Also known as cash advances, payday loans are short-time, high-interest, and low-balance loans that are usually given at usury rates. Such loans also have other names, such as cash advance loans, check advance loans, post-dated check loans, and deferred deposit loans. The reason they are referred to as payday loans is that the funds tend to be borrowed on an account withdrawal authorization or post-dated check effective on the upcoming payday of the borrower.
Payday loans are designed to be generally easy to qualify for and quick so long as the applicant is aged 18 or older, has a job, a checking account, and a valid form of identification. They are intended to help customers obtain some quick cash for the purpose of holding them over until they receive their next paycheck.
Basic Requirements for Payday Loans
Before you apply for payday loans in California, it is important to understand the steps involved and the requirements so that you receive the funds you need without any hassle. According to the United States government’s Consumer Financial Protection Bureau (CFPB), there are only a few things that payday lenders require for you to qualify for a loan. The criteria are you must ne 18 years old or older. You must have an active checking account. You must provide valid identification, such as a driver’s license, passport, etc., as well as proof of income.
Not a difficult process
Getting approval for a loan does not take long as few as 15 minutes. In most circumstances, you have to write a check for the loan amount along with a lending fee, and the payday loan provider will hold on to the check until a due date has been predetermined.
In most cases, payday loans are extended for no longer than a couple of weeks. When the loan comes due, you must pay off the loan. Alternatively, you can allow the lender to cash the post-dated check or withdraw the amount from your bank account.
Payday loans are not difficult to get. However, it should be an option that you turn to only when you do not have any other means of getting the funds you need. You can apply for payday loans in California from reputable lenders. This is the best way to get the quick cash you need for any emergency. Last but not least, bear in mind that it is best to be careful when considering a payday loan and to choose a reputable lender to avoid any problems.