Sunday, May 11, 2014

Why It Is Okay To Borrow Payday Loans

By Cornelius Nunev

Cash advance can be of great help in a situation where you face financial emergencies yet have not enough money or no money in you your bank account to take care of the matter at hand. Most people who secure payday loans do so to cater for their bills to avoid late payment or negative reputation on their credit history. It is always wise to find a suitable option in the market before you can apply for a cash advance from available and willing lenders.

Securing a cash advance is not difficult these days. There are only few requirements that you must meet and your lender of choice will be more than willing to help. The requirements are that one must be over 18 years with a stable job that earns them a regular income and have a bank account. Some lenders may want to see your previous credit history and should they request this, you need to make that available to them.

A borrower must write a check of the amount they intend to borrow from the lender, clearly indicate the amount to borrow in figures and in words. The borrower will then approach a lender of choice with the check to borrow money from them by issuing them with the check they have written. This is a common practice in most cases when it comes to borrowing cash advances.

Go to your lender with the check you have written and present it to them. Doing this is a clear indication to them that they have the freewill to go ahead and deposit the check immediately after you receive your next paycheck. The lender will take time to look at the check specifically on the amount you want to borrow and your bank information after which they will start the lending process.

Present the check you have written to the lender. This gives them an assurance of the existence of your bank account, you having a job with stable and regular income and your ability to pay back the loan. They will take a maximum of 24 hours to look into this issue and thus you need to practice patients to get the money you intend to borrow.

Once you have the money in your account, you can use it to cater for matters at hand that require financial urgency. However, the refund process usually begins a few days after you have taken good care of the problems you had at hand. Make sure you know the exact time you are required to issue a refund before you borrow money from the lender.

Once your next paycheck arrives, your lender will have a few days to go to the bank and reclaim their refund. They are going to do this by depositing the check you wrote them before borrowing the money with them and it will take a maximum of 2 to 3 days for them to have the money in their account. They can take roughly between 5 to 10 days before they deposit the check.

The other way to repay the money is by giving your lender cash in hand. You can call this process a check redeeming process. This simply means that the lender will give you back the check you issued them at the time you were borrowing the cash advance because you have paid the money already with the specified interest in cash.

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