You've heard about the terms cash advance and payday loan. You've read about American and Canadian payday loan. But do you really know what these terms mean? Do you really understand the essence of these financial jargons?
This article will attempt to describe to you what these terms mean in the simplest manner.
First things first. The terms "payday loan," "cash advance," "cash loan," and even "payday advance" are used interchangeably to mean the same thing: a short-term loan to cover for immediate expenses. As the terms suggest, the debt should be paid on the next payday. This basically gives you the idea that a payday loans is perhaps the shortest termed loan that you can ever find in the market.
What is the purpose of a payday loan?
Supposedly, this type of loan should only be availed of if you are truly in need of money and that you have nowhere to turn to. This is supposed to be the last resort. True, getting a payday loans is quick but sometimes, what you really need is a wise decision, not a quick one.
Unless your reason belongs to the following, you might as well forget about the prospect of getting a payday loan:
* To pay off medical bills
* To pay for immediate home improvement endeavors - usually these are unplanned fixes
* To pay off a household bill so you can get away from being charged with ridiculously high late fees
In summary, unless your reason has the nature of an emergency, then you would be better off not availing of this type of loan. You would be better off borrowing money from friends and family members. You would certainly be better off availing of a company loan or even using your credit card.
How do you determine your eligibility?
It's good to know that with a payday loan, you don't have to deal with a lot of requirements. In fact, lenders would only need you to satisfy basic facts. These are:
* You must have proof of your citizenship
* You are of legal age - 18, that is
* You have a job that regularly gives you income
* You have a bank account - savings or current
See, determining your eligibility for a payday loan is simple. No thorough credit checks, no bulky papers to submit, and even no need for a face-to-face interaction with your lender - as in the case of a payday loan online.
How do you get the proceeds?
As mentioned in the eligibility section, payday loan providers would need your bank details. And this is not because they want to exhaust your funds. Rather, this is because they will automatically transfer to your savings account the proceeds of your loan once it' ready. No need for you to claim and en-cash checks then. No need for you to line up in queues and to wait for your turn.
Indeed, the financial terms payday loan, cash advance, payday advance and cash loan have a very simple connotation. In layman's terms, these financial jargons boil down to the simple effort of helping people out in their money problems.
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