When you're considering getting a personal loan, one thing that may daunt you is the requirements for doing so. After all, you're probably familiar with the traditional loan process, where people seem to send away their life histories and still get rejected most of the time. It seems like a lot of time and effort to go through for something that probably won't materialize.
There is more than one type of personal loan, however. Some personal loans may be very difficult to get and may have stringent requirements that you must fit into, but others are based on principles of easy access and openness to nearly everyone. This type of personal loan typically includes cash advances and payday loans.
For a regular loan, however passionately you feel you need one, you likely will have to jump through hoops. The requirements can include everything from a credit history to references, and it's typically for a larger amount of money than a payday personal loan.
This is why the payday loan (also called a cash advance; the terms are interchangeable) is such a good option for just about anyone. The requirements start with the basics: you have to be eighteen so that you can legally enter into a contract, so expect to show proof of ID and age. Some lenders require you to have held a steady job for a period of time, and verification is usually through paystubs (one recent and one older stub). Finally, some picky lenders even want a credit check done, but there are also "no credit check" payday loans.
With these minimal requirements, just about anyone can get a payday personal loan. But what exactly is one?
If you haven't had one before, you'll be happy to know that the amount you take out isn't too great (a hundred to a few thousand dollars), so it's fairly easy to repay the loan and still have money to live off. For that matter, the length of time you take the loan out for (the loan term) is short, often a week to a month and occasionally up to two months.
The payday loan is a good option for nearly anyone who doesn't qualify for, or simply doesn't want to go through the hassle of applying for, a traditional loan.
If you are considering a personal loan, check with the lender you decide to opt for to see exactly what their requirements are. If it's a payday lender, chances are good you already qualify! ( read more...)
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