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Overcome Your Urgent Credit Requirement Within a Day With Advance Payday Loan
There are times, when you get stuck in any financial crisis especially at the mid of the month when your payday is still few weeks away. It becomes very difficult to face any urgent expense that has been cropped up.
Since, people are suffering in this downturn economy leaving people with a only option of seeking short term loan.
What are Advance Payday Loan?
An advance payday loan is a simple short term borrowing especially designed for salaried people who are capable enough to meet the repayment term. This is the only possible way to overcome any short fiscal requirement.
It is an unsecured form of borrowing as it does not demands for any collateral. This facility certainly opens a gate for a wider section of borrowers. Moreover, due to lack of requirement for security, the interest rates are bit higher. But sine, market is going through tough competition it is easier to get the most competitive interest rates.
The amount can also be obtained by those individuals who are tend to be carrying a bad credit history with their name. Bad credit score can be in the form of a bankruptcy, CCJs, IVA, defaults, missed payments or arrears. Thus, it does not demand any kind of credit verification for amount approval. Rather, monthly income of a borrowers holds a special position in determining the capability of a borrower. Moreover, it is especially provided to those individuals who hold capability to make the payment by their next payday.
Special grounds for Eligibility Phase
In order to get through the approval procedure of the advance payday loan, the borrower requires to carry some special criteria which is decided upon some basic grounds. Such as:
- The applicant should be above 18 years of age.
- The applicant should have a valid checking account in which the amount is directly deposited.
- The applicant should have a regular source of income and should draw at least £750 as a minimum income per month.
- The applicant should hold the citizenship of the UK.
Thus, a borrower holding all the above mentioned criteria becomes automatically eligible for the desired amount.
Advantages Of Advance Payday Loan
Advance payday loan is just like a saying goes that small things come in great packages. They are as follows:
- Easy Borrowing: It is the most easiest and quick form of attaining the desired amount.
- Shorter Repayment term: here, the borrower is required to make the repayment on time as the moment he/she gets the paycheck.
- The borrower can entitle him/herself with an amount ranging from as low as £100 to as high as £1500.
- The borrowed amount can be used to meet any purpose such as for paying off the pending electricity bills, going out on a vacation, home renovation or meeting the education fee.
- It can be applied through online preventing the borrower from facing an outside hurdle.
Therefore, advance payday loan which is also referred as a short time loan are quickly accessible by employed people.
Guaranteed merchant cash advance is now a reality.
Merchant cash advance is a form of receivable financing. It is not a loan! In fact due to the cost of the money if it were a loan the only state it would be legal is Nevada. The way it works is that a merchant takes an amount of money and agrees to pay back a set amount, the amount the merchant pays back ranges from 1.33 to 1.49 or for every $1000 you will pay back between $1330 and $1490. Payments are made through “split batching” a process that takes a portion of each days credit card purchases to pay off the set amount owed. The obvious benefit of this type of system is no monthly bills and in fact this is not a credit liability and is not counted in the income to debt ratio.
First Merchant Funding has pioneered a new program to fund those businesses whose owners cant even qualify for the relaxed underwriting requirements of regular merchant cash advances. With this new program only the merchants monthly statements are used to determine eligibility. The amounts available are not aggressive at first but after completing a cash advance successfully that merchant is offered more money on subsequent advances.
Merchant cash advances are not new; this type of funding source has been around for many years. While these funds are expensive they have several advantages over conventional loans. In general lenders want to see the Five “Cs” 1.) Capacity to repay, 2.) Character, 3.) Good Loan Condition, 4.) Capital in his/her business, and 5.) Collateral. It is not unusual for banks to require additional security for new businesses or business owners with less than perfect credit, and not unheard of to put a second mortgage on the family home to offset the risk to the lender. Merchant cash advances are completely unsecured; however, you do sign a personal guarantee. Historically this money has been very attractive to the restaurant industry. The First merchant program is exceptional in that it removes any barrier a business may have to these unsecured funds. Please do not think in terms of the traditional business loan, since the underwriting requirements are almost completely different and not present in the merchant cash advance.
Banks will always look at your past activities and current credit in determining your eligibility for a loan, First merchant funding provider focuses on your past, present, and future credit card transactions. The target market for these loans are usually business owners whose credit score is less than perfect. Thats why Im so excited to be writing this since a bad credit score is not a deciding factor in qualifying you. This is the main difference between this product and a traditional business loan. Furthermore, Merchant cash advance dose not require extensive documentation and oftentimes all you need is 4 months worth of statements, a completed application, and the phone numbers to your landlord.
Thus, you will find it much easier and faster to get a merchant cash advance than a bank loan, usually 24 to 48 hours compared to what could be months with a bank. Pre-approval are obtained within 1 hour. For most business owners, the approval rate of a business loan is very low even with SBA guarantees especially if you don t have excellent credit.