Friday, April 15, 2016

What’s a Payday Line of Credit and How Does it Work?

What’s a Payday Line of Credit and How Does it Work?

If you need extra cash on a regular basis, maybe because you work an hourly job and your income isn’t evenly distributed throughout the month, a payday line of credit can help you manage your financial needs. A line of credit means you can borrow what you need, repay it, and the principle that you repay becomes available to borrow again if and when necessary.

How Quickly Can I Get Cash With A Payday Line of Credit?

The application and approval take only a few minutes. You can submit an application any time, because the site is optimized for mobile – that means wherever you are, you can apply through your phone or tablet. Not just anywhere, but any time, because the online-only process means you can access it any time. Lenders are available 24/7 as well, so there’s no delay no matter what time you choose to submit. You can be withdrawing funds from your payday line of credit as soon as tomorrow.

Do I Need Great Credit To Qualify For A Payday Line of Credit?

The dedicated team of lenders who work with National Cash Credit to offer a payday line of credit do not use the standard “Big Three” credit bureau credit report. Their means of determining a potential borrower’s qualifications involves their own proprietary set of criteria, which include your income and recent employment history. Long story short: bad credit is ok!

What Are Some Common Mistakes Made On Payday Line of Credit Applications?

A few things to be careful of are as follows: Double check all the numbers on your application, because it’s easy to transpose digits or confuse phone numbers. Make sure you earn enough monthly income to qualify for the line of credit you’re requesting. Any inaccurate or incorrect information can put your application at risk, so be sure to list your correct pay dates and make sure your driver’s license is not expired.

What Are the Requirements To Apply for a Payday Line of Credit?

Unlike traditional loans, the requirements are simple and straightforward. You need to be at least 18 years old and a US citizen, for starters. It’s important to be employed, and have a certain level of monthly income. Finally, you need to have a bank account that you can receive electronic deposits into, and make electronic payments from.

How Quickly Can I Get Money From A Payday Line of Credit

Depending on when you apply, you can have cash in hand as soon as the next business day. As soon as you’re approved for a payday line of credit, the lender will set the wheels in motion to deposit your initial requested balance into your bank account. Banks differ in their policies regarding posting times and deposit clearing, but you’ll have the cash as quickly as your bank allows.

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