Rock Hill, SC Loan Service
Cash loans, also called payday loans, are small cash loans offered to people with an immediate need for money that can usually be paid back on the next payday. Payday lenders provide cash loans to customers in the form of check loans, cash advances, or title loans. The requirements for most cash advance transactions are that borrowers be at least eighteen years old, employed or have proof of income from another source, such as social security or government check. Payday lenders also require borrowers to have a checking account in good standing.
Payday Loans
Payday lenders provide cash loans to people with bad credit or for no credit at all, but usually charge higher fees and interest. Payday lenders may either require borrowers to fax financial information to them or to provide documentation such as pay stubs, bank statements, and a copy of one’s driver’s license or utility bill. If a borrower does not have enough available funds in his or her checking account to cover the loan amount, the payday lender may request the customer to fax a copy of a recent pay stub from the last thirty days. This is a necessary part of the loan process to ensure lenders that the potential borrower has sufficient funds available in the account to make the scheduled repayment.
Loan Options
Title loans and payday loans are similar but very different, in that the title loan is an item that is “trashed” by the lender after the loan is made. Payday loans Rock Hill SC typically do not require collateral for title loans, and if the loan is defaulted on, the lender has no recourse against the borrower for failure to repay the loan. Since title loans and payday loans are not bank accounts, borrowers must provide a copy of title to the lender upon receipt of the check from the title company. Some lenders issue a post-dated check to the customer, which enables the borrower to renew the loan at the end of the term.