When facing a difficult financial situation, it can be hard to find a fast way to get the cash you need. Unexpected financial emergencies can happen at any time, or you may simply find yourself short on cash until your next paycheck. Whatever the circumstance, a cash advance may be the perfect option for you.
A cash advance, also called a “payday loan”, involves borrowing a smaller amount of money than what is usually borrowed with a bank loan. While a bank loan delves into your credit history to determine if you are eligible for a loan, a payday loan does not require good credit for approval. This makes a cash advance accessible to more people. For every state, the terms of a cash advance vary. The number of loans you can take out at once, the amount borrowed, and the length of the loan period can differ greatly between states.
A payday loan is usually less than $1,000. The average maximum amount to be borrowed is around $500, but it is a common practice to borrow more or less than this amount. The loan period is generally seven to thirty days, and some lenders are allowed to extend a loan period once. However, the laws vary for each state’s lending policies.
For a cash advance in Columbus, Ohio, there are several things you will need. First, you will need a personal identification card, such as a driver’s license or a state-issued photo I.D. You will also need a paycheck stub to prove your employment status and income. If you are not working, but are receiving government benefits, it is still possible to apply for a cash advance in Columbus. A stub of the benefits you are receiving can also determine your eligibility for a payday loan. Last, you will need a checking account. Some lenders do require personal references for a loan. Also, some lenders have a minimum income requirement, such as $1,000 a month if you are employed, or $800 if you are receiving government benefits.
A cash advance in Columbus can be obtained either online or in stores. While many people used to apply in person at a store for a payday loan, more and more people now prefer to apply online. The application process online can be instant, with an approval in as little as 90 seconds. With an online approval, the money can be transferred into your account in as little as one day. Also, you can apply online at any time of day, which many people prefer to waiting for a store’s business hours.
Because of the tough economic climate, payday loans have been on the rise throughout the country in recent years. With the rise in loans, there have also been new laws that lenders and borrowers must adhere to. Many of the laws are made to protect the rights of the borrower. For example, a cash advance in Columbus differs from others because the interest rate may not be in the triple digits. A triple-digit interest rate sounds excessively high, but it is quite common for payday loans. Ohio is one of the few states that do not allow an interest rate this high. The maximum amount of money you can borrow at one time is $500, and the loan period may not exceed thirty-one days.
A cash advance is a great way to have the money you need until your next payday. With an application process this fast and simple, it is easy to see why a cash advance in Columbus is more popular than ever.