Unsurprisingly, given their nature, sometimes payday loan lenders need to see proof of your future earnings. Therefore, bank statements that show the recent earning history are essential. Meanwhile, you’ll also need to show evidence of identification through a passport or driving licence. Unfortunately, if you need money due to recently losing your job, the payday loan option will probably be off limits. In truth, though, it’s probably for the best as missed repayments could open up a spiral of debt.
You’ve already supplied the necessary identification checks. And because the funds aren’t related to your earnings, you can bypass those issues too. In turn, this can keep the option open for an even greater spectrum of scenarios.
Of course, you’ll still need to take responsibility for your lending at all times. Still, short-term borrowing through both methods is pretty straightforward. Furthermore, it can be the perfect way to overcome those temporary cash flow problems.
You can click here to apply for a cash loan today from Cashfloat. Alternatively, you can apply for a Payday loan. These loans are usually paid through bank transfer, and can often hit your account within an hour. The growth of online payday lenders means that you can now complete the process without the need for hitting the local high street.
As for cash advances, you’ll be using your credit card to access funds. So if there’s an ATM around, you’ll be able to withdraw those funds immediately. This can be especially useful when you are in a position where cash is king.
Given that you will have an existing history with your credit card issuer accessing funds through cash advance is even easier
Cash advances are quicker, so if you need money immediately, then this is the better option. However, payday loan funds can be made available within a very short timeframe also. Frankly, the personal circumstances will dictate what is best for you.
Using the nearest ATM isn’t your only option for a cash advance, though. You can also get cash advances directly from the bank, through cheque, or a credit union. If you do take these options, though, you will need photo I.D to successfully make the withdrawal. Nonetheless, having those additional options open can give cash advances an edge over the personal loan option.
Cash Advance and Payday Loans Fees
In addition to understanding the process of gaining funds, it’s equally vital that you appreciate the terms of your repayment. After all, choosing the wrong option now could end up costing you a lot more money in the long run. Besides, fixing those short-term issues should never come at the cost of long-term financial health.
Payday loan lenders know that not everyone will pay up, which is part of the reason that the interest fees are so high. It isn’t uncommon for payday loans to carry APR in excess of 1000%. Of course, as a responsible borrower, you’ll be looking to clear the debt before it spirals into those horrific fees. Nonetheless, if you are going for a high acceptance direct lender payday loan online, it’s vital that you check the different lenders available. In truth, though, the hassle of doing this is another downside of taking this avenue.
Cash advance loans encounter small transaction fees, anywhere between 2-5%. On bigger cash advances, this can become quite a significant cost. However, paying that small fee for a small emergency doesn’t feel overly problematic. This isn’t the only fee that you’ll encounter, though. APRs are far smaller, but they’re still significant. Once again, early repayment is best with a cash advance and payday loans alike.