Small Dollar Short Term Lending
When most people think about getting a loan, they think of a massive undertaking with years of payments to get out of debt, pay off the loan amount plus interest and fees. But loans are evolving to service the short-term need of cash or credit too. One of the most popular products that has blossomed due to the tighter restrictions on credit and lending by the American financial system is payday advances
Payday advances are short-term, small-dollar (usually less than $500) loans that exist to help people find and emergency cash before their next payday. Payday advances are granted based on a number of factors, BUT traditional credit score and history are usually NOT one of the factors. With all payday advances, people that apply must be U.S. citizens, over the age of 18, employed making over $800 a month and have an active open checking account. If you can meet all of these requirements above than you have a great chance of being approved for a payday loan.
But be careful, just because these loans are easy to get doesn't mean that they should be used frivolously. Payday loans can catch people in repeated cycles of debt and should be saved for real emergencies. For more information visit the Center for Responsible Lending.