Low cost payday loan is a popular name for short term paycheck advances. Faxless payday loan, quick cash payday loan, etc. are some of the other names that it is commonly known by. Low cost payday loan is a short term cash advance that is usually paid back by the next due date. Americans usually are paid every fortnight and so such advances are generally given for a term of two weeks.
Eligibility Requirements
So what would you require to be eligible for a low rate payday loan? First and foremost, you need to be an American citizen. Secondly, you have to be over 18 years of age. You should have a regular employment. A cash advance company will not give you a low fee payday loan if you do not have a job as you do need to repay the borrowed sum on your next payday.
Other important requirements that you must meet to get a low cost payday loan include having a monthly income of at least $1000. You also need an active checking account. It is important to have a valid checking account because the funds are deposited directly into it. This is a quicker way of disbursing the funds. Furthermore, on the due date the lent amount and the added interest is debited from your checking account.
If you are facing a financial emergency and you need some quick cash to tide you over till your next payday, you can apply for a low cost payday loan online either over the phone or in person. The online process has made the whole fast cash process much quicker and simpler. Now you do not have to stand in long queues for hours to avail a loan. Infact, in some cases, you do not even need documents in order to get a low fee money advance.
How To Apply
When you apply online, you would have to provide a proof of your employment. Your paycheck stub with your employer's tax number will do the job. Next, you would need to provide your checking account information. This is needed to deposit the funds in your account. A valid identification proof is also needed. Your passport or driver's license is sufficient for this purpose. You also need to make sure that you provide the finance company with your latest address and current information.
The data that you provide is confirmed using VPN compatible software. Your address and other relevant information are checked against your social security number. This is done to avoid any fraud. It does not take more than 24 hours to verify your data. Once your data is verified, the next step is disbursal of the amount in your account.
One thing that readers will agree with is that if one meets all the requirements, it is quite easy to avail a low cost payday loan. If you are a repeat borrower with a good repayment score, then you would find applying for a fresh advance far easier than first timers. So if you have a financial crunch this month, you can definitely give the low rate payday loans a try.
