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Find out the best types of cash advance loans for you

Find out Which Type of Cash Advance Loan Will Work for You

Are you in need of cash? No need to panic now because there are many lending companies that are more than willing to offer you a loan. One of the most widely used by salaried individuals is the cash advance loan. Many people have applied for this kind of loan because it is fairly easy to avail, with minimal requirements, and fast approval. The general requirements are:

  1. You should be at least 18 years old
  2. You should be currently employed
  3. You should have proof of income
  4. You should have proof of residency in the country where you are applying

 

Here are the common types of cash advance loans being availed today:

  • Payday Loans- This type of cash advance loan allows the borrower to receive a short-term loan that has to be repaid during payday. After applying for a loan, approval is usually within 24 hours, and the amount gets deposited to the borrower’s bank account.

 

  • No-Faxing Loans-This is actually a type of payday loan but differs from the regular one because it does not require the borrower to fax proof of employment and income. The application is easy and convenient, and approval is quick.

 

  • Military Loans- This type of cash advance loan is designed to cater to military personnel. There is no need to show any proofs of income or employment; all that is required is the issuance of post-dated checks and military employment details.

 

  • Instant Approval Loans- This is another type of loan that will guarantee instant approval. All you need to do is to fill out an application form, and once done, your loan application gets approved right away, even if you do not have a good credit score. The money that is loaned needs to be repaid in the next payday. Usually, this type of loan has higher interest rates compared to others because it is high-risk.

 

These types of cash advance loans work pretty much the same, although there may be some minor differences in interest rates, processing time, and requirements. But on the whole, these loans cater to people who need money quickly, such as for emergencies, payment of hospital bills, and even to help pay credit card and utility bills. These are short-term loans, and the amount that can be borrowed usually range from $100- $1,500. Unlike regular bank loans, you do not have to wait a long time for approval.

bad credit personal loan lender