Unsecured cash loans as the name itself suggests are cash advances that you can avail without offering any of your property as collateral security. These are the loans that you borrow only when you are in urgent need of money. Keeping in mind this urgent requirement lenders of these loans have done away with any type of paperwork. Your paycheck is the only security to get approval of these loans.
Bridging the Gap between Paydays
The one and only purpose of unsecured cash loans is to fulfill the gap between the time when you need funds and your next pay day. You can instantly get the required funds and pay off the emergency bill to avoid further inconvenience. You can pay back the loan amount when you receive your next salary check.
As your next pay date is the due date for repayment, duration of unsecured cash loans is usually not more than two weeks. This is because you have enough amounts in the beginning of the month to handle any emergency expense. It is only in the last couple of weeks that you need to borrow from outside to manage any unforeseen event.
Similarly, the amount you can borrow from the lenders of unsecured cash loans is also limited. This is an arrangement to take you through your next pay date without any trouble. These loans are not a substitute for larger conventional loans. So, the maximum limit that you can borrow is 1,500 dollars. There may be slight variations in this upper limit depending upon your monthly income.
What are the Requirements?
By now, you must be eager to know what the requirements to avail this facility are. Lenders of unsecured cash loans have not imposed harsh requirements and almost every salaried individual can qualify for these loans. Some major requirements are as follows: -
1. You should have completed 18 years of your age.
2. You should have a regular source of income.
3. You must be working with the same employer for at least three months.
4. Your take-home salary should not be less than 1,500 dollars per month.
5. You have to provide your address proof along with contact numbers.
6. You should have a valid checking account with direct deposit facility.
Although, you should borrow unsecured cash loans only when you are sure that you will be able to repay the amount on time, yet a roll over option is always there if you find it difficult to do so. This facility allows you to extend the loan term for one more month.