Savings account payday loan is now seen as a quick solution to urgent financial problems by an increasing number of people. However, several questions trouble new users of online savings account payday loan or faxless payday loan for savings account.
As per some recent surveys, a large number of people are nowadays resorting to availing savings account using payday loan when it comes to tackling mid-month monetary issues. One of the many reasons for this growing trend is inflation that's grossly disproportionate to people's income. However, equally to blame is people's extravagance. The desire to acquire items that merely provide a sense of superficial gratification than fulfill a need is dangerous prevalent. Whatever be the reasons, people have gotten used to availing these loans. Thousands of new borrowers get added every year to this clientele. However, it's often seen that new users have various doubts and questions that tend to confuse them. Surprisingly enough, definitive answers to these questions are not readily available. Here are the answers to some generic questions that will quickly help dispel most of your doubts.
What's The Difference Between Cash Loans And Conventional Loans?
This is usually the first query that surfaces in the mind of a person looking to avail savings account payday loan for the first time. The basic difference between the two types is that a payday loan entails small amounts and short repayment periods. Usually ranging from $100 to $1000, this loan requires a repayment on receipt of your first payment after you obtain the loan. That is to say, if you take out an advance on 15th of a given month, then you have to repay it by 30th or 31st of the same month. Another major difference is that since these cash advances are given based on simple qualifying criteria, they involve a higher rate of interest. You may need to pay an APR (annual percentage rate) ranging from 300% to 900%.
Is It Possible For A Person Having Poor Credit To Get Fast Cash?
Yes, it is possible for people having poor credit to obtain savings account payday loan. This is one of those features that make cash advance service attractive to people. Bad credit is not a hindrance for people wishing to avail cash loans. Most of the finance companies do not consider credit score of borrowers while processing their application. As a matter of fact, people who have faced a bankruptcy are also entitled to avail fast cash. The only thing is that bankruptcy should not be in progress at the time you apply for a cash advance. However, because of this relaxation, you should not avoid your credit score. Remember, though most of the companies give you loans irrespective of your credit score, but some of them may attempt to exploit the situation. So it's in your best interest to keep your credit score from dipping.
How Many Times Can One Take A Cash Advance In A Year?
The number of times you are allowed to avail this service in a given year varies from state to state. Some states impose restrictions in this regard while others do not. So, it's imperative that you check with the concerned authorities before you take out multiple personal loans.