You can easily manage financial distress, without begging for money from your friends and relatives. Why to ask for money from your loved ones when you can avail it on your own, and that too within a few hours? Money is the cause of most feuds. Therefore, as much as possible, you should try to avoid borrowing money from your acquaintances. To make salaried individuals more financially independent, financial companies brought forth the concept of cash advance loans, or payday loans. These loans have brought happiness to the lives of millions of people who earn a fixed income every month.
Let us take a look at some of the benefits of cash advance loans. If you go to a bank to apply for a loan, the bank executive asks for your credit history. If everything goes well, you are asked to fill a loan application. Most banks take 2-3 weeks (or more) to process a loan application, subject to terms and conditions. In short, it’s a time consuming task. Financial companies offering Payday loans, on the other hand, do not even look at your credit history. In order to qualify for a payday loan, you need three things- a bank account (current or savings), a job, and a citizenship. Generally, a payday loan is sanctioned within a few hours into the applicant’s bank account.
Do Asian countries offer payday loans as in the US? Most Asian countries have started offering cash advance loans to salaried people. However, compared to the US, Asian countries are yet to make the cash advance loan system a part and parcel of their financial (banking) infrastructure. Developing countries in the Asian region have not completely embraced the payday loan system. However, as these economies enter the ‘developed’ League of Nations, cash advance loans would become an important part of the financial system.
