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Max Payday is one of the latest payday loan services to hit the UK market. This is a cash advance loan service that has been designed with customers in mind - people that are in need of money fast and have a bad credit rating to boot. It is an easy way of borrowing cash that can be paid back within a few days (or sometimes just hours). But what are the differences between this cash advance company and others? Here are some of them.
First of all, this is a payday cash advance company that doesn't tell its clients their credit rating or how much they're eligible for. They simply present the client with an application form that needs to be filled in with some basic personal information. From this point, clients can choose to borrow money from this cash advance loan company, use online cash advance services, or walk in the door with the cash they need. Those who decide to go online will usually receive an automatic approval through the Internet system, but if the client decides to talk with a cash advance loan officer personally, the approval may take a little longer. Some cash advance loans do require a credit check and approval, however. That's why it's always good practice to do your research first when getting cash advance loans in general.
Max Payday offers cash advance loans that can be borrowed up to $1500 without a credit check. The higher the amount of money you want to borrow, the higher the interest rate. There is an introductory interest rate of just 0.00%, so you won't even see that additional rate until you get your cash for payday. For this reason, Max Payday isn't a great choice for small amounts of cash.
There are two types of Max Payday cash advance loans: unsecured short term cash advance loans and secured short term cash advance loans. Unsecured loans require no deposit, so you won't have to worry about losing any money if you don't pay it back. This type of Max Payday cash advance loans has a higher interest rate, but since it has no collateral, there is no risk to the lender. This option is recommended for those who are experienced in paying back their credit cards and know they won't default on the loan.
If you decide to go with a secured Max Payday cash loan, you'll need to provide proof of employment. The lender will give you a personal check or a post-dated check that can be cashed on the agreed date. If you're unable to come up with the cash on the date agreed upon, you won't get your money. To ensure your Max Payday loan is secure, you should get the loan from a company with a physical address and a phone number. That way, should you run into some financial trouble between paydays, you can call the company and speak to someone authorized to send money.
Secured Max Payday Cash Advances is easy to qualify for. Your application will not be turned down due to credit or banking history. You'll simply have to provide a recent pay stub from your last job to prove you're employed. It's important to remember that Max Payday cash advance loans are not usually considered a long-term debt solution. You are only given cash for a short period of time - typically two weeks or less. After that, you must pay back the full amount you borrowed, or else your cash advance will be null and void.
Because Max Payday cash advance loans are unsecured, it's important to make sure you don't put yourself at risk. For example, you should never use cash obtained from a cash advance loan service to pay back another cash advance. If you do, you run the risk of becoming entangled in a cash cycle that compounds your problems. For example, if you take out a loan and can't pay it back, you'll probably incur additional fees. Then you'll have to take out yet more cash advances to keep going. At this point, you've run through your cash flow and may be in a position worse than before.
Max Payday cash advance loans are very convenient, but they're not without their risks. The only way to avoid them is to carefully select a lender who offers reasonable terms and does not charge exorbitant fees. Even then, you may get cheated by a lender who offers ridiculously low interest rates and other tricks to convince you to take out more money. Keep in mind that Max Payday cash advance loans are a great way to earn extra cash when you need it, but only when you do your research.