Pay Day Advance Online
Pay Day Advance Online
Pay day advance is a term usually used to refer to money that is lent by an employer- to an employee- to help them sort out whatever needs they urgently have; that money is usually deducted from the employees’ upcoming pay. However this term has also been used to refer to short term loans that are lent by other people other than one’s employer without much hassle. Payday advance online is thus money lent easily fast and without security/ collateral exclusively via the Internet.
Online payday loans are characterized by fast online application approval and disbursement processes as well as minimum requirements for qualification of the loan.
For these loans’ online’ simply means that the loans are applied for processed and disbursed from the Internet (lender’s website) and that there is no need for the borrower to make any physical contact with the lender. Loan lenders set up website; where they put all their information and lending terms. On the website for instance is the name of the lender how much money they lend what their interest rates are what their allowed loan repayment duration should be and what times of the day or night they are open/ they operate. In addition to all the information the lenders have provided on that page there is a form which potential loan borrowers should fill and submit (online); for their loan application to be considered. The online form requires only a few details of the borrower inclusive of: their name bank account the amount of money they want to be loaned and their residency.
These payday advances are stress-free in their acquisition by the borrower. This is due to the limited checks needed- by the lender on the borrower- in order for the borrower to qualify for the loan. For instance the lender does not require any credit card information employment history previous loan repayment history faxing information or any other personal or financial information of the loan borrower (except what is provided on the online form). This means that there will be no checks on the above statuses and as such one’s bad credit or poor financial/ personal statuses are not considered in determining whether they qualify for the loan or not.
Some additional info can be also found in this website.
Not only are there no credit faxing etc checks but there is also no requirement of the borrower to provide collateral with which to secure the loan. This is partly due to the fact that the amount usually loaned- by these lenders- is small and takes a short duration of time to be repaid and again because it is relatively easy for the borrower to acquire that kind of cash and repay the loan-. It may also be because the need for collateral would mean people will be disqualified from getting these loans if they do not have the required collateral and more time will be wasted in verifying the said collateral.
Online- over the Internet- transactions call for high security; of the personal and financial information of all the parties concerned. This is why these advance lenders have installed security systems that protect the information of all the parties involved. In addition to the security systems the staffs working for these lenders have high integrity and practice confidentiality in and after handling clients’ (borrowers) information.
Processing and approval
These loans are processed online- all verification of the required information is done via the Internet-; without the need for the parties to see each other or send any extra documents. Approval is almost instant since there is little information to be verified.
When it comes to getting the money to the borrower in order to save time and any other costs the lender sends the money into the borrower’s bank account; for direct access. This is in contrast to the writing cheques mailing/collecting them and waiting for them to mature- after depositing them to the borrower’s bank-.