To get the desired payday loan in the shortest period of time you can always take advantage of missouri-cashadvance.com – the platform that matches your application with one of the hundreds of agencies in Missouri. Our platform features a savvy system designed to pick up the best cash loan options for you. However, lending agencies are different and loan terms, conditions and requirements may differ from company to company. Nevertheless, a majority of payday lending services has much in common as for requirements. We’ve gathered everything you should know about approval process.
So you must be 18 years old and have a personal bank account – these are the main requirements. However, there are a few basic principles that impact the final decision of a lending agency: basically, we are talking about current employment, rent/own premises, and most importantly the validity of information in the application. While conventional bank institutions may calculate interest rate basing on a good number of factors, the only effect the information you indicate may have is a lower loan amount. However, the validity of data is crucial – if you fail to indicate your Name or Surname correctly, your application will always inevitably be rejected.
Even though our lending partners never initiate deep audits, you should keep in mind a basic validation process. So you should better think twice before you deliberately falsify data – not only your application would be denied, in this case there’s a risk of further problems with getting an approval.
As a rule, cash advance loans are approved within 2-5 minutes and are issued for the period of 4 to 5 years, and lending agencies are interested in eliminating all the possible obstacles for making the deal happen (no presence of guarantors or collateral is required). The amounts allocated to the bank funds are different, but in most cases we are talking about $600-$700 with the maximum of $1,000 in Missouri.
The lightning speed of loan processing and an impressive approval rate are the main distinguishing features that make these solutions stand out from the crowd.
At the same time, these loans have other common features, which oftentimes remain unclear for borrowers. First of all, quick cash loans are more expensive than conventional loan solutions. The APR in a cash advance starts from 426%, which is several times more expensive against the background of ordinary loan options. Although any finance charges or interest is allowable as long as the total charges do not exceed 75% of the total amount of the borrowed sum, make sure your decision of getting the payday loan is informed.
The extremely quick and easy process of application makes the prospect of getting quick financial assistance very tempting, however, if you are not able to repay your loan on time you will have to request for a prolongation contract that implies considerable extra fees.