How It Works
The services that NeedCashNow.org provides are completely free! We do not charge any fees providing access to our panel of authorized lenders. Many of you may have heard about personal loans or another name that may be recognizable is paycheck advance, but you are not one hundred percent clear on how they work. Here is a quick explanation on what these type of companies are going to be looking for before saying yes and handing you some money.
Minimum requirements will include information such as this listed below:
All of the listed requirements must be met because there are strict guidelines that need to be followed by the paycheck advance industry. The lender will provide you with a document that outlines all of the terms of the loan being offered after you submit your application. This is required of every lender under the Truth in Lending Act. The information provided will include the rates and fees that you will be responsible for. If you can furnish all required information than the rest of the process is quite simple. Our application is simple and secure but one can also go into a payday loan location and fill out a quick 3-minute application however when you add in drive time and waiting in line it could easily take you an hour. We remove these difficulties and if you have already been pre-approved, then you basically just have to sign the agreement, either electronically or in person, and then you are ready to spend your money! If for some reason you have been declined, we recommend you try again after 72 hours.
Once the application has been approved by your lender, the money will then be either handed to you or deposited into your account. As with any loan, there are repayment terms that need to be followed otherwise the next time you find yourself in a bind, that lender may not be able to help you out. Repayment terms are generally very short and expected by your within the next 2 pay periods with interest.
This is just a quick overview on how these types of loans work. The rules do vary from state to state but it is certainly worth looking into if you are having a little financial difficulty and have an income. The approval rate is much higher for these type of loans since they do not really conduct any sort of intense background check. Payday loans are also a great option for those individuals who do not have any collateral to put up for a loan or those who have lower credit scores.
