monthly salary, there is no way that your loan can be declined.