A no collateral cash loan or a payday advance is a convenient form of credit that is available to almost anybody. The reason why such loans are popular is because they can be secured without collateral and there are no credit checks. Even people with a very bad credit profile can conveniently opt for a cash advance loan.
Securing A No Collateral Cash Loan
People can easily secure $100-$1500 within a day without worrying about having to provide security/collateral of any kind. The best place to look for a no collateral cash loan is online. These advances can be borrowed for short tenures ranging from 7 days to about 30 days. The customer has to pay a fee of $10-$30 for each $100 borrowed.
These loans are available to all American citizens above 18 years of age. They must have a valid bank account and must have a regular source of income or a permanent job earning them not less than $1200 monthly.
In order to obtain a no collateral cash loan, people can go online and fill in a simple application form. They need to provide a few details such as their name, address, email address, telephone number, their bank account details and provide a few details about their work. The information provided remains safe as the websites are secured by using encrypted servers. The firm then verifies the information provided electronically and in most cases, will instantly approve the application. The cash will then be deposited in the borrower's bank account within a day of applying for it.
People will find that repayment is just as convenient. They can authorize the firm to withdraw the funds electronically on the day it is due or can use post-dated checks. In the event that repayment is not possible, they can contact the firm and ask for an extension. This will be done by levying an additional fee.
Many people have made use of such loans to pay off their outstanding credit card dues in order to avoid the hefty penalties. The velocity with which these loans can be secured without credit checks is another reason. People do not like asking their friends or relatives to lend them money as they do not want to answer any embarrassing questions.
When they avail the no collateral cash loan, there is no face-to-face interaction with any other person as the loan can be secured impersonally online. No more waiting in queues or embarrassing interviews with loan officers. These advances are considered the ideal solutions for any temporary financial binds.