Cash lenders and payday lenders can help you out when you need cash fast. Whether you need cash for an emergency, to cover bank fees, or you are just short on money, cash lenders and payday lenders may be able to solve your short term money needs. Most cash lenders and payday lenders loan you money for a two week period. They add interest to the money you owe and offer a renewal of the loan if you are unable to pay it back all at once. Cash lenders offer small, unsecured payday loans.
When you apply for a loan with payday lenders, you agree to pay back the loan in two weeks. The cash lenders will lend you the money you need if you can show proof of employment and proof that you will be able to pay in two weeks. If you are paid on a monthly basis, cash lenders may not be able to grant you payday loans until you are two weeks away from your pay date. Some payday lenders may work with you on this, but most payday loans are short term, and only available for two week time periods.
Payday lenders offer loans with very high interest rates. Cash lenders make money available to you very quickly, and charge high interest rates for the convenience of quick payday loans. If you are unable to pay back the full amount of your loan, payday lenders may give you the option to renew your loan by paying a fee and having interest added to the amount. Cash lenders require that you write a post dated check for the next amount due. Once you receive your paycheck, most cash lenders ask that you come in and pay with cash. Payday lenders will then return your post dated check to you in exchange for the cash payment on your payday loans.
Cash lenders offer payday loans for small amounts. Payday loans generally range from $100 to $500. Many payday lenders will only allow first time borrowers to apply for a smaller amount. Once you have established a relationship with the cash lenders, and have a history of paying your payday loans on time, cash lenders will allow you to borrow a higher amount. Payday loans are unsecured loans that usually require you to show proof of employment, which can be in the form of a current paycheck stub or a letter from your employer stating that you do indeed work for them. Cash lenders may also ask for a copy of a bank statement to show that you do not currently have a negative balance. You can obtain a bank statement online or by going to your bank and asking for a print out. The required documentation depends on which cash lenders you choose and what type of payday loans they offer.