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Payday Loan Direct Lenders Provide Quick Loans

When consumers are looking for quick loans, they can apply for payday advances or cash advances from payday loan direct lenders. There are different ways for consumers to apply. They can apply directly at the location of a company or, they can apply online. Because they do not want to leave home, consumers can apply to a lender online. The online application process is safe, private and secure.

Cash lenders will lend consumers money for unexpected expenses. They can approve applications for the consumers that do not have good credit scores. After an application is submitted, it is processed within a few seconds. Instant approval is given to a qualifying borrower. No credit check is performed on the credit history of the borrower.

In order to apply for a cash advance, an applicant must meet the age requirement. Also, an applicant must be employed and earn a specified amount of money. Plus, an applicant needs to obtain payroll through direct deposit into a savings or a checking account.

Additionally, the company will require a customer to be employed for a specified length of time. An applicant wanting an advance may complete an application by providing the necessary information needed for processing and approval.

They must enter these items of personal information: name, address, telephone number, place of employment, and history of employment when applying for a salary advance.

Also, a borrower must enter their date of birth in order to verify identity. Plus, they must enter the name of the financial institution where their payroll is deposited. After their banking information and identity are verified, the applicant is quickly notified about the status of approval or denial.

Upon approval for a cash advance, the company will make an offer to the recipient for a specified amount of money. Usually, the borrower is offered the maximum amount that they are eligible to receive. When the maximum amount is higher than the minimum requirement, the recipient may have the option to request a lower amount. To accept the advance, the recipient must agree to pay back the principle amount with interest.

Also, they must agree to pay back the principle and interest on a subsequent pay date. Usually, the pay date is about fourteen days after the funds are issued. To receive the advance, the customer must electronically sign the approval documents, which include the terms and conditions for the loan transaction to be electronically deposited into the recipient's bank account. Funds are usually transferred to the recipient's bank account within twenty-four hours. When the cash advance payment is due, the principle plus the interest will be debited automatically from the customer's account.

When additional time is needed to repay the advance, the company may allow the borrower an extension on the repayment of the advance. To extend repayment, the customer will be required to pay the interest on the principle amount upon the initial due date. Payday loan direct lenders may allow a customer to make a partial payment to the principal when an extension is made for repayment of the advance.

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