Anyone who is hoping to apply for and be approved for a quick cash loan will, of course, want to get it as quickly as possible. You may need to pick up your repaired automobile in time to drive to work on Monday. You want to know right away if you qualify.
There are some things you must have before you can qualify. One is, you must be at least 18 years old. You also must have a verified job and an income of at least $800 per month. To apply for a thousand dollars, you may need to earn more than that. Generally, you will be asked to repay the money on your next payday.
Optimally, you will be paid a thousand on your next payday. The quick cash can be based on your total monthly salary also. There will be high interest rate so you want to check out all the sites to compare them.
You must hold United States citizenship to apply in a situation such as this. The good news is, you can get the money quickly if and when you qualify. Usually it is an overnight situation. In some cases it only takes an hour.
For the higher amount of a thousand dollars, it is usually the following day and sometimes 24 hours later. You can pick the money up if you have a location in your city. Or, you can have it deposited directly into your checking account.
The interest rates will vary. They will be higher than a bank charges. Remember though, to apply to a bank you must have excellent credit and collateral. Collateral is something like a house that you have equity in. If you do not repay the bank they can take your house. The payday lender must depend solely on your monthly income to repay the debt. The lender must charge a higher interest rate because you are considered a high risk.
You are paying, for example, 17.5 percent on a hundred dollars for a one week period. That 17.5 percent sounds manageable. However, it is not 17.5 percent per year like the bank loan. That is figured on the APR or annual percentage rate. The quick cash costs you 17.5 percent times 52 weeks, which is 910 percent when figured on an annual basis. This compares to the under 20 percent a bank would charge or the 25 percent a credit card company would charge.
That is another strict requirement. You have to have an open checking account. Usually it has to be in operation for a minimum of six months. This verifies that you are a good risk for the quick cash loan.